After watching the market for two days, the stocks being pumped are all low market cap shanzhai (copycat) companies. I estimate it's because there's not enough market capital, but some speculative funds still want to open the market to harvest retail investors, so they target these small caps to create a scheme. In the end, it will certainly go to zero. However, during the process of pumping these low market cap shanzhai stocks, if you short at the bottom, it can be very painful, because you not only have to bear the losses from an exponential increase but also face funding fees that may occur every 2 hours.

Take this voxel as an example. The position is over 70 million, but its market cap is only 15 million. Now, funding fees are collected every 2 hours. Assuming the operator has a net long position of 10 million, they only need to incur funding fees 50 times to break even. The extra money can also be used to pump the spot market, allowing the price to continue rising (in reality, the break-even period may be shorter because the value of the long position keeps increasing). They already control a large amount of the spot circulation, and with ongoing funding fees, they have a continuous supply of capital. Do you have a winning chance if you short? So if you’re not optimistic here, just stand aside and observe; don’t jump into the game and become fuel for the operators.