On-chain data shows an interesting trading activity yesterday. The address known as the "20 million wave hunter" (0x880a) decided to take partial profits on their PEPE short positions, reducing their PEPE short holdings by 144 million tokens and cashing out approximately $1.2169 million. After this operation, their remaining PEPE short position is valued at about $342,990.

Even more impressive is the performance of this position — currently with an unrealized profit of $36,060 and a return of 105.14%. The position was built at an average price of $0.01, with a liquidation price at $0.051. It sounds like risk management is quite solid.

This trader's style is quite interesting — a high-frequency, multi-asset swing trader, with each position lasting an average of only 20 hours. Since October last year, using $20 million of capital, they have achieved nearly $100 million in cumulative gains. Such results indeed make market participants think about the logic and execution of short-term trading.