The investment story of $PIPPIN is indeed intriguing. Tracking data shows that a seasoned investor has invested $5 million in this project and is currently facing unrealized losses of over $2 million. Based on this scale, $7 million is approximately 50 million RMB, which is considered a substantial amount of funds in the domestic market.

Interestingly, large holders of such magnitude typically do not exist in isolation. Generally speaking, these significant investments are often backed by professional teams that provide ongoing attention and dynamic management. From a risk management perspective, such a large position is unlikely to completely blow up—after all, the amounts involved are substantial, and relevant parties will certainly have corresponding countermeasures and contingency plans.

This case also reflects a reality in the crypto market: large investors, although facing the test of market volatility, have the scale of their funds itself constituting a form of risk buffer. Of course, this does not mean that risks do not exist; it merely indicates that there are indeed different levels of participants and risk management methods in the market.