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PIPPIN token recent fluctuations have attracted market attention. A short position known as "Mysterious Little K Line" holds approximately 14.6 million tokens, with an opening average price of $0.2913, making it the largest short position in this coin. Due to the recent short-term decline in the token price, this position's unrealized loss surged to $6.068 million. Fortunately, the account has sufficient margin and has not triggered liquidation risk. This volatility also highlights the complexity of liquidity and short-term risk in the token market.