PIPPIN has indeed been lively recently. Some people are applauding, others are criticizing—basically, it's a market counterparty game—there are always winners and losers.

After a sharp decline starting at 4 a.m., it rebounded to around 0.5, nearly doubling. How exaggerated is this? On-chain data shows that the large holders' cost basis is around 0.338, and the current unrealized profit has reached $6.3 million. Plus, with hourly settlement fee income, this wave of PIPPIN probably still aims to hit a new high.

But things are not that simple. At the same time, a whale opened a short position at 0.429, now losing $200,000—this data is indeed astonishing. The more shorts there are, the greater the chance of a short squeeze, and the more momentum there is for the price to rise. Such market shakeouts can be particularly brutal. For this type of coin, the smartest approach is to wait and see, just watch the show.