When the overall market is going down, there are always some low market cap altcoins trying to do something fancy, and FUN is one of them. $FUN
It rose from $0.0032 all the way up to a high of $0.0143, an increase of over 3 times.
This kind of low market cap and highly controlled coin raises its price when the market is bad, just to attract retail investors' attention.
But this price increase certainly won't last long; the market makers will throw most of the chips to retail investors, and then the price may plummet.
When it goes up, it harvests the shorts; when it goes down, it harvests the longs. Both sides are being harvested (the funding fee of -0.68% is evidence of this).
For now, we should avoid chasing this kind of coin and also refrain from trading contracts.
Wait until the downtrend is clear, and you can reference #siren's trend to short, which is safer that way.