PHA rose nearly 70% in a single day, with the price climbing to around 0.085 yuan. The market cap is only just over 70 million for this small-cap stock—yet in one day it still only traded a little over 6 million.

An on-chain project focused on privacy computing, it runs tasks using the TEE-based hardware isolation stack. This kind of market has no depth: once the buy side pushes, it jumps, and when it comes back down it falls quickly too. The order book is so thin you can count the pending orders with your fingers.