17x Demon Coin $PIPPIN
A Layman's Analysis of the Surge Logic
For those who don’t want to read a long article: there is hope that it will become a governance token for the AI agent open-source community, transitioning from a meme coin to a governance coin, but it is not guaranteed. In terms of operational advice, large holders have significant control, and volatility is high, making it unsuitable for high-leverage participation, with a considerable risk of liquidation and being stuck in positions in the short term.
In this issue, let’s talk about the 17x surge over the past month of $PIPPIN . Many brothers who shorted this probably got liquidated. From the low point at the end of November, this currency has surged more than seventeen times in a month, with the funding rate being -1% for a long period, which means those who shorted either had to bear the funding costs during consolidation or faced liquidation as the price surged.
Just past 4 AM, it broke through again to a new high, surging 80% within 24 hours, with the price shooting up to around $0.34, directly pushing the market cap over $300 million, ranking within the top 200, and daily trading volume exceeding $100 million, with calls for trades all over X, and whales are buying like crazy. Many people ask: why did this suddenly take off? Isn’t it just an AI-generated unicorn meme?
I initially thought the same, but after getting liquidated for several tens of thousands of U, I had to admit defeat and study this demon coin carefully. We’ll discuss it from three aspects: on-chain data, speculation logic, and future expectations, each in a separate issue.
First, let’s talk about the data: how fierce is this surge?
1. Price Performance: At the beginning of November, it hovered around $0.019, and after a little more than a month, it skyrocketed directly, with an ATH touching around $0.35, now stabilizing at around $0.30. 24h increase of 60%+, weekly increase of 168%, monthly increase of 740%+ (data from CoinMarketCap and CoinGecko).
2. Market Cap and Trading Volume: Market cap of $326 million, 24h trading volume of $119 million. Liquidity mainly on Raydium and several CEXs like Gate.io and Bitget.
3. On-Chain Activity: Whales are super active, with 50 associated wallets buying goods worth $19 million from exchanges, and 26 wallets withdrawing 44% of the circulating supply (approximately $96 million). This is not retail investors playing; it’s large holders controlling the market.
In short, the speculation community has a relatively consistent expectation, but large holders have significant control, with high volatility, and short squeezes are happening frequently, with shorts being almost entirely cleared out.
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