Pippin Plunges 19% Right After Hitting All-Time High, Will It Become a Graveyard for Retail Investors?

▲ Pippin (PIPPIN) / Source: X ©

Meme coin PIPPIN, which recently showcased a frightening rally to set a new all-time high, has been dealt a severe blow as macroeconomic uncertainty and massive profit-taking orders triggered a plunge of more than 19% in a single day, inflicting painful losses on investors.

According to CoinMarketCap on February 28 (local time), PIPPIN was trading at $0.650, down 19.48% over the past 24 hours, marking a far steeper decline than the broader weakness across the cryptocurrency market. The primary drivers behind the sharp drop were heavy profit-taking following its explosive rally and an intense risk-off sentiment among investors seeking to exit the highly speculative meme coin sector.

PIPPIN had surged an astonishing 477% over the past 90 days, reaching an all-time high of $0.904, but it ultimately succumbed to the classic market adage of “buy the rumor, sell the news.” Adding to the pressure, rising geopolitical tensions stemming from the possibility of a U.S. strike on Iran froze overall market sentiment. As the Fear & Greed Index spiked to 14 (Extreme Fear), investors began shedding high-risk meme coins like PIPPIN first from their portfolios.

Speculative forces on social media and in derivatives markets further fueled the downturn. As PIPPIN approached its key support level near $0.693, numerous social media channels circulated signals encouraging short bets targeting $0.600. This agitation promoted leveraged short selling, triggered a cascade of long liquidations, and acted as a self-fulfilling prophecy that accelerated the decline uncontrollably.

From a technical perspective, PIPPIN’s short-term outlook has darkened considerably after the breakdown of its crucial support at $0.666. If selling pressure persists and the price remains below $0.666, the next downside targets could extend to the $0.514–$0.385 range. As the market has lost short-term bullish momentum and entered a correction phase, reclaiming $0.666 will be the first signal needed to stabilize the downtrend.

Ultimately, PIPPIN’s sharp fall reflects the exhaustion of buying momentum following its record-breaking surge combined with broader macro-driven risk aversion, underscoring the extreme volatility inherent in speculative assets. Investors should closely watch whether fresh buying interest near $0.514 can defend the market if the $0.666 support fails, and whether easing geopolitical tensions can help restore stability to the broader cryptocurrency market.

Disclaimer: This article is for investment reference only and we are not responsible for any investment losses resulting from its use. The content should be interpreted for informational purposes only.