$PIPPIN The reason for the continuous pump seems to have been found.


pippin (PIPPIN) has increased by 34.84% in the past 24 hours, expanding its 7-day increase to 248.92%. This surge sharply contrasts with the overall sideways movement of the crypto market (Fear and Greed Index: 20/100), mainly driven by the unique factors of meme coins.
Trading competition launched - Biconomy has introduced a $8,000 PIPPIN prize pool to incentivize trading volume growth.
Short squeeze effect - negative funding rates and forced liquidations exacerbate price volatility.
Technical Breakthrough — Price breaks through key resistance levels, showing bullish momentum.
In-depth analysis
1. Trading Competition Craze (Bullish Impact)
Overview: Biconomy announced the PIPPIN trading competition on November 28, with a total prize pool of $8,000, and the event will last until December 9. This move directly stimulated trading activity, with PIPPIN's 24-hour trading volume reaching $90.68 million (down 32.61% from the previous day, but still at a high level).
Meaning: Trading competitions often trigger short-term speculative buying, especially in low market cap tokens like PIPPIN. The prize structure (top 20 traders and participation rewards) encourages high-frequency trading, which may artificially inflate demand. However, after the competition ends, selling pressure often emerges.
Focus: Whether the trading volume can be maintained after December 9th, and whether the liquidity continues after the competition ends.
2. Short squeeze drives volatility (complex impact)
Overview: As of November 30, the funding rate for PIPPIN remains negative (-0.00099208% for the top altcoin against BTC), indicating a significant presence of leveraged short positions in the market.
Meaning: A negative funding rate creates an environment conducive to short squeezes. As prices rise, losing shorts are forced to buy back PIPPIN to stop losses, creating a positive feedback loop in prices. By early November, over $10 million in shorts had been forcibly liquidated, driving prices up rapidly.
Focus: If the price falls below $0.10, it may trigger a chain liquidation of longs. Considering PIPPIN's 7-day Relative Strength Index (RSI) is as high as 84.35, the risk of being overbought is significant.
3. Technological Breakthrough (Positive Impact)
Overview: PIPPIN has broken through the 7-day simple moving average (SMA, $0.055) and is approaching the resistance level of the descending channel at $0.067, while the MACD indicator shows a bullish crossover (histogram at +0.0045).
Meaning: Technical traders often view such breakouts as buy signals, especially in the case of high social sentiment. The next resistance level is at the 127.2% Fibonacci extension (0.110 USD). If the 0.10 USD support is not held, the price may retreat to around 0.053 USD.
Conclusion
The rise of PIPPIN combines speculative trading incentives, derivatives market mechanisms, and technical momentum, which are typical characteristics of meme coin volatility. Although bullish signals are evident, the token's extreme overbought condition and reliance on hype remind investors to remain cautious.
Key focus: After the competition ends, will PIPPIN be able to hold the psychological level of $0.10, or will it fall back due to profit-taking? It is recommended to closely monitor the hourly closing prices and changes in the open interest of derivatives.
PIPPIN1.26%
BTC-0.36%
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