The suddenly surging K-line looks like the starting point of a market explosion, but in fact, it was already the first shot in the sniping.

Having been immersed in the crypto world for many years, I have seen too many scenarios where accounts suffer huge losses overnight. The recent widely discussed token liquidation event is essentially just an old trick with a new skin. Nothing new.

As soon as I notice that the on-chain chips of a certain coin are monopolized by a few addresses, my risk radar starts buzzing. Projects like these are fundamentally a one-way game of control and retail harvesting. There is no second possibility.

**Key Features of High-Control Coins**

I have seen how the big players manipulate stocks back in the A-share era, and I never thought that in the so-called decentralized crypto world, the same tricks would keep cycling. The characteristics of these coins are unmistakable:

Poor liquidity, with spreads of several percent; price movements completely independent of the overall market, as if living in a parallel universe; trading volume is usually dead, but a sudden surge in volume or a sharp drop can be startling.

The control players’ strategy is to first lock up the spot holdings through various means, creating a false illusion of scarcity. Just like traditional market manipulators use multiple related accounts to disperse holdings and avoid being targeted, crypto manipulators rely on multiple wallet addresses to hide their true positions.

**Ingenious Design of Double Harvest: Fees and Injections**

The profit logic of high-control coins has changed. With such poor liquidity, simply pushing the price up to sell off the spot holdings is no longer enough to make big gains, so the controllers have evolved a more complex harvesting system.

The first cut is the funding rate. The control party will keep the price trapped within a narrow range, repeatedly oscillating...