$MERL is about to collapse, short sellers have taken over the market
Today on-chain there was a significant move, a large holder dumped 16 million pieces of $MERL into Bybit. This volume is not just rebalancing; it's a preemptive sell-off, trapped before and after the OTC unlock. The timing is too precise; he just doesn't want to wait with the market until the unlock date to squeeze out. He wants to dump the chips first.
What's more critical is the emotional damage. Small investors see this amount entering the exchange and will instinctively get anxious. If he has already run away, why should I hold on? Thus, panic begins to spread. Those wanting to sell want to sell even more, and those hesitating start to panic. Buyers immediately pull back, and the price naturally keeps softening; the more it drops, the less anyone dares to buy.
In short, $MERL has completely turned bearish. Big holders are withdrawing, small investors are anxious, and buying pressure is flat. The current situation only favors short sellers, and there is no logic for a rebound. Bearish sentiment is the main theme.
