There is a well-known short player in the crypto circle who holds approximately 14.6 million PIPPIN tokens, with an average cost basis of 0.29. In terms of position size, this guy is definitely the largest short seller in the current market. The previous needle that pierced down to 0.076 almost took him out, but luckily, he had sufficient margin reserves to survive.

The current situation is interesting—whales are consolidating and offloading here while also collecting fees. The market still shows signs of pushing upward toward resistance levels, but overall, this kind of wash trading will eventually be exposed.

The trading logic is clear: if the price continues to surge, one can gradually set short positions; but the real profit opportunity lies in the moment of decline. Based on the current position cost and market rhythm, this big drop shouldn't be too far away.