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Solana Ecosystem Meme Coin PIPPIN Surges Against the Trend by 61%, Analysts Say Bulls Showed Strong Buy-side Control
BlockBeats News, December 1st, according to GMGN market data, the Solana ecosystem meme coin PIPPIN saw a counter-trend surge today, with the current price at $0.1788, representing a 24-hour increase of 61.9%.
Furthermore, according to analyst @frontrunnersx, PIPPIN has exhibited an abnormal trading pattern. Some wallets have been accumulating funds in a concentrated manner and refusing to sell, artificially inflating the price to attract short sellers, who are continuously liquidated through "pinning," creating a leverage "death spiral."
One particular address purchased around $200,000 worth of PIPPIN 6 days ago, sold after the price doubled, and is currently executing a similar strategy with ARC.
BlockBeats reminds users that meme coin prices are highly volatile, and investment should be approached with caution.
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