PIPPIN rockets 32% as whales hoard supply — data suggests profit-taking could be wise
Pippin (PIPPIN) surged another 32.3% in the past 24 hours at press time — an eye-catching move given that Bitcoin fell 3.96% and the total crypto market cap slid 4.13% over the same period. The token’s run has been extreme: measured from November 21, PIPPIN has rallied roughly 2,022% — roughly a 20x gain in about a month.
On-chain and derivatives metrics show both bullish conviction and concentrated risk. Open Interest (OI) in PIPPIN futures climbed from $178 million on December 15 to about $208 million at the time of writing, a 16.85% increase, while daily trading volume jumped 61.8% (CoinGlass). Those are signs of growing speculative activity and commitment from leveraged traders.
Yet several red flags accompany the strength. Funding rates are negative, indicating more market participants are shorting the token and that futures prices trade below spot. Negative funding alongside rising OI can reflect hedged or opportunistic short positioning even as overall exposure grows.
Whale behavior appears to be driving much of the move. The Evening Trader Group on X reported that a coordinated accumulation by large holders accounted for the rally. Earlier analysis using Bubblemaps showed extreme supply concentration — 93 wallets collectively holding about 73% of the token in three distinct clusters. There were no clear signs of distribution or outflows; instead, the activity looked like structured accumulation rather than dispersed retail buying. That concentration creates supply risk and leaves smaller holders exposed to outsized moves if large wallets change course.
The sector’s fragility has been visible elsewhere: the article notes a whale who bought autonomous AI agent tokens on Base ultimately faced an 88.77% loss, underscoring how quickly gains can reverse in similar plays.
Technical indicators paint a mixed picture. Since early December the price has printed higher highs while the Money Flow Index (MFI) has made lower highs — a persistent bearish divergence that often precedes corrections. At the same time, On-Balance Volume (OBV) has continued to rise, indicating ongoing buying pressure behind the rally. In short: momentum may be weakening even as accumulation and volume remain elevated.
Bottom line: the combination of rapid, concentrated price appreciation, rising open interest and negative funding, and a bearish MFI divergence suggests PIPPIN holders might consider booking profits or tightening risk management rather than holding through a potential deep retracement.
Sources: CoinGlass, Bubblemaps, TradingView, Evening Trader Group (X)
Disclaimer: This article is informational only and does not constitute financial, investment, trading, or other advice. Cryptocurrency trading is high risk; do your own research before making decisions. © 2025 AMBCrypto
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