A 61.73% increase, paired with a -1.0046% funding rate, this isn't ordinary pump-and-dump, it's a short squeeze bleeding out while holding firm.

The A side looks very hot, $BABY price hit 0.02088, already close to the Bollinger upper band at 0.0211, RSI surged to 89.2, and KDJ's J value skyrocketed to 107.1.
It's like everyone knows the pot is already boiling, but some still keep adding fuel.
The B side is even more abnormal, with a trading volume reaching $140.6 million, open interest only $12 million, yet it surged 326.9% in 24 hours, and in the last hour, it added another 24%.
This isn't old positions slowly turning over; new positions are flooding in wave after wave, like people fighting for the last basket of vegetables at the market.
What the market is truly watching isn't how much it rose today, but that the contract price still trades at a 7.53% discount to spot, and the funding rate still makes shorts pay.
Normal strong pump-and-dump involves longs paying to buy in, but here, shorts pay every 8 hours and are reluctant to withdraw.
What's even more tangled is that the long-to-short account ratio is 1.58, with 61% of accounts going long, but the top accounts' long-short ratio is only 1.12.
Retail sentiment is already leaning toward longs, while the top positions aren't as extreme; the order book looks lively on the surface, but secretly, shorts are still waiting for them to give up.
The biggest risk in this structure isn't the price going higher, but the simultaneous twist of the funding rate, open interest, and discount.
If later the funding rate turns positive, open interest begins to decline significantly, or the contract discount is quickly eliminated, then the logic of "the short squeeze isn't over yet" needs to be reconsidered.
$BABY
Generated with Claude Opus 4.8. AI may be incorrect; information is for reference only.