Recently, the price of Pippin (PIPPIN) has continued to strengthen, attracting significant market attention. An unusual phenomenon is that despite many traders attempting to short PIPPIN, the cryptocurrency price keeps rising, forming a clear short squeeze pattern, which has also become an important reason for the short-term upward momentum.
From an on-chain perspective, the price movement of Pippin is not “natural.” Bubblemaps data shows that only about 93 wallets control 80% of the PIPPIN token supply, with highly concentrated holdings, making the price more susceptible to influence from a small number of funds and significantly increasing volatility risk. Meanwhile, over the past few months, neither the project team nor its official X platform account have made any substantial updates, with fundamental information clearly lacking.
However, in the absence of a public narrative, the PIPPIN token surprisingly listed on Robinhood. This event has sparked market speculation, suggesting that there may be undisclosed internal expectations or trading logic. But so far, there is no concrete evidence to support this judgment.
From the derivatives market perspective, the open interest in PIPPIN contracts has reached approximately $3 billion to $4 billion. A large number of short positions have been forced to close during the price increase, creating chain-like covering, which further pushes the price higher. This structure indicates that future price volatility is likely to exhibit “non-linear” characteristics, and once liquidity directions change, the market could reverse rapidly.
Technically, PIPPIN has risen about 30% over the past 7 days, with the price temporarily breaking through the previous high of $0.528 and forming a volume-driven long bullish candle, then retreating below that level. Historical data shows that after reaching this area last time, the price retraced about 40%. Therefore, $0.528 has become a key support/resistance level.
If subsequent volume breakout and stabilization above this level occur, PIPPIN may challenge the $0.8 target in a high leverage environment; conversely, if bearish liquidity reasserts dominance, the price could drop sharply, repeating a severe correction.
The RSI indicator is currently approaching 60, indicating short-term bullish momentum, but combined with its highly concentrated token distribution and large open interest, relying solely on technical indicators makes it difficult to determine the medium- to long-term trend.
Overall, Pippin’s price movement is more driven by liquidity and derivatives structure rather than fundamentals. For investors concerned about PIPPIN price forecasts, whether Pippin will crash or break through $0.8, the current stage requires more caution regarding high volatility risks rather than simply chasing the trend.
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