$SNXX dip buyers loading up on the 2X leveraged SNDK ETF, bold or reckless?

Been watching $SNXX, the Tradr 2X Long SNDK Daily ETF, and the dip-buying crowd is clearly not scared off.

The thesis is simple enough: underlying softness in SNDK creates a setup for leveraged longs to reload. With a 2x daily multiplier, the risk profile here is obviously amplified in both directions, so conviction has to be pretty high to size in during a drawdown.

Checked the moomoo community thread on this and the sentiment is firmly bullish, "buy the dip, go long" energy. Whether that confidence is grounded or just leveraged optimism is the real question.

The bear case here is that 2x daily ETFs decay over time with volatility, so holding through a choppy base can erode returns even if the underlying eventually recovers. The bull case is that if SNDK catches a clean leg up, the leverage multiplies gains fast.

I keep going back and forth on whether dip-buying a leveraged daily ETF is a real strategy or just a way to accelerate losses. Anyone running this kind of position? Am I overthinking the decay risk here?