$Q A one-day short squeeze: back where it started
The bottom line: yesterday’s 24-hour, 247% spike gave it all back in a day. $Q is now around 0.054, down about 72% in 24 hours and roughly 77% from its high—lower even than before the surge. Yesterday I said to wait and see if it could stabilize after falling back to the previous high around 0.1456. Today, we can see that it didn’t even pause at 0.1456—it blew straight through.
What the bulls are saying: 24-hour trading volume is still around $40 million, volume is holding up, and the AI governance narrative is still trending. This drop is a shakeout, not a dead market.
What the bears are saying: Long liquidations in the futures market were about 3.3 times short liquidations, so the fuel for the squeeze has burned out. Plus, around 241 million tokens unlock on November 2, hanging over the market—if the price rises, sellers are already waiting.
My take: I don’t catch falling knives with coins that make a one-day round trip like this. Around 0.054 is near where the surge began; if that level doesn’t hold, it’ll keep searching for a bottom. If you’re still interested, both of these conditions need to be met: ① It first stabilizes and holds above 0.05; ② The market absorbs the selling pressure from the November 2 unlock. Until then, if you didn’t chase yesterday, sit back and watch. If you did, don’t average down—the second wave of a short squeeze is never there to help you break even.
The FOMC decision comes out tonight, and the broader market’s direction is still uncertain. Don’t take a heavy position in a coin like this.
The bottom line: yesterday’s 24-hour, 247% spike gave it all back in a day. $Q is now around 0.054, down about 72% in 24 hours and roughly 77% from its high—lower even than before the surge. Yesterday I said to wait and see if it could stabilize after falling back to the previous high around 0.1456. Today, we can see that it didn’t even pause at 0.1456—it blew straight through.
What the bulls are saying: 24-hour trading volume is still around $40 million, volume is holding up, and the AI governance narrative is still trending. This drop is a shakeout, not a dead market.
What the bears are saying: Long liquidations in the futures market were about 3.3 times short liquidations, so the fuel for the squeeze has burned out. Plus, around 241 million tokens unlock on November 2, hanging over the market—if the price rises, sellers are already waiting.
My take: I don’t catch falling knives with coins that make a one-day round trip like this. Around 0.054 is near where the surge began; if that level doesn’t hold, it’ll keep searching for a bottom. If you’re still interested, both of these conditions need to be met: ① It first stabilizes and holds above 0.05; ② The market absorbs the selling pressure from the November 2 unlock. Until then, if you didn’t chase yesterday, sit back and watch. If you did, don’t average down—the second wave of a short squeeze is never there to help you break even.
The FOMC decision comes out tonight, and the broader market’s direction is still uncertain. Don’t take a heavy position in a coin like this.