Regarding the subsequent development of PIPPIN, the directional logic of this coin is quite thought-provoking. If there are particularly many people holding positions, then catching a falling knife becomes an issue. If the market maker wants to dump, they will inevitably face a cliff-like fall – this is the basic situation.

On the other hand, what if a large number of shorts suddenly flood in? The market maker actually has only two options: one is to directly pump the price, pulling it from almost nothing all the way up to 0.5, or even continue to surge upward.

But this is where it gets stuck. If they really dare to pull it up, those leading traders will definitely follow suit and go long, causing costs to rise. With more people shorting, although the funding rate rises, even if the interest rate is tempting, it cannot stop the large players - profits weigh more than rates.

Currently, PIPPIN is in this awkward situation: when it goes up, shorts swarm in; when it goes down, bulls keep catching a falling knife. The market maker is stuck in the middle and most likely can only choose to break downwards. This position is really difficult, as each time it rises to a new height, the opponents increase by a batch. No matter how high the capital cost is, it cannot block the hedging desire of the top sharks.