Yesterday, I went short on PIPPIN 2. Although there was a profit, I retreated due to the extremely high fees.

Currently, the market makers control about 83% to 85% of the supply. The market cap is approximately $430 million, which means there are about $65 million of freely circulating shares that can actually be used to purchase the spot.

Typically, about 5% to 8% of the supply will be destroyed, become invalid, or enter the market-making pool, so only the actual 5% to 7% circulation may be counted in the price.

Especially when they raise about 0.8% of funds for the long positions every hour and squeeze the shorts while the price continues to rise.

Given that many people are trying to short, it becomes interesting to short if a huge liquidation occurs, or when the value of that 5-7% of the circulating shares approaches nine figures (about $1.5 billion to $2.5 billion market cap). The risk is too great below this level.

The peak may come sooner, but this is purely a bet that only gamblers would take.

*Do not trade based on position size; always assume the price could still rise more than 10 times.*#加密市场观察