Loracle's PONS short position turns profitable with $2.18 million gain

According to Arkham, Loracle holds a $16.3 million short position in PONS on Hyperliquid, representing 17.5% of the total open interest. The position was established nine days ago at approximately $0.44 and was increased as PONS reached an all-time high of $0.97, resulting in a temporary unrealized loss of over $8 million. The position has since shifted to an unrealized profit of $2.18 million.