Recently, I observed two interesting phenomena that I want to share:

**The routine of new coin launches**
Yesterday, the contract market launched several new coins: $IR, $GUA, and zkp, but they were immediately dumped after the launch. This is a classic case of good news turning into bad news—once the positive news was made public, it became a selling signal. The current situation is that either the big players are taking advantage of the hype to sell, or they are deliberately crashing the price to wait for retail investors to cut their losses before rallying it back up. From the order book, it seems there might be a dark horse emerging, but the prerequisite is to survive.

**The Controversy of $pippin**
$pippin has recently become active again. Interestingly, in the recent period, Xiao K has been "going against" the whale of this coin. I went through discussions from half a month ago, and someone pointed out that this whale is quite difficult to deal with and should not be approached. Mr. K is still calling for a reform of the exchange fee mechanism, hoping to curb this situation from the source. However, to be honest, such large-scale mechanism adjustments are theoretically almost impossible to achieve—when there's an opportunity, I can analyze why. It's a bit regrettable that this kind of hardcore analysis is currently not getting much traffic.