The meme coin PIPPIN experienced a sharp price surge of over 30% in the last 24 hours, rebounding from a period of bearish performance. The rally aligns with a broader uptick in the meme coin sector, particularly among AI-themed tokens like Virtuals Protocol (VIRTUAL), Render Network (RENDER), and Bittensor (TAO), as investor focus shifts towards this narrative.
On-chain data from Nansen indicates a decline in PIPPIN balances on centralized exchanges, suggesting capital is moving into private wallets—a sign of accumulation rather than immediate selling intent. Approximately 2.2 million PIPPIN tokens were purchased by investors during this period, reflecting improved confidence. This reduction in exchange supply can ease near-term selling pressure.
However, derivatives data paints a less optimistic picture. Funding rates briefly turned positive but have since shifted back to neutral or negative territory, indicating traders lack strong bullish conviction and are repositioning for potential downside risk. This indecision is reflected in the futures market, where cumulative long liquidation leverage was $3.81 million versus $3.07 million for shorts, a minimal difference signaling market hesitation.
Technically, PIPPIN is trading near $0.488, just below a key resistance level of $0.514. The coin rebounded from a support level of $0.366. To pursue its all-time high of $0.720, it must first flip the $0.600 level into support. Failure to clear the $0.514 resistance could see a drop back toward $0.434 or even $0.366, invalidating the recent bullish move.
Adding to the caution, the number of PIPPIN holders has declined by over 200 in the past seven days, and the Long/Short Ratio stood at 0.81, indicating more selling pressure than buying at press time. While bulls currently control the trend, with the On Balance Volume (OBV) rising and the RSI at a high of 72, these mixed signals suggest the sustainability of the rally is uncertain.
