Recent observations have been focused on the PIPPIN project, and today I want to discuss the possibility of it breaking the 1U level.

First, a conclusion — the concentration of chips in this project is extremely high, with over 90% held by the main players. Currently listed at 0.3U, the actual circulating supply is estimated to be around thirty million USD, possibly even lower. Someone in the comments did the math, saying that raising to a market cap of one billion USD would require investing thirty million USD? I think this calculation is too rough; the actual ammunition needed is far from that exaggerated.

The really interesting point is here: a large fund has opened a long position of 1.5 million USD at 0.2U. If this entity isn’t hedging, that means a naked long — clearly betting on the rise. Such a big player in the eyes of the main market is just a target — very likely to be directly manipulated to liquidate and harvest.

My personal judgment is that the catalyst for breaking through 1U is hidden here: the main players are very likely to be eyeing this large position. Either forcing them to cut losses or directly blowing them out. Once this order collapses, PIPPIN will probably go wild instantly, starting with a 50% increase, and doubling isn’t impossible. At that point, it will be the best time for the longs to retreat.

Ultimately, price games are all about psychological battles — whoever can’t hold on first loses first.