$PIEVERSE This round really is pressing the shorts to death. In just a few hours, it was pushed all the way from around 0.64 to 0.97. In the past 24 hours, trading volume surged by nearly 17x. I scrolled through announcements for a long time but couldn’t find any major catalyst strong enough to support this kind of straight-line rally.

Even more outrageous: while the price surged, open interest on the contracts also increased by nearly 65%.

This indicates that a large amount of leveraged capital rushed in. The more the price went up, the more the short sellers had to keep topping up; in the end, stop-losses and liquidations then turned around and pushed the price higher again. In plain terms, it’s a short-term squeeze.

Now the longs are also getting crowded. Chasing long here is likely to get caught standing guard, and trying to hit the top directly also risks getting whacked again. When old rookies run into this kind of market, they’d rather miss out on a bit than risk their principal betting on the last move.

Do you think it can continue to squeeze higher, or is it about to start harvesting the FOMO chase positions?
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