Why did the price of PIPPIN rise? The open interest surged by 16.8%, influenced by factors such as whale buying.

Pippin [皮平] has risen by 32.3% in the past 24 hours. Considering that Bitcoin [BTC] has fallen by 3.96% during the same period, and the total market capitalization of Crypto Assets has dropped by 4.13%, Pippin's performance is remarkable.

In recent weeks, the bullish sentiment for PIPPIN has been high. Since November 21, the price of autonomous AI agents and meme coins has skyrocketed by 2022%. In the current market environment, a 20-fold price increase within a month is quite rare.

Especially considering that the whale AI agent token that bought it on Base was forced to accept a failure, with losses as high as 88.77%, highlighting the weakness of the industry.

Why did the price of PIPPIN soar?

As of the time of publication, the open interest (OI) of memecoins has increased from $178 million on December 15 to $208 million. This increase of 16.85% indicates a strong bullish sentiment in the market.

The 61.8% daily trading volume rise has also boosted the confidence of the bulls.

Despite the rise in OI, the financing rate is negative. This means that most participants in the market are shorting the token, and its futures price is lower than the spot price.

In the post on X, the evening traders' group pointed out that this rise in the market is mainly driven by whales hoarding supplies in a coordinated manner.

This observation is consistent with previous findings. The case study found that 93 wallets hold 73% of the total supply, and these wallets are distributed across three distinct clusters.

There are no signs of distribution or outflow. On the contrary, synchronous activities indicate structural accumulation rather than retail-driven capital flows, a development that concerns investors.

Another reason holders are considering taking profits is that the speed of this current pump is too fast. Since the beginning of December, stock prices have been reaching new highs continuously, while the MFI indicator has been hitting new lows.

This is a continuous bearish divergence that may lead to a significant pullback. On the other hand, the sustained rise of the OBV indicator indicates that buying pressure remains strong.

Overall, the accumulation of whale supply and the rapid rebound suggest that PIPPIN holders might want to take profits rather than continue holding during a deep pullback.

Final words

In the past month, the pippin token has achieved an astonishing rise.

The coordinated increase in holdings by whales may pose a serious threat to retail PIPPIN holders enjoying the current price trend. **$PUNDIX **$UPC **$CPOOL **