In the dark arena of perpetual contracts, #Pippin lurks like a cunning beast in the wilderness of Solana. Over the past two weeks, this meme coin skyrocketed from a low of $0.05 to a peak of $0.34, an increase of nearly 700%. The candlestick chart resembles a storm, devouring all souls attempting to go against the tide. The liquidation data is like a bloody battlefield: millions of dollars in short positions vanish into thin air, funding rates sink into a negative quagmire, and short sellers are forced to pay tribute to the bulls. The liquidation engines of Bybit and Binance operate mercilessly, with short position losses far exceeding long position losses by three times. The controllers—those invisible giants—hold 37% of the supply, coldly squeezing the throat of human nature like chess players. When they pump the price, players are drawn in like moths to a flame: at $0.09, a wave of shorts rush in, vowing that “garbage must go to zero”; at $0.12, another wave arrives, with gamblers roaring “I don't believe!”; at $0.17, they gamble their lives in desperation, shouting, “I’ll bet my life against you!” By the time it reaches $0.24, the negative fees act like a poison blade, forcing players to add four times their original capital. Players borrow online, envisioning hope—thus begins the decline, the self-consistent universal truth echoes in their minds: “Look, it's about to crash!” They are like the figures in Zheng Zhihua's song, “I lost the bet, but I'm in a good mood.” The joy of spiritual victory blooms amid the fluctuations at $0.15. Then, a massive bullish candlestick tears through the sky like thunder, piercing $0.34. The world falls silent. The bears collapse, online lending dries up, and small whales proudly declare “I bear the burden,” yet in the repeated rate wars, their capital melts away, new highs are pulled again, the script repeats. History is like a mirror, yet we never learn: the bears are merely fuel, igniting the banquet of the market makers. Capital is tearless, cherish life, and stay away from contracts.