This trade indeed went south; I have to admit my mistake. I initially only lost 20,000 U, planning to cut losses immediately, but then it surged 30% and triggered a reverse liquidation. That was the fatal blow. My position was too aggressive—invested 150,000 U all in, and the moment I closed, the price shot straight up, probably turning my stop-loss order into the fuse for that explosive move. In the end, I lost 45,000 U in a single trade, and I haven't taken such a big loss in a long time.

As a token from an emerging sector, this project does have some potential. I underestimated the retail investors' unity here; a market cap of 1.3 billion doesn't seem outrageous, but compared to Ordi's peak of 16 billion—still having an 8 billion market cap even after a 20x drop—that comparison becomes quite interesting. The problem is, I chose the wrong side. Shorting it was actually a mistake decision; the market's enthusiasm isn't as easy to cool down as I thought. The lesson cost me enough, but I also learned something.