Trader Loracle’s 3x short position on PONS on Hyperliquid is facing a public squeeze attempt, with unrealized losses nearing $3 million. The position, opened from September 3, totals 25.04 million PONS worth about $19.41 million at an average entry price of $0.6553, representing 19% of Hyperliquid’s total PONS open interest. Loracle has continued adding to the position and reportedly created a zero-fee fork version of Pons in an effort to defend it. Analyst @mlmabc publicly called on September 6 for coordinated capital to target the short, saying “eight-figure” funding commitments had already been secured. Loracle’s liquidation price is $1.83, meaning PONS would need to rise another 128% to trigger liquidation.