Alchemist AI (ALCH) presents a stark dichotomy between its strong market performance and its weak technical foundations. The project excels in Tokenomics (8.2/10) and Market Use Case (7.5/10), driven by a highly favorable supply distribution (85% circulating) and a compelling 'No-Code AI' product that has found genuine market fit and utility. The deflationary 'pay-to-build' model creates a sustainable economic loop that directly benefits holders. However, these strengths are heavily undermined by critical failures in Active Development (2.5/10) and Security (3/10). The project operates as closed-source software with zero public code visibility and, crucially, has no completed security audits despite a market capitalization exceeding $100 million. This lack of transparency requires investors to place total trust in a team that has a mixed record regarding identity disclosure. While the Community Support (7.2/10) is robust and growing, the absence of technical verification and audits introduces significant hidden risks. ALCH represents a functioning product with verified demand but operates with the opacity of a high-risk venture.