The PIPPIN coin has an interesting characteristic - it fluctuates between 0.25 and 0.55, neither skyrocketing to an astronomical price nor expecting to crash to the bottom. In simple terms, it's all about hitting the rhythm of the market data.
The logic behind it is actually very simple. The market maker holds 2 billion RMB in spot, and that volume is there. Just think about it, with only 100 million in spot, they can drive the price down to zero. For a market maker controlling 2 billion in spot, playing the crash game is simply a losing deal. Rather than messing around with that, it's better to invest energy in the continuous fluctuations of the contract market; that's the real business strategy. So don't fantasize that a major crash will come to save you; understanding this logic is essential to keep up with the temperament of this coin.