The trading characteristics of currencies like RIVER are worth paying attention to. From market performance, the daily price fluctuations often exceed 50%, with volatility reaching absurd levels. The underlying reasons are quite intriguing.

By observing their pump logic, it becomes clear that institutions holding large amounts of tokens usually push prices up slowly while bearing negative fees. Why do they do this? Because the vast majority of retail investors in the market assume these types of coins are worthless and naturally short them. The institutions keep pushing until the fee settlement occurs once every hour. When the fee rate reaches below -1%, most shorts will be liquidated—at this point, the long side profits immensely.

But it doesn't end there. If retail investors see the price drop and switch to shorting, the outcome is often even worse. The hourly fee settlement also harvests short sellers. Unless you happen to short at the very top, a few hours later, your short position will be wiped out with nothing left.

What’s more heartbreaking is that even if the price drops more than 50% in a day and retail investors think the market is over and prepare to cut losses, the price suddenly doubles within a day or two. The short sellers are wiped out again.

The fee mechanism design of this type of market is very clever—whether long or short, retail investors find it very difficult to make real profits. It seems that exchanges turn a blind eye to this obvious market manipulation.

Recommendation: It’s best not to touch these kinds of coins. The risks are too high, and the game rules are inherently unfavorable to retail investors.