Right now, spot flow is the only thing that matters for $PIPPIN
The controlling entity holds roughly 83–85% of total supply. At a ~$415M market cap, that leaves only about $85M of theoretical free float.
In reality, after accounting for burned tokens, dead wallets, and market-making pools (~5–8% of supply), the actual sellable float is likely just 5–7%.
At current prices, that means only $25–35M of real spot selling pressure is needed to keep price supported a small amount relative to the size of their positioning.
On top of that, longs are earning around ~0.8% funding per hour, while shorts are getting squeezed as long as price remains bid. This creates a strong incentive for price stability or continuation higher.
When does shorting make sense? Shorts become attractive only if we see:
A massive liquidation wick, or
The same 5–7% float becomes worth close to nine figures, implying a $1.5B–$2.5B market cap.
Below that range, risk-reward on shorts is unfavorable, in my view. Yes, the top could come much sooner but that’s a pure degen bet, not a structured trade.
Final note: Do not trade this with size. Always assume price can still go another 10x above your short entry.
Risk management > being right.
DYOR | NFA | $SOL
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