PIPPIN's recent on-chain data reveals some interesting details. The long positions held by Whale amount to 25.51M USDT, with an average Enter a Position price of only 0.3372943 USDT. At the current price, these Large Investors still have significant unrealized gains, so the possibility of dumping is low. A more realistic strategy is to slowly distribute their chips through repeated fluctuations.

However, what is most worth noting is that although these Whales are still net buying, they have already begun to strategically take profits. Within 30 minutes, they net bought 163.89K USDT while also net selling 36.67K USDT, indicating that while long positions are dominant, some funds are gradually cashing out profits.

There is also a hidden risk here: the average entry price for the Whale short positions is at 0.4231545 USDT, which is basically on par with the current 0.42148 USDT, but their profit ratio has already reached 68.42%. Once the price rebounds slightly, this batch of short funds will trigger profit-taking intensively, creating selling pressure. At the same time, the short positions on the trader's end have already shown a small loss (-951.29 USDT), and this number is close to the stop-loss line; if it breaks through, it will trigger a chain reaction of stop-losses, further intensifying the downward pressure.