I would normally agree with you but MMA only launched in 2022 and has minimal SOI and the majority of purchases were north of 23c so the majority of sellers are getting out at a loss.
If you were talking about Argent say (ARD) I could agree which has a high retail ownership, has 1.4b SOI and a lot of holders have either purchased well below the current price or are licking deep wounds from the 2021 highs that they will cut just because of a big loss. The usual antics that go one with a long standing company can't be as easily attributed to a new player like MMA with a small retail following.
MMA Price at posting:
23.0¢ Sentiment: Hold Disclosure: Held
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