TLDR: Meteora TGE is tomorrow 23 Oct, 13:00 GMT. IMO this is a short on Hyperliquid and Binance (more liquid) pre-launch perps, and onPolymarket NO shares (higher leverage).
The reason is because (i) the fully unlocked airdrop is massive at 40% of supply or ~$400M fully unlocked, including huge airdrops to legacy MER holders, (ii) the token has no use case, (iii) airdrop recipients have shown lack of interest to “provide liquidity” at TGE, (iv) pre-market perps generally priced above spot due to shorters being risk-takers, and (v) the market is generally weak with no appetite to bid new alts.