The market manipulators of the $PIPPIN project are indeed ruthless. From the upward trend to now, it has been over a month of turbulence. The most outrageous part is the funding rate—when prices rise, the rate skyrockets; after a decline, it switches to a sideways mode to continue harvesting.

I personally opened a 10U position, and just the funding fee alone ate up more than 10U. Think about it—before making any profit, the fee rate has already wiped out all gains. This kind of trading tactic is actually quite common—by controlling the coin's price fluctuations to create a high-fee environment, both shorts and longs are bleeding continuously. Once the market is stuck in a certain range and consolidates, the fee rate becomes even more aggressive—because no one can predict the direction, they can only keep paying the fees.

This is why some coins can maintain high funding rates for a long time. The market manipulators don't necessarily need to push the price very high; as long as the market remains sufficiently sticky and volatile, the fee rate will become the largest cost black hole for traders holding positions.