$PIPPIN
Some people really can't understand why pippinOI keeps dropping while the price keeps rising. When the market value was 100 million, the OI was 1 billion; now, with a market value of 200 million, the OI is only half, 500 million.
It is clear that the market maker has already sold off a large portion of the goods, most of which were acquired when the market value was 60 million. However, there are no signs of them abandoning the market; instead, they are using profits from contracts to further buy spot assets on-chain, tightening control even more. In the past few days, on-chain liquidity has increased from 5 million to 10 million. This is why the position data has been consistently diverging while the price can rise against the trend.
Additionally, this is the first time I've seen meme trading utilizing the fee rate strategy, something I've never encountered before. It's very unusual that memes can also maintain a negative fee rate.
In summary, brothers who want to short should wait a bit longer. This market is too strange; without a major spike or a bearish right-side signal, don't go heavy on shorting.