The recent upward trend in the market has become quite clear, and the bearish camp has suffered a collective blow. According to data, the total liquidation volume across the entire network in the past 24 hours reached $530 million, of which $440 million was from short positions. Although longs also incurred losses, they were relatively smaller. Notably, the SUI main force has also begun to experience chain liquidations. Looking at the composition of long liquidations, the PEPE contract positions suffered the most severe losses — initially attracting a large number of long positions during the surge, then quickly shaking out traders, trapping many aggressive traders. This operation pattern is quite common: attracting popularity with a surge and then immediately pulling back, crushing leveraged positions. Market volatility remains intense, and risk management is key.