While the broader cryptocurrency market has been struggling in the past weeks, the lesser-known meme coin pippin (PIPPIN) defied the bearish environment by posting an impressive rally.
Momentum around the asset has been building, with rising popularity fueling fresh price predictions and prompting traders to open interesting positions.
The Next Targets
Pippin exploded by 300% over the past two weeks, hitting a new all-time high of almost $0.76 on February 15. Currently, it trades at around $0.73 (per CoinGecko’s data), whereas its market capitalization stands at roughly $730 million. This makes it the 82nd-largest cryptocurrency and the 7th-biggest in the meme coin sector.
Its impressive performance has caused traders to open long positions in anticipation of further gains. X user Tryrex disclosed an entry at $0.695 with 7x leverage, a stop-loss placed at $0.6034, and aims to take profits if the valuation reaches $0.9755.
Shortly after, they made a slight amendment, moving the stop-loss to $0.6125 and “slightly increasing” the position. “That means I’m aiming for 3.4R. The target remains $0.97,” the trader added.
Crypto Tony said they are awaiting a test of the $0.78 level to see whether “the bulls can flip the high and continue, or if we then look for shorts.” For now, the analyst remains spot long on PIPPIN.
It is important to note that not all traders are so bullish. X user Nehal identified a potential short setup, describing the $0.75-$0.72 range as a good entry zone, with $0.63, $0.56, and $0.51 as the next targets, and placing a stop-loss at $0.81.
Tread Carefully
People considering whether to deal with PIPPIN should be extremely cautious for several reasons. First, it is part of the meme coin sector, widely regarded as one of the most volatile areas of the cryptocurrency market. Tokens from that niche can rise by double and triple digits in a short period of time, but they may also collapse just as quickly to literally zero.
Moreover, many argue that PIPPIN’s use cases are questionable (to say the least), while its pump is primarily driven by pure speculation. X user van00sa believes that insiders hold more than 80% of the meme coin’s supply, which could enable them to manipulate its price.
“Last cycle, this thing hit $330M and crashed 90% to $8M. Now it’s back up double with even less fundamentals than before. Generational short imo. Just make sure your risk tolerance is high,” she warned.
Shual is also among the critics. The X user thinks PIPPIN’s rise is driven entirely by supply control and manipulation, and that the success of such coins (albeit short-lived in many cases) could damage the reputation of the entire crypto industry.
The post Pippin (PIPPIN) Skyrockets by 300% in 2 Weeks: How Are Traders Playing It? appeared first on CryptoPotato.
