Recently, I've been watching the market data of PIPPIN and TRADOOR, and the more I look, the more something feels off.

On the PIPPIN side, the on-chain data shows that smart money addresses are continuously reducing their holdings. Logically, if large holders are withdrawing, the price should drop, but instead, the price of the coin has been rising all the way. TRADOOR is even more outrageous, with the signs of market control being so obvious that it doesn't even need analysis to see — the chips are highly concentrated, and the fluctuations do not resemble those led by retail investors.

I suspect it has something to do with the recent contract trading activity organized by a certain exchange. As soon as the activity was announced, a lot of newbies rushed in to play with leverage, completely unaware of the rules, just following signals to open positions. Today, I even saw someone in the square asking "What does liquidation price mean"... Such beginners are the easiest to be harvested as the "chives".

If the platform or the market maker also gets involved to manipulate the situation, coordinating to hype up the activity and reap profits, then this operation would be really ruthless. Anyway, the current market looks like someone is carefully crafting a script. Everyone needs to be cautious when trading contracts, and not carelessly give away their principal.