Trader Loracle Faces Nearly $3 Million Unrealized Loss on Hyperliquid PONS Short Position

On-chain analyst Ai姨 reported that trader Loracle has been building a 3x short position on PONS on Hyperliquid since September 3. Holding 25.04 million PONS (approximately $19.41 million) at an average entry price of $0.6553, the trader accounts for 19% of Hyperliquid's total PONS open interest. Despite ongoing additions to the position, the trader is currently facing nearly $3 million in unrealized losses. Loracle previously created a zero-fee fork of Pons. On September 6, analyst @mlmabc initiated a campaign to gather capital to target this short position