Recently, a dramatic event unfolded in the spot market of a leading exchange. $BIFI surged 68 times in just 20 seconds, then plummeted back to around $20, only to rally another hundredfold. The logic behind this crazy volatility is worth deep reflection.

First is the liquidity dilemma. The trading depth of this token on CEXs is extremely poor, far from the fundamentals expected of DeFi blue chips, and has essentially become a "single-machine coin." It only supports spot and leverage trading, with no derivatives tools—this setup has instead become a tool for certain malicious actors.

Short-term manipulators exploit the thin liquidity, using very small amounts of capital to create astonishing price swings, targeting leveraged traders' positions. This kind of targeted explosion (commonly known as liquidation hunt) is textbook-level. When the price is artificially pushed up to trigger stop-losses, massive leveraged liquidations cause selling pressure, further accelerating the decline—forming a perfect harvesting cycle.

Even more concerning is that such malicious manipulation often signals that the project is about to be forcibly delisted by the exchange. It usually indicates that the whales are conducting a final mad harvest, draining the last drops of liquidity before fleeing.

Simple conclusion: the fundamentals have long since failed; now it’s pure gambling. Ordinary investors are advised to stay far away from such assets, as this is essentially a high-risk doomsday roulette.