GM Pool - Asset Value Question?

Question regarding GM pool dynamics - was watching $DOGE GM Pool token. Price +5-10% but the Doge GM token -3% - are GM tokens not designed to appreciate with the price of the asset?

The Doge pool is a synthetic market, backed by ETH/USDC as the underlying assets.

So the price movement of Eth affects the GM price. And the PnL of traders trading Doge affects the GM price, as long as the market isn’t 50/50 balanced between shorts and longs. And all the fees the pool accrues increase the GM price.

That’s it.