PIPPIN's recent market movement is indeed astonishing. Starting from November 23rd, this meme coin skyrocketed from 0.02 to 0.7, a 30-fold increase, with daily long and short liquidation amounts reaching as high as 4 million. But the excitement is not over—along with the decreasing liquidation amounts, the coin price has also started to weaken, clearly signaling the end of the strong momentum.

The most interesting part is the game at the contract level. It is rumored that a trader built a large number of short positions around the 0.1 price level, with maximum losses exceeding 3 million USDT. The key point is that these short positions have not been closed, causing persistent short squeezing on the longs, which kept the funding rate high. Many short players are very dissatisfied with this and even suspect that this is a collusion between institutions and whales.

From the position data, PIPPIN contract holdings have shrunk from a peak of 400 million USDT to 100 million USDT, a 75% decline. This signal is very clear—big players are fleeing, and a waterfall decline may be imminent. Some traders have stated that just in the three days of shorting PIPPIN, they lost nearly 200 USD in funding fees.

The ending of this farce seems to have been written already. When the liquidity dries up and positions shrink significantly, both shorts and longs can only wait for the final outcome. Similar meme coin contract stories are played out every day, the only difference being the account sizes of the participants.