DEGO token suddenly plummeted, with a short-term drop of 38%. The trigger was a certain institutional investor whale establishing over $50 million in long positions in the futures market, with their holdings representing a concentrated exposure of 12% of the circulating supply being captured by market makers. Market makers initiated programmed selling pressure, dumping $30 million in sell orders within 10 minutes, directly triggering the liquidation of the whale's account, resulting in a loss of over $40 million.

The incident breaks the inherent perception of "large holders dominating the market": in a zero-sum game, a single entity's overly exposed position can become a target for counterparty attacks. Market makers achieve arbitrage through position monitoring and strategic selling, while also sounding a warning bell for market risks— in leveraged trading, position management and risk hedging are the survival bottom line.

Although DEGO rebounded somewhat the next day, the incident still reveals changes in the structure of the crypto market: the long and short game strategies of traditional finance are accelerating their penetration. For ordinary investors, blindly following large holder positions and ignoring the microstructure of the market can easily lead to passivity. This abnormal movement is essentially a typical case of institutional gaming, warning market participants to respond to the complex gaming environment with rational risk control.

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