The performance of PIPPIN, FOLKS, and BEAT has indeed been worth paying attention to recently.

From a fundamental perspective, these three projects lack actual application support, and their valuations show obvious bubbles. They should normally stabilize around 0.01, but large amounts of capital have been smashing the order book to artificially raise the spot price, forcing short sellers to cut losses continuously, which in turn attracts more followers to go long. On the surface, it looks lively, but in reality, it’s all just inflated prices.

However, this game has a fatal weakness— the more the price is pushed up, the more shorts there are, and the more the spot order book becomes strained. As soon as the price manipulation stops, a large number of retail investors will run away and cut losses. It’s common to see price pushes lasting one or two days, and if it can sustain for five or six days, it indicates real capital backing it.

In terms of sustainability, PIPPIN has been relatively resistant to decline, consolidating for nearly a week. FOLKS and BEAT are not as resilient; they only lasted two or three days before experiencing a sharp pullback. Currently, PIPPIN has not broken below the key support level of 0.24. Once it does, it could trigger a new round of selling.

Honestly, projects that only focus on quick gains, neglect ecosystem development, and lack coherent narratives are essentially eroding market confidence. Compared to teams that diligently work on technology and community building, this kind of operation indeed lowers the overall industry standard. Ultimately, the market will vote with its feet.