For tokens like $PIPPIN, currently with a market cap of around $500 million USD, the K-line movement entirely depends on how the market controller wants to "draw" it.

Looking at the monthly chart, the lowest price point is around $0.01 USD, at which point the total market cap is just over $10 million USD. At such a price level, accumulating tokens doesn't require much money. Just $5 million USD can acquire more than half of the circulating supply. If you go all-in, spending $10 million USD, you can wipe out up to 90% of the chips on the market. At this stage, that coin essentially becomes your private asset.
After that, everything is very simple. The chips are in your hands; if you want to pump, pump; if you want to shake, shake. For a small-cap altcoin, increasing 10–20 times is very normal. If market sentiment is high, 50 times is not a myth. Just the spot account alone can easily show hundreds of millions USD on the books. Combining with derivatives trading to create volatility, taking both long and short positions, profits can reach up to $1 billion USD without exaggeration.
Therefore, I always don't understand one thing:
People who clearly have tens of millions USD in their hands, why don't they go into the "casino" themselves, instead of rushing into heavily controlled derivative markets to risk everything?
The power to control is not in your hands; life and death are decided by others — isn't that just giving away your money for free?