In this SOON surge, the one getting cut is still the shorts.
In the past hour alone, SOON saw $3.31 million liquidated. Shorts made up 94%, for a total of 297 trades. On average, each one was just a little over $1,100—basically small positions opened with high leverage, just testing the top.
The fuse was that 1:30 p.m. moment. Binance contracts surged straight from 0.43 to 0.449; OKX topped out at 0.4489. The two highs were almost identical, and the short stop-loss orders sitting above were swept out in one go.
Now the price is back around 0.429, less than 5% away from the high. Over the past 24 hours, SOON is up 40%: a single day liquidated $21.9 million, with shorts accounting for 70%.
The funding rate is actually not hot. Binance charges 0.0106% every 4 hours, and longs only pay a small fee. The pump isn’t built by stacking a bunch of leveraged long positions—being stubborn as a short ends up costing more and more, and that’s the fuel for this run.
Will you leave this place empty SOON?
$SOON
Check in real time: https://www.coinboss.com/liquidations/SOON