PIPPIN experienced a remarkable surge in the short term. The price once soared to $0.7661, and this upward momentum indeed caught many off guard.

Well-known short position holders in the market suffered significant losses this time. Holding approximately 14.6 million tokens, his average opening price was only $0.2913, a typical high-leverage short position. If it weren’t for sufficient margin account balance, this extreme market condition would have already liquidated him. Data from a major exchange’s futures contracts show that within just four hours from 3 PM to 7 PM, this trader’s losses skyrocketed to $6.068 million.

From the market performance, this looks like a typical market maker stress test—using extreme conditions to force short sellers to close their positions. However, this trader remained firm on the trading floor, openly stating "neither closing nor adding to the position," clearly intending to compete with market opponents to the end. How the subsequent trend develops will depend on who can hold on until the last moment.

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