$PIPPIN pip obviously indicates that the market enthusiasm is too high, the volume is large, but the open interest is not increasing.

So it comes down to: after the last big drop, it quickly rebounded, then now it's been a prolonged downtrend, followed by a rapid surge within a few minutes, exploding the short positions with high leverage.
The market makers do not have many long position chips at the bottom to offload, nor do they have the intention to increase capital investment and create a speculative coin. So now, wide fluctuations and repeated harvesting will suffice, and the hype will gradually decrease.
So, it's hard to do, it's hard to follow and drink soup.