Pippin Surges 30% Amid a Surprise Meme Coin Rally
PIPPIN price surged 31% following bearish performance, driven by accumulation as exchange balances fell, though derivatives traders show caution.Summary
The PIPPIN price experienced a sharp 31% surge over the last 24 hours, aligning with positive macro cues in the meme coin sector, although traders remain cautious about sustaining the rally. On-chain data from Nansen indicates that PIPPIN holders are accumulating, evidenced by a decline in tokens held on centralized exchanges as investors moved about 2.2 million tokens into private wallets, suggesting reduced immediate selling pressure. Conversely, derivatives market indicators are less optimistic; funding rates briefly turned positive but have since returned to neutral or negative, signaling a lack of strong bullish conviction among futures traders who seem hesitant to chase further upside. Currently trading near $0.488, PIPPIN faces resistance at $0.514 after rebounding from a $0.366 support level. The token is still 47% below its all-time high of $0.720, and failure to break past $0.514 could lead to a pullback toward $0.434 or even retesting the $0.366 support.
(Source：BeInCrypto)