Based on the market data from December 23, 2025, the fundamentals of the Token and the characteristics of leveraged derivation, an analysis of the continuous fall potential of the underlying Tokens (TRUMP, OM, PUMP, ASTER) corresponding to TRUMP5S, OM3S, PUMP3S, ASTER3S in the figure is as follows:

1. TRUMP

- Fall Potential: ★★★★☆
- Bearish: Purely MEME attributes, no fundamental support, popularity relies on short-term public sentiment, and funds quickly withdraw after the tide of Trump-related narrative hype recedes; the leverage effect of the 5x short derivation (TRUMP5S) amplifies the market's bearish sentiment, and the current increase also reflects intensified selling pressure on the underlying.
- Technical Analysis: After a daily high, the trading volume has shrunk, having broken through short-term support, with no effective follow-up.
- Conclusion: Has strong potential for continued fall, short-term selling pressure will still be released.

2. OM

- Fall potential: ★★★☆☆
- Bearish: Ecological progress is not meeting expectations, on-chain activity is declining; the slight increase in three times short (OM3S) indicates that the market's consensus expectation for its decline is weak, and the selling pressure is relatively mild.
- Technical aspect: It is in a fluctuating downward channel, but there is periodic support, and the pace of decline is relatively slow.
- Conclusion: There is potential for a fall, but the strength is limited, dominated by oscillating downward trends.

3. PUMP

- Fall potential: ★★★★★
- Bearish: The trading volume on the Pump.fun platform has declined for four consecutive months, and the hype cycle for MEME coins is retreating; large token unlocks + whale sell-offs have weakened the fundamentals; the daily increase of the triple short (PUMP3S) is nearly 10%, reflecting strong bearish sentiment in the market.
- Technical aspect: After breaking the daily line, there is no strong support, rebound volume is exhausted, and RSI is not oversold.
- Conclusion: Has a strong potential for continuous fall, is the asset with the highest certainty of decline in the chart.

4. ASTER

- Fall potential: ★★★★☆
- Bearish: After going live, it has fallen over 70%, with no substantial fundamental support, driven purely by speculation; large unlocks + whale sell-offs + high leverage liquidations continue to exert pressure; three times short (ASTER3S) has risen slightly, confirming that the downward trend of the underlying asset has not changed.
- Technical Analysis: Daily line breaks downwards, MACD death cross continues, no effective support.
- Conclusion: Has strong potential for continued fall, with significant downward space in the medium term.