Pippin [PIPPIN], a Solana [SOL]-based memecoin, has tanked over 10% in the past 24 hours. The factors potentially driving this downside move appear to be a massive whale sell-off and traders’ increasing bearish bets amid ongoing market uncertainty.
On the 29th of March, PIPPIN declined by over 10.52% and was trading at $0.0512, according to CoinMarketCap data.
Market participants also seemed hesitant to engage with the memecoin, as reflected in its trading volume, which tumbled 18% to $40.20 million over the past 24 hours.
PIPPIN: Whale and trader sentiment turns bearish
Analytics tool Nansen revealed that a key factor potentially fueling PIPPIN’s downside was a whale sell-off.
Notably, PIPPIN whales have reduced their holdings by 25% over the past 24 hours, indicating fading interest in the memecoin. At the same time, the top 100 wallet addresses have increased their holdings by 1.13%.
Adding to the uncertainty, a crypto analyst stated that Solana’s co-founder, Raj Gokal, was selling PIPPIN and buying PUNCH. So, even major players may be rotating capital out of memecoin, hinting that upside momentum may be weakening further.
Considering these developments in the current market structure, derivatives tool CoinGlass revealed that intraday traders were following the same trend.
Data showed that $0.0467 on the downside and $0.0605 on the upside were two key levels where traders have shown strong interest, building $2.57 million worth of long positions and $4.69 million worth of short-leveraged positions over the past week.
This indicated that bulls appeared exhausted, while bears were currently dominating the asset.
What’s next for PIPPIN?
On the daily chart, PIPPIN appeared to be in a strong downtrend, but over the past four trading days, it has been consolidating within a tight range between $0.047 and $0.0599.
This consolidation has occurred near a key support level of $0.0427, which the asset has been holding since November 2025.
This consolidation near the support suggested that PIPPIN’s current level is a make-or-break zone.
Based on the current price action, the memecoin still has the potential to recover. However, if it fails to hold the key support level of $0.0427, a sharp sell-off and significant downside move could occur in the coming days.
On the other hand, if the price remains above $0.0427 and continues to move sideways, a recovery may be possible. For that to happen, the memecoin needs to break above the upper boundary of the consolidation zone at $0.0599. If it does, a strong rally of up to 82% could be possible.
As of now, PIPPIN is trading below the 9-day Exponential Moving Average (EMA) on the daily chart, indicating short-term bearish momentum and continued selling pressure in the market.
Final Summary
- Whales have reduced their holdings by 25%, indicating that PIPPIN’s bull run may be over.
- Price action suggests that a potential reversal could only occur if PIPPIN breaks out of its ongoing consolidation.
