Starting from midnight on November 24th, PIPPIN launched a high-fee mechanism. At that time, the token price was 0.2429. Even if the price remained unchanged, the fees alone would have directly consumed 93.191714% of the principal. Now, the price has surged to 0.46548, nearly a 20-fold increase. Ironically, if someone had shorted during this period, their principal would have been wiped out under this fee structure. What about the long side? Not only is the principal still alive, but they have also eaten several times the amount of the short side's principal. This is the truth of the leveraged trading market—under such a high-fee mechanism, retail investors are simply being harvested while lying down, and the ones making money are always those with sufficient leverage and capital.