$PIPPIN has been in a deadlock since noon yesterday, with almost no trading volume. Describing it as a "single-machine coin" is not an exaggeration—participation has plummeted, and no one dares to take over.

What’s more concerning is the movement of the whales behind the scenes. Once the main players run away, the largest group of retail investors in the current order book will be forced to take over. The key question now is: are these manipulators planning a bigger move?

Based on historical manipulation techniques, their routines are very fixed—long-term sideways trading to earn transaction fees, then suddenly a sharp surge to attract chasing buyers. Reverse operations are also possible, with sudden sell-offs to create panic. In such a thin liquidity environment, any large order impact will be amplified multiple times. Retail investors need to be extra cautious.