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This circle is really messed up, market makers manipulate it at will.
The project team of MMT is deliberately delaying the receipt of the airdrop (the receipt page states that it will be open in a few hours, but it still hasn't opened), enticing everyone to hedge at a high price and then pushing up the price to trigger short liquidations.
At its lowest, the spot contract price was inverted by nearly 50%, one can imagine how brutal this wave of liquidations was.