1000PEPE funding rate collapsed, the basis directly broke through into negative territory, and longs can barely afford even the funding fees. Are they still expecting a rebound in this trade? The 4-hour trend is downward, in the last 24 hours it’s down 3%, open interest is down 4.16%, and the bid side is all resistance-style “catching the falling” rather than making an attack. The structure is weakening—no suspense. Short at 0.003345, first target 0.00320, second target 0.003175, stop loss set at 0.0034995. Staying alive comes first; being on the car comes second.