#pons
PONS: Guys, PONS keeps slowly bleeding. Longs keep pouring in to buy the dip 😂😂😂
On the night of 10/4, it broke below the 0.40 level. It hit a low of 0.364 early this morning and is now around 0.38.
📉 Why is it going down?
Fees: About $1.07 million on 10/3, but only $850,000–$890,000 per day from 10/4 to 10/6. They’re steadily declining, so buybacks can’t support the price.
Longs buying the dip are getting trapped: Open interest has risen to 31.17 million tokens, while the funding rate has climbed to +0.014%. The price is falling, but more and more people are going long. If these positions get stopped out, they could trigger another wave of selling.
📌 Can the bulls still mount a comeback?
PONS: Guys, PONS keeps slowly bleeding. Longs keep pouring in to buy the dip 😂😂😂
On the night of 10/4, it broke below the 0.40 level. It hit a low of 0.364 early this morning and is now around 0.38.
📉 Why is it going down?
Fees: About $1.07 million on 10/3, but only $850,000–$890,000 per day from 10/4 to 10/6. They’re steadily declining, so buybacks can’t support the price.
Longs buying the dip are getting trapped: Open interest has risen to 31.17 million tokens, while the funding rate has climbed to +0.014%. The price is falling, but more and more people are going long. If these positions get stopped out, they could trigger another wave of selling.
📌 Can the bulls still mount a comeback?