$PIPPIN Judging by the open interest (OI), it appears that long positions are currently taking profit after the final surge. With over $600,000 worth of short liquidations occurring just today, it's fair to assume that the remaining short positions are relatively small.

The recent shift in funding rate from -2% (indicating a market dominated by shorts) to around -1.7% suggests two factors at play: new long positions entering the market as the price retraced from its peak, and profit-taking or stop-outs from short traders.
If the funding rate remains above -2%, it could signal an opportunity to prepare for potential short entries. Conversely, if the rate returns to -2% or lower, short-term long scalps might also be viable.