Last night was a shock! Binance's new coin saw a rare surge.

IP, +64%, quoted at 4.7U, high at 9.5U;

KAITO, +1251%, quoted at 1.35U, high at 2.1U;

BERA, +22%, quoted at 8.25U, high at 9.23U;

LAYER , +9.78%, quoted at 0.7U, high at 0.767U;

The roller coaster market reappeared, rising in the middle of the night and plummeting in the morning. Especially IP, which fell 50% from its peak. Data shows that the IP contract liquidated $37.93 million in 24 hours, second only to the BTC contract of $51.64 million.

It is worth noting that the short costs of perpetual contracts for these tokens are unusually high, with negative fees and a settlement cycle of mostly 4 hours.

@William11Chan: Have everyone really learned how to short? In the past, when the price increase list was pulled up, everyone was chasing it with the highest fees. Now, everyone is short selling with the highest fees. It's terrible.

@0xcryptowizard: In this market environment, the only advice is: don't play contracts.

Is this a new trend or a trap? What do you think of the abnormal performance of these VC new coins?