The Night of Liquidation
At 3 a.m., Li Ming’s phone screen glowed a cold blue in the darkness. He stared at the candlestick chart, his eyes bloodshot, his fingers trembling slightly.
Three days ago, the PUMP coin had been hovering around $0.0046. After analyzing on-chain data all night, Li Ming was convinced this meme coin was about to collapse. He opened the contracts interface, chose to short, and cranked the leverage up to 50x.
"This wave will drop at least 30%. I’ll make 15x." He muttered to himself, the corner of his mouth curling with smug satisfaction.
At the moment he opened the position, he had 20,000 USDT in his account. With 50x leverage, that was a $1,000,000 short. He seemed to already see his account numbers skyrocketing—seeing himself replacing that five-year-old car.
On the first day, PUMP fell to 0.0045. Li Ming profited 500U, took a screenshot, and posted it in the group with the caption: "Easy money, nailed it." Group members piled on the likes, calling him "the short god."
On the second day, PUMP suddenly rebounded to 0.0052. Li Ming comforted himself: "A technical pullback—it’ll drop back soon." He didn’t set a stop-loss; instead, he added more.
By tonight, PUMP was surging like it had gone mad. 0.0055, 0.0058, 0.0060. Li Ming’s unrealized loss had already exceeded 15,000U. His palms were drenched, and his heartbeat was so fast he could hear it.
"No way. How could this shitcoin possibly rise this much?" He refreshed the page, his voice shaking.
0.0062.
A system warning popped up: margin rate insufficient.
Li Ming desperately tried to add more margin, but there was no money left in the account. He watched the price keep jumping, like watching a knife slowly cut open his own throat.
0.0063.
Liquidated.
The numbers on the screen turned to zero. 20,000 USDT—gone.
Li Ming sat motionless on the bed, his phone slipping to the floor. Outside the window, the silence of the early morning lingered; only the occasional distant car sound broke it. He remembered his wife still had to pay the children’s school fees tomorrow. He remembered the mortgage he’d just finished paying off last month.
He opened WeChat. In the group, nobody mentioned "the short god" anymore. Someone sent a message: "Another one blew up?" No one replied.
Li Ming turned off his phone and closed his eyes. In the darkness, he could still see PUMP’s candlestick chart in front of him, jumping like a red line he’d never be able to catch.
The next morning, PUMP climbed to 0.0072. If he hadn’t been liquidated—if he’d set a stop-loss at 0.0063—he would have at least had 5,000U left.
But there is no such thing as “if” in the crypto market.
He got up and went to the kitchen to cook himself a bowl of noodles. The steam from the broth fogged his glasses; he couldn’t tell whether it was steam or something else.
After finishing his meal, he opened his computer and started researching his next trade.
This is the crypto world. The lesson from last night would be forgotten today. Because everyone harbors the same thought in their heart: in the next round, I’m going to win it back.
#PUMP #合约爆仓 #meme coin
At 3 a.m., Li Ming’s phone screen glowed a cold blue in the darkness. He stared at the candlestick chart, his eyes bloodshot, his fingers trembling slightly.
Three days ago, the PUMP coin had been hovering around $0.0046. After analyzing on-chain data all night, Li Ming was convinced this meme coin was about to collapse. He opened the contracts interface, chose to short, and cranked the leverage up to 50x.
"This wave will drop at least 30%. I’ll make 15x." He muttered to himself, the corner of his mouth curling with smug satisfaction.
At the moment he opened the position, he had 20,000 USDT in his account. With 50x leverage, that was a $1,000,000 short. He seemed to already see his account numbers skyrocketing—seeing himself replacing that five-year-old car.
On the first day, PUMP fell to 0.0045. Li Ming profited 500U, took a screenshot, and posted it in the group with the caption: "Easy money, nailed it." Group members piled on the likes, calling him "the short god."
On the second day, PUMP suddenly rebounded to 0.0052. Li Ming comforted himself: "A technical pullback—it’ll drop back soon." He didn’t set a stop-loss; instead, he added more.
By tonight, PUMP was surging like it had gone mad. 0.0055, 0.0058, 0.0060. Li Ming’s unrealized loss had already exceeded 15,000U. His palms were drenched, and his heartbeat was so fast he could hear it.
"No way. How could this shitcoin possibly rise this much?" He refreshed the page, his voice shaking.
0.0062.
A system warning popped up: margin rate insufficient.
Li Ming desperately tried to add more margin, but there was no money left in the account. He watched the price keep jumping, like watching a knife slowly cut open his own throat.
0.0063.
Liquidated.
The numbers on the screen turned to zero. 20,000 USDT—gone.
Li Ming sat motionless on the bed, his phone slipping to the floor. Outside the window, the silence of the early morning lingered; only the occasional distant car sound broke it. He remembered his wife still had to pay the children’s school fees tomorrow. He remembered the mortgage he’d just finished paying off last month.
He opened WeChat. In the group, nobody mentioned "the short god" anymore. Someone sent a message: "Another one blew up?" No one replied.
Li Ming turned off his phone and closed his eyes. In the darkness, he could still see PUMP’s candlestick chart in front of him, jumping like a red line he’d never be able to catch.
The next morning, PUMP climbed to 0.0072. If he hadn’t been liquidated—if he’d set a stop-loss at 0.0063—he would have at least had 5,000U left.
But there is no such thing as “if” in the crypto market.
He got up and went to the kitchen to cook himself a bowl of noodles. The steam from the broth fogged his glasses; he couldn’t tell whether it was steam or something else.
After finishing his meal, he opened his computer and started researching his next trade.
This is the crypto world. The lesson from last night would be forgotten today. Because everyone harbors the same thought in their heart: in the next round, I’m going to win it back.
#PUMP #合约爆仓 #meme coin