The memecoin PIPPIN has experienced a significant price decline, vastly underperforming the broader crypto market. This downward trend is attributed to a combination of "smart money" selling, a wider capital rotation away from high-risk assets, and volatile internal price dynamics, all contributing to a period of uncertainty for investors.
PIPPIN Plunges Amidst Smart Money Exodus
PIPPIN's price has plummeted over 13% in the last 24 hours, extending its monthly losses to a substantial 36%. This severe correction, which outpaces the relatively flat crypto market, is heavily influenced by "smart money" actively offloading their holdings. Data reveals that over $675K worth of PIPPIN was sold by these influential traders, generating considerable sell pressure. This movement is part of a larger trend within the cryptocurrency space, where capital is rotating out of speculative, high-risk memecoins like PIPPIN and into more stable assets such as Bitcoin and Ethereum.
Navigating Volatility and Potential Rebound Zones
Technically, PIPPIN's price action has been extremely choppy since reaching its peak around $0.70, breaking below a key ascending trendline and indicating a bearish structure. The Choppiness Index, currently at 49, confirms the lack of clear directional momentum, with the token oscillating between $0.28 and $0.50. While seller momentum is pushing the price towards a critical support level at $0.29—a point historically followed by a bounce—there's also potential for a short-term recovery. Interestingly, significant liquidity clusters have formed between $0.39 and $0.42, acting as "price magnets" that could pull PIPPIN towards this zone, offering a glimmer of a potential rebound despite the prevailing bearish sentiment.
