SOPH is at 0.002, up 11.1% on the day, and funding is -0.6354% per 8h.
Negative funding means shorts pay longs. That is roughly 1.9% of notional a day, -696% annualised, with the mark at 0.0019884 - so price is pinned on the round number and the shorts are still on the wrong side of it.
That is not discovery. That is shorts holding a losing position and paying every eight hours to keep it.
0.002 is the level. Hold above it and they keep paying into the squeeze. Lose it and the move was a wick.
The crowd is positioned badly today, and it is the short side.
#SOPH #Write2Earn
Negative funding means shorts pay longs. That is roughly 1.9% of notional a day, -696% annualised, with the mark at 0.0019884 - so price is pinned on the round number and the shorts are still on the wrong side of it.
That is not discovery. That is shorts holding a losing position and paying every eight hours to keep it.
0.002 is the level. Hold above it and they keep paying into the squeeze. Lose it and the move was a wick.
The crowd is positioned badly today, and it is the short side.
#SOPH #Write2Earn