There are quite a few people calling for short positions on XMR, but does this logic really hold up?

Let's look at the current situation: XMR has long disappeared from mainstream exchange spot trading. What does this mean? The bearish momentum has basically run out of bullets. If the current hype continues and it reaches the market cap of Dogecoin, what kind of concept would that be? The increase could be as high as double. Can you really withstand this wave?

More importantly, everyone holding spot positions is currently making money. To maintain market stability, the market makers need to keep buying every day. In such a scenario, if you're still looking for shorting opportunities, you're essentially going against the entire holding side. Where does the market selling pressure come from? Without spot trading, retail investors can't really move the market.

Instead of guessing where the top is, it's better to recognize the situation — this isn't an air coin, and the existing bearish factors have already been digested. Continuing to short now is the biggest risk. Is it meaningful? Rather than doing that, it's better to change your approach.