The MEME coin's market has never been about fundamentals, but rather who can board the whale's express first — Today, on this trip with PIPPIN, those who managed to squeeze in will feast, while those who couldn't shouldn't force their way in.
This morning, as soon as I opened my eyes and checked the blockchain data, I knew PIPPIN was up to something today: In the past 3 days, a few new accounts with 'wallet addresses cleaner than faces', holding 1.5 million dollars, directly jumped into the Huobi PIPPIN/USDT pool, along with an old whale that previously hoarded 16.35 million coins. This is clearly a 'left hand to right hand' control scheme. Look at the 4-hour candlestick chart; it shot up from 0.31493 to 0.3807 in the early morning. This is not retail driving it up; it’s obviously the big players smashing through the sell orders — just like last year's DOGE wave, where Elon Musk tweeted, and whales filled their bags beforehand, waiting for retail investors to rush in and take a ride.
But where is the interesting point in today's market? Look, the RSI has reached 77.33, so according to common logic, it should have 'overbought and pulled back' by now, but the support level of 0.355 hasn't broken. Why? Because 31,000 retail holders are taking over! Yesterday I looked at the Holderscan data, and the number of independent addresses for this coin has increased by 11.8% in two weeks, which means that for every 10 newcomers entering the MEME circle, 1 has bought PIPPIN— this enthusiasm is exactly the same as that wave of Franklin earlier this year, when the MEME coins in the Solana ecosystem relied on retail accumulation, surging from a market value of 20 million to 130 million.
However, I have to pour a bucket of cold water: this coin is a 'zombie project revival'! Six months ago, the project team didn't even update X, and now suddenly there's a pump, with 50 associated wallets controlling 50% of the circulating supply. This is not 'value returning', it's 'short-term squeeze'. Do you remember that coin called DOYR from last year? Big players hoarded 44% of the stock, pumped it to a market value of 20 million and then crashed it. After retail took over, it dropped 70% in a day. Today, PIPPIN's 24-hour trading volume just broke 20.9 million USD, and its market cap reached 330 million. This data looks impressive, but as long as the whale dumps that 120 million stock, the support level at 0.35 is just a piece of paper.
What is my own position? This morning, when it was at 0.32, I followed with 10% of my warehouse, and now I have an unrealized profit of 11%, but I've set a stop profit order at 0.37 — it's not that I'm timid, it's just that the 'emotional peak' of MEME coins has never come with a warning. You see the orders on Huobi now, there are 1.7 million sell orders at 0.35474, which is clearly a big player 'throwing bait', waiting for retail to consume this level, and then they can sell it back down to 0.32.
Finally, let me say something heartfelt: today's market is about giving money to old investors and teaching new investors a lesson. I dare to bet that before midnight tonight, this coin will either touch 0.4 or fall back to 0.3— if you want to get in now, don't go all in; if you're already in, set your stop loss at 0.34. As for tomorrow? I bet the whale will use the 'breakthrough new high' excitement to sell the stock to those retail investors shouting 'I see 1 dollar'.
