I have been doing a bit of my own research to get clarity and believe that the answer is the due to the Earn feature for MCO tokens.
Approximately 500k MCO tokens are being locked up per month, representing about 8-10k metal cards per month. 90 to 95% of sign ups are for the free blue card, which seems great for the company because those cards are profitable for CryptoCom AFAIK.
When MCO Earn was introduced, people unlocked their 500 and 5,000 lock ups to downgrade and get a Ruby card. The difference was then put into Earn for the 8% interest or those tokens were sold.
From the MCO deposits in Earn, CryptoCom short sold MCO tokens onto the market, either for trading profits or to earn interest in BTC, ETH or a stablecoin (I'm guessing the latter). My estimates are that 400k MCO tokens were sold gradually since 1 April 2019, to minimise the impact on price but it did have a dampening effect on price rises. However, since then, some traders are aware of short sales occurring, which is partly explains why the MCO price has moved down in the short term.
The bad news: Black and Icey White will automatically be enrolled into Earn in September, which potentially means further short sales. I have no idea how many Black and White cards exist but I can't imagine that there are too many.
The good news: signups for Ruby, Jade and Indigo is at 500k per month and rising. With APAC and EU plus US ads, this could easily double or even triple.
Conclusion: With 4.1 million Tokens left on the exchanges, all token supply should dry up within 4 to 6 months based on Ruby, Jade and Indigo card demand. HOWEVER, added token supply may occur from September onwards due to Black and Icey White cards joining the Earn feature. But, token demand is running at approx 500k per month (and probably rising), there's potential for a short squeeze to occur if those tokens are short sold.
Thinking out loud: hey, maybe we should all move our MCO tokens away from MCO Earn for about 6 months??? What do you all think? Then move it back into Earn once the MCO price stablises in about 6 months time?
Another out loud thought: How can MCO Earn sustain 8% interest in MCO tokens if all the tokens are locked up by Ruby, Jade and Indigo cards? That'll be interesting to see.
Assumptions: I'm assuming all MCO tokens not in the Earn feature are fully backed 1 for 1. And all cashbacks are covered by MCO token purchases from exchanges. Also, I'm assuming Kris doesn't liquidate his MCO tokens, and why would he given real demand?