FRAX's performance today is quite outrageous. This algorithmic stablecoin surprisingly experienced a positive de-peg, with a single-day increase of up to 49%, directly surpassing 1.27, completely breaking the previous cognitive framework.

The interesting part is—retail investors are still clinging to conventional thinking, desperately shorting in hopes of returning to the 1.0 peg, but the long-short ratio sharply dropped to 0.94. Anyone with a clear eye can see that this is the main capital doubling down here, forcibly reversing market sentiment.

This is a classic "flip the cognition" tactic. The short positions are heavily accumulated, with plenty of short-term momentum. From a trading perspective, in this situation, don’t worry about whether it’s pegged or not; once the short squeeze starts, it’s hard to find a top. The market is now at this price level, with both downside risks and upside opportunities clearly in front of you.