$BILL is pushing up toward the $0.20 zone and the valuation narrative is starting to heat up.

But the interesting part isn’t the price it’s what’s missing behind it.
Liquidity is thin, most users still don’t have access to tokens, and a large chunk of supply is locked for months ahead.
That means the current chart isn’t really reflecting free market participation it’s mostly a low-float environment where price can drift higher without much resistance.
The real test comes later, when unlocks begin and actual holders get a say in the market direction.
Until then, it’s less about fundamentals and more about structure driven movement.