First video of LK-99 Full Levitation, aka flux-pinning

This video was just posted to the Chinese video-sharing site BiliBili and claims to be a highly pure synthesized sample of LK-99.

What is the physical phenomenon behind this and what does it mean?

Levitation of… pic.twitter.com/KGRhGjtrOy

— Andrew Côté (@Andercot) August 5, 2023