The PIPPIN project is worth being cautious about. Observations show that long position holders have already sold off more than 10 million in scale, and this level of selling pressure is not insignificant.

From a technical perspective, this recent pump looks more like a bull trap. Many altcoins follow the same pattern: pump the price to attract retail investors, then the main players quietly offload their holdings. PIPPIN’s current price action fits this pattern—a spike in volume with no solid support formed, and instead, large transfers are occurring.

Personally, I’m bearish on the outlook. Projects without real underlying value often see sharp declines with no clear bottom once the selling pressure is released. Of course, the market changes quickly, so everyone should make their own risk management decisions. But at least at the current level, the risks of chasing further upside clearly outweigh the opportunities.