The trend of PIPPIN has already been clarified by the data.

First, let's take a look at the situation on the big players' side—
Total position size is 26.10M USDT, equivalent to nearly 200 million USD. Long to short ratio? 915.22%. What does this mean? Essentially, it is a one-sided bullish frenzy, and the bears have essentially disbanded.

82 large holders are clustered to go long, with a total position of 23.53M and an average cost of only 0.0765. They are now floating a profit of 9.8M, with a profit rate of 81.7%. In contrast, the bears? 58 large holders have a position of only 2.57M, with an average opening at 0.0963. They are currently losing 682,000, with a decline of -13.79%. The short sellers are really bleeding now, still holding on.

Look again at the so-called smart money—
The total position of traders is 27.96M, with a long-short ratio of 636%, still reflecting an extremely bullish pattern. Interestingly, 187 people are going long while 352 are going short, meaning the number of shorts is nearly double that of longs. But what is the result?

Long position average cost 0.0775, profit 9.86 million, increase +75.93%.
Short average cost 0.0995, loss 912,000, decline -21.59%.

What use is there in having many people? The total position is only one-sixth of the long positions. The retail short army is almost completely wiped out.

Transaction data is more straightforward —
29 large holders net sold 225.51K, accepting losses and exiting.
71 traders net sold 323.98K, similarly exiting with stop losses.
This is a typical rhythm of liquidation orders flooding in, with sell orders being completely consumed by the bulls, and the price continuing to surge upwards.

The situation is now very clear:
Whether it's large holders or retail investors, the average cost for short sellers is stuck in the range of 0.095 to 0.099. The current price has already risen to around 0.131, which is 35% to 40% away from the short sellers' cost line.

The cost for large long positions is extremely low, around 0.076, and the profit margins are thick, so they are not afraid of a washout. Any slight pullback is seen by the bulls as an opportunity to add to their positions. Want to average down as a bear? That's just giving away money.

This round of short squeeze has reached the second half. The bears now have only two options: either get liquidated or wait for it to go to zero. There is no third possibility.

The only thing that can stop the price is if the platform suddenly spikes and forcibly liquidates long positions—commonly known as "pulling the plug." Otherwise, this candlestick will continue to form.

A classic case of meme coin perpetual contract liquidation, textbook level.