Is this $PIPPIN short squeeze still ongoing? Let’s look at the data.

In the past 4 hours, $2.47 million in short positions were liquidated, while only $520,000 in longs were liquidated. What does this mean? The amount of short liquidations is 4.7 times that of long liquidations.

Now look at the funding rate. What does 0.326% mean?

Let’s do the math:
Suppose you open a $10,000 short position.
You have to pay 10,000 × 0.00326 = 32.6 USDT per hour.
What about a $50,000 position? 160 USDT per hour, nearly 3,000 USDT per day.

Shorts are paying real money to the longs.

**Key signals**

First, the proportion of short traders is 50.6%, slightly higher than longs. But the liquidation data is completely asymmetric—every time shorts try to resist, they get force-liquidated. These forced closures directly fuel the price increase.

Second, price action. Up 21.7% in a single day, breaking above the previous range. The trend structure still looks intact for now.

Third, technical indicators. RSI is now at 60.1, not overbought. In theory, there’s still room to rise.

Fourth, the contrarian logic of the long-short ratio. More shorts means plenty of potential buy orders (from forced short liquidations). Fewer longs means potential selling pressure is actually lighter.

**If you want to trade, how?**

Watch the range: $0.22255 - $0.23000. You can build positions in batches if there’s a pullback to this range.
Breakout level: If it strongly breaks above $0.25267, consider a small position to chase.
Stop-loss: If it breaks below $0.17400, don’t hesitate to cut your losses.
Target levels: First target $0.25267, then $0.26000. For aggressive traders, look at $0.27500.

What’s the feature of a short squeeze? Pullbacks aren’t scary—shorts adding more actually provides fuel for further upside.

That said, trading is essentially a game of probabilities. No one can guarantee 100% accuracy.

The data is here—make your own judgment.