Altcoins are really unplayable, especially those like $PIPPIN and $BEAT. The project party controls more than 90% of the chips, creating price differences between spot and contract by engaging in wash trading, secretly building long positions at the bottom, and then maintaining a sideways trend for a long time, forcing short positions to continuously pay funding fees (collected every hour), making it easy to harvest. Retail investors lack the patience and capital to hold on until the end. Once they chase the highs, a big bearish candle comes and wipes them out.

These two coins have no actual value. BEAT's on-chain liquidity pool is less than 1 million U, yet it has been inflated to a market cap of 3 billion. If someone really dumps the spot, it can't hold at all and will go straight to zero. After the main force of PIPPIN pumped it 200 times, they found no one was buying, so they could only dump it themselves and slowly make back the money through contract funding fees.

I opened a short position of 40,000 U in BEAT, and after holding for just one day, the funding fee ate up 3,000 U, equivalent to nearly 8% taken in one day. If it continues to go sideways, the principal will be completely consumed, and in the end, I can only cut losses and exit.

This mechanism of collecting funding fees every hour is simply a harvesting tool tailor-made for the project party, no different from outright robbery. Brothers, don't touch it anymore, don't chase long positions or blindly short. Let them play by themselves. The ultimate value of these coins is zero. Once the funding rate returns to normal (every 4 hours or 8 hours), the crash is just a matter of time. Don't keep footing the bill for such project parties!