This is not a fabricated story, but a real daily tragedy and comedy playing out in the crypto market.

Starting with $10,000 and a 10x leverage frenzy, a trader bet all chips on PEPE. The market cooperated perfectly — account funds skyrocketed, reaching nearly $1 million, with a return of 9900%. In just two days, he became a "legend" in the crypto circle.

Then the market just made a slight correction.

The truth hit hard and fast: an 85% single-day drawdown, dropping from $1 million straight down to $150,000, with account equity instantly shrinking to $173,000. All illusions shattered in an instant, and that seemingly ironclad wealth fortress collapsed suddenly.

Now the positions are even more painfully ironic. ETH long position with 25x leverage, nominal value of $170 million, but floating loss of $87,000, a loss of 66%. Only PEPE's 10x long position is still holding on, with a nominal value of $130 million and a barely floating profit of $62,000, a 47% increase. This set of data is like a scalpel, ruthlessly revealing the truth of leveraged rolling positions: when the market is favorable, it can help you ride the waves; when against you, it can slam you to the ground.

The crypto world has never lacked legends of overnight riches. But what is even more common is the tragedy of overnight liquidation. High leverage has never been a wealth accelerator, but a Damocles' sword hanging over every trader's head. When the market turns, it’s a one-way ticket to disaster.