Recently, I have noticed several extreme volatility cases in the spot market that warrant caution.

First, let's talk about BIFI. It surged 68 times in 20 seconds, then fell back to around $20, and rebounded to increase over a hundred times—such drastic fluctuations are essentially a sign of liquidity exhaustion. Spot trading only involves spot and leverage pairs, yet it can produce such exaggerated price behaviors, making it hard not to suspect market manipulation by large players. Some speculate that this might be to trigger liquidation cascades, using extreme price swings to induce chain reactions of forced liquidations. The risk of delisting for such tokens clearly increases. Unless you are certain of what you are betting on, it’s not recommended to hold a heavy position. Of course, if you have a strong psychological resilience and want to try high-risk assets, that can be understandable.

Next, look at PIPPIN. The gap-up spike the day before yesterday probably indicates a change in the trader behind it. From the price action, the new trader’s tactics are more aggressive than the previous one, and the volatility pattern is completely different. In such cases, going short easily could be very costly because the market maker has changed style, and previous patterns have little reference value.

Overall, these two cases serve as a reminder: tokens with poor liquidity and assets with frequent market maker changes carry very high risk. Trading such assets requires a thorough understanding of the risks involved.