Someone tracked the recent PIPPIN chart, and the short positions have been holding on. Initially, it was thought that the market maker had no more funds, but after sideways trading at 0.4 for more than half a month, it suddenly surged to 0.76. It seems that either new funds have entered the market or a new trading partner has been found. Looking at the wave pattern of this K-line, this manipulation method is indeed unorthodox.

Short position holders are still holding on desperately, with the hourly funding rate bleeding out funds, while the market maker is happily harvesting. As the price looks like it might break below 0.3, the big players have recently reversed and pushed it back to around 0.5. Based on the current account situation, the margin remaining is $10.58 million, and unrealized losses have approached $5.4 million. If this sideways-then-pump-and-dump pattern continues, it’s purely consuming margin, with the funding rate bleeding out funds every hour. The final outcome will most likely be gradually eaten away.