Talking about $MERL, I'm still bearish on this wave.

It's not that the project narrative is problematic; mainly, the December unlocks are just too much to handle. Look at the unlocks on the 12th, 15th, 16th, and 19th—four releases totaling nearly 70 million tokens.

This dense release schedule has already maximized the supply-side pressure. Anything else at this point is just talk; the selling pressure cycle alone is quite challenging.