PEPE is still bearish, and I will continue to hold a short position.

Let's look at the data from January 9th. By around 6:30 PM, PEPE's USD price dropped to 0.00000602, a decrease of 8.86% within 24 hours. Converted to RMB, it is 0.0000426, with a relatively milder decline of only 2.56% over 24 hours.

The market on that day was quite volatile—USD price dropped from a high of 0.00000665 to a low of 0.000006, while the RMB price fluctuated between 0.0000440 and 0.0000415. Although the range looks significant, the overall pattern shows that the bears still hold the upper hand. This trend is likely to continue in the short term, and I haven't seen any signals of a turnaround. Therefore, continuing to short at this level offers a relatively favorable risk-reward ratio.