PIPPIN’s Rocket-to-Ruin: The $0.90 Pump and Dump That Would Make a Degen Cry

PIPPIN’s chart perfectly executed the memecoin playbook: a glorious, hype-fuelled moonshot from the peasant lands of $0.20-$0.30 to a glorious $0.90 peak, only to face the cruel reality of gravity. The climb was a beautiful, chaotic mess of speculative cash and Twitter momentum, but as it kissed $0.90, the paper hands emerged, snapping the rally’s spine and sending it tumbling back to a sobering $0.15 – the first, and most brutal, profit-taking wave.

The ensuing drop left the chart’s structure looking weaker than a trader's conviction after a 10% dip. Buyers failed to hold the line at higher altitudes, and momentum evaporated faster than liquidity in a rugged farm. After a brief, nervous consolidation, the price sliced through $0.15 like a hot knife through butter, racing towards the $0.0915 support zone. The RSI, sitting around a gloomy 36, confirms the bearish pressure without yet hitting oversold despair, politely leaving the door open for more pain. If $0.0915 folds, the next stops on this grief tour are the $0.05-$0.07 regions.

Derivatives data reveals this isn't some sophisticated short attack; it's just a forced unwinding of over-leveraged dreams. Open Interest crumbled to 74.14 million, a 12% drop in 24 hours and nearly 40% across major venues, signaling traders are closing positions and going to touch grass. Funding rates, however, stayed oddly positive at roughly 0.05%, meaning a few stubborn longs are still praying for a bounce atop this crumbling edifice. Rising liquidations, dominated by long-side wipes, added sell pressure and underscored the market's fragility – it’s built on margin, not marble.

After the sharp breakdown, price finally found a tentative, somewhat sticky floor between $0.082 and $0.10. The lower lows disappeared as buyers, perhaps masochists or bargain hunters, absorbed the last bits of sell pressure, shifting the narrative from pure capitulation to tentative accumulation. The RSI, having visited the sub-20 underworld, clawed its way back to about 50.6, signaling a pulse might still exist. Volume has also thinned compared to the March 17 crash, suggesting seller exhaustion; now, even a modest buy order can move the needle.

The token is now coiling, compressed below the $0.113 resistance like a spring waiting for a catalyst. A clean break above that line could reignite the hopium and send price hunting for $0.15 again, confirming a short-term reversal. But until Open Interest stops bleeding and funding rates normalize, this market remains a volatility powder keg, one spark away from another leg down or a vicious squeeze.