I've been observing the PIPPIN token lately, and the manipulation tactics are really quite insidious.

For those who haven't entered yet, I advise you not to rush in. For those already trapped, seriously consider cutting your losses—just relying on the funding rate trick alone can slowly eat away your principal bit by bit. This whole operation is clearly designed to cut retail investors on both sides.

You think going long to catch the bottom will let you earn funding fees easily? Naive. The moment you buy in at the top, you're stuck at the peak, watching your account balance shrink until you eventually get the liquidation notice.

Shorts shouldn't feel safe either. The price will slowly grind down, making you feel "oh, it's stabilized," then suddenly spike violently to catch you off guard, and then continue slowly grinding. Funding fees are deducted one after another, and your contract position is drained to death.

Both longs and shorts get slaughtered—it's a trap on both ends.
In this kind of setup, it's really hard for retail investors to win. If you're still holding SOL and XRP, you can keep observing, but with something like PIPPIN, I wouldn't dare touch it lightly anymore.