$NOM daily chart, clear at a glance:

Previously, it declined steadily from a high point, trapping all spot traders who entered at any level, leaving them stuck at the top. The price dropped to almost nothing. Those holding positions are either deeply trapped and lying flat or have already cut losses and exited. The circulating chips in the market are scarce, and almost no one is touching this coin anymore.
Now, this several-fold surge is not due to a fundamental reversal, nor is it driven by new capital entering. It’s purely because the price has nowhere to fall, with no pressure from trapped positions. The market makers are controlling the price and pushing it up, with the sole purpose of triggering short positions.
Spot traders have long been thoroughly trapped and scared off by repeated bear markets and zero-value coins, so no one dares to touch altcoins anymore. Spot buy orders are basically exhausted. The market makers pushing the price up are no longer trying to attract retail investors to buy spot; instead, they are precisely targeting contract traders for a harvest — using this “dead coin that’s been beaten down” to multiply several times, blowing up all short contract orders, and completely wiping out retail traders’ margins. The entire market gameplay has long since changed: