The top 30 coins by market cap are actually part of a massive pump-and-dump scheme $Siren . Crazy surges and liquidations—it's all a conspiracy by the manipulators.

They hold 88% of the chips, then go to small platforms with poor liquidity, spending just a few hundred thousand dollars to push the price up by 40%, thereby forcibly distorting the contract index prices on major platforms.
Retail investors see the surge and try to top-tick short, only to end up paying huge funding rates and getting liquidated alive.
Once you're completely wiped out, the manipulators hit with a dump, causing stop-loss liquidations—both long and short traps.
Never gamble on these heavily controlled altcoins because you never know when the scythe will fall.