Anybody watching L2 over the last three months knows that it's being heavily manipulated and every run gets crushed and held back. At first, many on here, including me, thought it was the usual suspects of MMs filling shorts. Lately, however, JFH has put out videos declaring their business model and desire to enrich the Chinese middle class (which is in lock-step with the CCP party line, btw). Then that absurd filing with the NVSOS in which they announced their intention to do the RS ASAP and issue 2B new shares. What the hell does that have to do with the NVSOS when they're not even current? Why would they do that if not to kill the rally right when we had risen on the breakout board, doubled the pps and gotten lots of new eyes and money? That's not covering shorts; that's a company wanting to keep the price of its stock in a particular range because they've monetized it in a novel way and they want to control what it's worth. Think about it, we've all talked on here ad nauseum about how they're going to use the stock as dividends for their users and merchants to suck business away from Temu and other e-commerce platforms. It's their whole schtick. So of course they're going to want to exert as much control over the value of that stock as they possibly can. How? Well, for now they put big money on both the bid and the ask and keep the pps in a certain range. Who do you think ASCM and VIRT are? I don't know and I wish I did. I'm starting to suspect, though, that they're not the usual MMs accumulating to cover shorts. I think they're working for JFH. No proof, just a hunch, but it explains a lot of what we're seeing and is consistent with the DD that we have.
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