The trend of $pippin in the past two weeks can be called a textbook-level case of long and short strangulation, and this wave of market is worth taking apart to see the doorway.

From the perspective of market manipulation logic, Pippin is analogous to the extreme data-driven violent rally models of MYX, COAI, and AIA – but whether it can replicate the trend depends on whether the data is truly extreme. Currently, the market structure of this coin is exceptionally clear: the price continues to refresh previous highs, while short positions are as high as 70%, and the funding rate has long favored the bulls. This kind of tearing divergence creates a perfect opportunity for the operators to harvest in both directions.

The trading logic is quite brutal - first, by pushing up the price to liquidate a large number of short positions to gain huge profits, and then continuously harvesting funding fees during the high-level consolidation, making profits from both ends. I have to say this method is ruthless, and the project team is quite bold. As long as the short positions are not effectively squeezed out, it will be difficult to easily reverse the upward trend.

That being said, retail investors need to be particularly cautious in such extreme games. These trends may seem one-sided, but in reality, there are undercurrents at play, and a slight misstep can easily lead to being caught in a reverse harvest. Of course, if a structural opportunity truly presents itself, planning ahead is not out of the question—provided that one clearly understands the real changes in the forces of supply and demand.

In the context of the Federal Reserve restarting its interest rate cuts, the liquidity expectations across the market are improving, which is potentially beneficial for mainstream coins like $SOL and small-cap assets. However, for extreme assets like pippin, it is more important to closely monitor the distribution of chips and changes in funding rates.