Liquidity risk is the second major concern. Thin order books mean a position that shows gains on paper may be very difficult to exit without significant slippage. Anthropic-linked tokens on Jupiter have traded at implied valuations above $850 billion against an official post-money valuation of $380 billion, a gap that reflects speculation rather than fundamentals. Redemption risk adds another layer: some platforms explicitly state that settlement is not guaranteed and depends on liquidity and market demand at the time you want to exit. Before buying any pre-IPO token, a practical five-step checklist applies to every purchase: verify the issuer, check whether the token has real backing or only synthetic exposure, check trading volume before assuming you can exit, check whether redemption exists and under what conditions, and check whether the company actually endorses the product.