PIPPIN surges 30% to hit $0.8! 93 wallets controlling the short sellers are ruthlessly liquidated

PIPPIN cryptocurrency surged 30% over the past 7 days, just after breaking through the 0.528 USD all-time high and then pulling back for consolidation. However, behind this surge lies a strange pattern: according to Bubblemaps data, 93 wallets hold 80% of the supply. The official account has not been active for months but suddenly appeared on Robinhood. Futures open interest has reached as high as 4 billion USD. Large short-sellers are being forced to liquidate, driving the price higher and higher.

Robinhood listing sparks market explosion but insiders remain unknown

The most bizarre phenomenon with PIPPIN is the silence from the project team. Over the past few months, neither the project initiator nor the official account on X platform has mentioned this project, and community activity has almost come to a halt. Yet, PIPPIN tokens recently launched on Robinhood, creating a stark contrast that fuels speculation: does Robinhood know some insider information that retail investors are unaware of?

As one of the largest retail trading platforms in the US, Robinhood has strict standards for listing tokens. Being listed there means passing compliance reviews and liquidity assessments. But PIPPIN’s case is extremely rare—a project with an official account dormant for months and a nearly dead community suddenly endorsed by a mainstream trading platform. This contradiction leads to two guesses: either Robinhood has major positive news to announce soon, or this is a carefully planned liquidity trap.

From the timeline, within a few weeks after PIPPIN’s listing on Robinhood, the price rebounded sharply from lows, with a total increase of over 50%. This “listing first, then price manipulation” pattern is not uncommon in the crypto market, but usually involves intense promotion and community mobilization. PIPPIN’s silence makes this market behavior even more mysterious, as if an invisible hand is controlling everything.

Concentration risk: 80% supply held by 93 wallets

(Source: Bubblemaps)

When observing PIPPIN’s price chart, it feels off—it doesn’t look natural. According to Bubblemaps data, 93 wallets hold 80% of the supply. Such extreme concentration of holdings is very rare in the crypto market. Even controversial meme coins usually have more dispersed ownership structures.

Three major features of the 93 whale wallets

Highly concentrated holdings: The top 10 wallets hold over 50% of the supply, with a single wallet potentially influencing short-term price movements.

Synchronized trading behavior: On-chain data shows these wallets’ buy and sell actions at key levels are highly coordinated, suggesting related addresses.

Long-term locking and short-term manipulation coexist: Some wallets have not moved since project launch, while others frequently buy and sell at high and low points.

What does this structure imply? First, the price is highly manipulable. These 93 wallets can easily reach consensus to release or absorb liquidity at specific levels, creating false breakouts or crashes. Second, retail investors face extremely high counterparty risk. When whales decide to sell, retail investors have little reaction time and may experience a 30% or even 50% crash in an instant. Third, this structure renders technical analysis ineffective, as the price movement reflects the strategies of a few wallets rather than genuine market supply and demand.

4 billion USD open interest in futures contracts creates long-short squeeze

This explains why people keep shorting PIPPIN while the price keeps rising, causing short-sellers to get liquidated. CoinMarketCap shows leverage around 3 to 4 billion USD, an abnormally large figure relative to PIPPIN’s market cap. When open interest far exceeds spot market value, the market enters a highly speculative state, and prices are dominated by futures long-short battles.

The logic of short-sellers seems reasonable: a project with official silence, highly concentrated holdings, and strange price action should be an ideal target for shorting. Yet, PIPPIN’s price repeatedly defies the bears. Every time it dips to a key support level, mysterious buy orders appear to support the price, followed by rapid rebounds and short squeeze. This “fishing lure” pattern creates continuous short liquidation waves, and the forced buy orders from liquidation further push the price higher, forming a positive feedback loop.

A prevailing belief is spreading: if bullish liquidity increases, PIPPIN will skyrocket; if bearish liquidity increases, the K-line will surge upward. This logic seems contradictory but actually reveals the essence of PIPPIN’s market—no matter which side adds funds, the opposing side can exploit it to force liquidation. The current open interest of 4 billion USD means any large price movement could trigger chain reactions, with prices soaring or plunging over 30% within hours.

$0.8 target and crash risk coexist

(Source: Trading View)

PIPPIN broke through the previous 0.528 USD all-time high, forming a large candlestick, then pulled back below that level. Last time it touched this level, the price dropped about 40%. If it can break through and hold above this level, a rebound toward 0.8 USD is very likely.

From a technical perspective, 0.528 USD is a critical battleground for bulls and bears. This level is both a previous resistance and a cost zone for large holdings. If a volume breakout occurs and it stabilizes above, it could open the way to 0.8 USD, with an upside of about 51%. RSI is approaching 60, confirming upward momentum, but considering the chart’s historical behavior, this signal alone is not very meaningful. Past patterns show that even when RSI enters overbought territory, prices can continue rising, or suddenly collapse in a neutral zone.

However, a 40% historical retracement record warns investors that even if it breaks 0.528 USD, it could be a trap to trap longs. If it fails to hold this support, PIPPIN might repeat the last crash, falling back to the 0.3–0.35 USD range. Given the 4 billion USD futures open interest, price movements remain highly uncertain, and any sudden news or whale action could trigger extreme volatility.

Investors should recognize that PIPPIN is not a fundamentally driven investment but a high-risk speculative game. The structure of 93 wallets controlling 80% of the supply puts retail investors at an absolute disadvantage. Entry should be accompanied by strict stop-losses to avoid becoming victims of long-short squeeze.