This trader shorted $PONS and then launched a competing launchpad - Started with 17.79M PONS short - Position was worth ~$16.3M - At one point was sitting on ~$6.57M unrealized loss - Didn’t close - Added more collateral - Increased the short to 24.72M PONS - That is 3.5% of the entire PONS supply - Then launched/forked a competing launchpad - it didn’t work out at all - Position is now worth ~$22.77M at $0.92 - Liquidation is now at $1.84 - $PONS needs to pump 100% from here to liquidate him If it happens, 24.72M $PONS would need to be bought back At $1.84 that is ~$45.4M in theoretical forced buying Bro is short 3.5% of the supply and built a competitor
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