In the digital money market, the manipulation behavior of certain bad participants has aroused investors' vigilance. Recently, a digital money codenamed XNY has become the focus of the market, and behind its price fluctuation seems to be a carefully designed manipulation strategy.

Analysis shows that this strategy may involve three main steps: first, by opening large short positions and adopting a gradual decline approach, exhausting the funds and confidence of long investors. During this process, occasional slight increases are believed to mislead the longs into thinking that a rebound is imminent. At the same time, the continuous decline in coin price also causes some spot holders to lose confidence and sell at low prices.

It is speculated that at this stage, the dominant party has already collected the vast majority of the circulating tokens at a lower price. If the bullish funds have not yet been exhausted, they may continue to push down prices for accumulation. Once the bullish funds are depleted, the strategy may shift to the second stage: a sudden sharp increase in prices, with the goal of targeting short sellers. As there are already very few spot assets circulating in the market and the dominant party controls most of the supply, lifting prices becomes relatively easy.

The final stage may involve gradually selling tokens at a high point to maximize profits. If this strategy is successfully executed, it could generate benefits for all three groups: bulls, bears, and spot holders, creating what is known as a "one fish three eats" situation.

It is worth noting that this market behavior not only harms the interests of ordinary investors but also severely affects the healthy development of the Digital Money market. Investors need to remain highly vigilant when participating in trading, fully recognizing market risks, and making cautious investment decisions. At the same time, this also highlights the importance of strengthening market regulation and establishing a fair trading environment.