Pippin Coin Surges 31%: Is Meme Coin Season Making a Comeback?

Pippin Coin Sees Significant 31% Surge

In the last 24 hours, Pippin coin has experienced a notable 31% increase, marking a reversal from its recent bearish trend. This rise coincides with broader positive developments within the meme coin market.

Pippin Investors Increase Holdings

Investor interest in Pippin has grown significantly, with on-chain data from Nansen indicating a decrease in Pippin holdings on centralized exchanges. This trend suggests investors are accumulating rather than selling.

During this period, approximately 2.2 million Pippin tokens were purchased, reflecting renewed confidence after the price jump. Reduced exchange reserves may ease short-term selling pressure, providing some support as market participants reassess the token's future.

Futures Market Shows Caution

Despite the spot market optimism, derivatives data suggests caution. Futures indicators show a lack of strong bullish conviction. Funding rates, which briefly turned positive, have returned to neutral or negative levels, indicating traders are preparing for potential downside risks.

Pippin's Path Ahead

Currently trading at $0.488, Pippin faces resistance at $0.514. The coin's recent rally from the $0.366 support level has been significant, yet it faces challenges ahead. To reach its all-time high of $0.720, Pippin must first overcome the $0.600 resistance, requiring broader market participation and investor confidence.

Failure to surpass $0.514 could see Pippin slipping back to $0.434, with a further drop to $0.366 potentially negating the bullish outlook.