"0.37 bottomed out, now only left with shorts" Last night, in the PIPPIN group on the Solana chain, the wails could drown out the on-chain transaction alerts. This popular cryptocurrency that was recently hyped as the 'Solana version of Dogecoin' crashed 30% overnight, with a market value evaporating over 100 million from 380 million, and I had already warned fans three days ago: the holding chart of this coin is more deformed than my ECG, touching it means standing guard.
As an old hand who has been watching the cryptocurrency market for five years, I have seen too many stories of 'getting rich overnight' turn into 'returning to poverty overnight.' However, PIPPIN's recent operations have taken the greed and arrogance of the market makers to a new height. Many retail investors are overwhelmed by the steep rise in K-line, yet no one is willing to spend two minutes looking at the holding data, which is exactly what the market makers want to see.
First, let me present the hard facts: the recent PIPPIN collapse is by no means coincidental; it is a precisely planned 'harvest script.' Tracking through on-chain tools reveals that the project team holds an astounding 80% of the circulating tokens, effectively monopolizing the market's pricing power. Even more nauseating is that they used 16 seemingly unrelated 'ghost accounts' as cover, while just a few days ago, they were hinting in major communities that 'institutions are coming in,' only to trigger a sell-off in the same second, perfectly replicating the textbook strategy of 'pump and dump.'
Here, I must emphasize a key point for novice investors: for any popular token, first check the concentration of holdings. For tokens like PIPPIN, where the top 20 addresses monopolize over 90% of the tokens, it’s essentially a toy in the hands of speculators. They can create dazzling candlestick patterns with minimal funds when boosting the price, and once retail investors follow suit, a one-click sell-off can complete the harvest. The low transaction costs on the Solana chain have instead become 'convenient conditions' for such speculators, lowering the threshold for market manipulation.
Some might say, 'I bought it because I saw its popularity,' and that statement really makes me both angry and amused. The popularity of the crypto market has always been a double-edged sword, especially for meme-type projects, which inherently have 'emotion-driven' attributes, rising quickly and falling even faster. Remember the date December 16, 2023; it's not to remember PIPPIN but to recall that 'three-no tokens'—those without public holdings and transparent teams—should not be touched, no matter how hot they seem. Friends who jumped in at $0.37 are now regretting deeply, but the market never offers remorse remedies.
As an analyst who immerses myself in on-chain data daily, I never believe in the myth of getting rich 'out of nowhere'; I only adhere to the iron law that 'data doesn’t lie.' I spend 4 hours every day screening projects, scrutinizing everything from holding distributions and fund flows to team backgrounds, just to avoid those 'rug pulls' hidden behind popular tokens and to find truly promising assets.
If you've also suffered losses from 'buying high and holding,' or if you're currently holding uncertain tokens, consider following me. I will share on-chain data interpretations and potential asset analyses every day in my updates, translating complex holdings charts and fund flows into plain language, helping you avoid 90% of the pitfalls that retail investors often fall into. Next time you want to jump into a trending token, check out my analysis first; it's better than regretting after losing money.
Finally, let me ask a question: what tokens have you stumbled upon in the past? Let's chat in the comments, and I'll help you analyze where the problems lie. Follow me@男神讲趋势 #加密市场观察 $BTC
