I found a new little Alocasia 'Stingray'. I've had one before so I'm generally familiar with them. However... the new one is currently in oversaturated soil from overwatering where I purchased it. Normally I'd be iffy about that, but it looked like the healthiest plant of the bunch, and felt worth a shot. The plant itself is still well-anchored with healthy leaves. Without digging, the base feels firm and healthy as well. There's a little bit of white mold starting on the surface of the soil. I was going to spray it with a fungicide, but I'm debating if I should take another route.

Should I spray it, and leave it alone in hopes it dries quickly? Or... would it be worth removing all the soaked soil and repotting it into a fresh mixture? It looks like it's potted in peat moss right now.

I'm worried about it taking too long to dry properly, but I also don't want to stress the plant too much by repotting it too quickly. Thoughts?

I might let it dry out, then repot it. If its just peat, when its dry, you should be able to just shake some of the peat off and repot in a better draining mix

Okay, I'll give it some time to dry first.

It'll definitely need a repot soon. It had some wax paper wrapped around the pot in the store, that I hadn't removed before I wrote up this post. I just removed it, and my goodness it has quite the roots in there. The entire bottom between the pot and the wax paper is a jumble of fat white roots. They look lovely though. Going to have to carefully cut that pot apart to get it out of there.

Yeah that is always the best way! This pots are made to be sacrificed.

I ended up deciding to repot it. The surface mold was even worse this morning, it was looking like algae was growing, and it didn't seem to be drying. It was so soaked, most of the soil fell away when I took the plant out. All the roots look great though, so I don't think there was any harm done by all the water and molds. It's now in a chunkier mix, with some extra space for those big roots to explore.

Some ALocasias can take wet feet in the right conditions. I have been growing a large ALocasia odora as an emersed aquatic in my greenhouse steam for years. Grows right in the water. Some people grow the Variegated macrorhizza as an outdoor pond plant in FL, Alocasia macro 'Black Stem' will also grow in water. But the reason we do this (I have Black Stem in a pond) is practicality...its really hard sometimes to keep them adequately watered during the intense brutal summer heat here. Even a 5 gallon pot will dry out in a day.

Almost all the Colocasias and Xanthosomas will grow in water, in a pond or bog. Many people plant their stands around the air conditioner to get the water that comes out of the condensation drainage pipe as a steady supply of moisture.