PIPPIN Gets Whaled: Memecoin Drops 10% as Big Fish Ditch 25% of Holdings

Pippin [PIPPIN], the Solana [SOL]-based memecoin, is having a rough day. The token tanked over 10% in the past 24 hours, and the culprit seems to be a massive whale sell-off combined with traders piling into bearish bets amid broader market uncertainty. Because nothing says "diamond hands" like panic-selling into a red candle at 3am.

On March 29th, PIPPIN plunged 10.52% and was trading at $0.0512, according to CoinMarketCap. Trading volume also took a hit, tumbling 18% to $40.20 million as market participants clearly wanted no part of this action. That's right, folks — volume is drying up faster than a liquidity pool at a bank run.

Analytics platform Nansen dropped a bombshell: PIPPIN whales have reduced their holdings by a hefty 25% over the past 24 hours. That's a clear signal that the big players are losing interest. Meanwhile, the top 100 wallet addresses actually increased their holdings by 1.13% — a curious divergence worth watching. Whale sells, small fish buy? Either the little guys are brave or they just discovered PIPPIN and haven't checked the chart yet.

Adding fuel to the fire, a crypto analyst pointed out that Solana co-founder Raj Gokal has been selling PIPPIN and buying PUNCH instead. When even the insiders are rotating out, that's not a great look for upside momentum. Nothing says "I believe in this project" like quietly swapping your bags for something shinier. Thanks, Raj — really appreciate the price discovery.

Derivatives data from CoinGlass shows intraday traders are riding the same bearish wave. Key levels to watch: $0.0467 on the downside and $0.0605 on the upside. Traders have built $2.57 million in long positions and $4.69 million in short-leveraged positions over the past week. The bears are running the show, and the bulls look exhausted. Four million in shorts versus two and a half in longs? This is less "bull case" and more "walking into a bear market wearing a steak costume."

On the daily chart, PIPPIN is in a downtrend but has been consolidating in a tight range between $0.047 and $0.0599 over the past four trading days. This is happening near a critical support level of $0.0427, which the token has held since November 2025. It's a make-or-break zone. Either this support holds like a degenerate holding