One curious thing is that even with around 150 million POPCAT in circulation, it can still be maliciously manipulated. This whale really can't find liquidity and has to resort to messing with exchanges. Retail buy orders are nonexistent, and the MM's aggressive 10.11 was taken out. For arbitrage traders, it might be safer to either remove small coins from the list or reduce leverage to below 5%, ideally under 2%. Basically, even with a $1 million margin, you'd only be safe arbitraging a $20K position. The whale is so desperate that even arbitrage profits are out of reach—they're targeting exchanges now. In the foreseeable future, liquidity will likely concentrate on core assets and a very small number of relatively high-quality targets, like Uni recently or premium perp dex tokens in the future (you know what I mean).