Trader Loracle has built a 3x short position of 25.04 million PONS on Hyperliquid since Sept. 3, valued at about $19.41 million at the reported figures. The position represents 19% of total PONS positions on the platform and is carrying an unrealized loss of nearly $3 million as Loracle continues adding. The trader also created a zero-fee Pons fork in an apparent effort to protect the position. On Sept. 6, overseas analyst @mlmabc publicly solicited funds to jointly target the short, saying eight-figure capital commitments had already been made. Loracle’s liquidation price is $1.83, requiring PONS to rise another 128% to trigger liquidation.