One token saw its price surge more than tenfold in the last 20 days. From a fundamental perspective, the project lacked positive news, the project team remained almost silent for the past six months, and the token had no clear practical use. However, its FDV (Funds-to-Value) rose from less than $30 million to over $500 million (at its peak). On-chain data reveals the collaborative accumulation of at least 50 wallets or more clusters, forming a control structure and creating supply scarcity. After the whale completes its spot market control, it then uses contracts to create airdrops to squeeze out supply and achieve cyclical profits. In this process, the traders exploited two groups: those who chased the highs and short sellers. Short sellers constituted the majority, leading to negative funding rates. The price increase caused a short squeeze, further pushing prices higher. At least tens of millions of dollars in short positions were liquidated (for example, in one day's total liquidation of $15 million, $11 million came from short sellers). In other words, whales first control the market, creating a supply shortage, and then use contracts to squeeze short sellers, creating a positive push: prices rise → more short positions are liquidated → prices rise even higher. Based on approximate costs, the wallet cluster's cost is estimated to be between $5 million and $20 million, with the exact amount unknown. Profits are likely generated through spot appreciation, funding rates, and short squeezes. Some profits have already been realized, with unrealized gains estimated at over $50 million, and potentially exceeding $100 million at its peak. The specific profit depends on the delicate timing. Players attempting to trade against whales when they control the majority of the spot market face significant risks, especially during periods of market consolidation. This PvP game is extremely risky; only a very few astute players can profit, while most will likely become mere fuel.

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