This is a “scam coin” that “rugged people,” one analyst claimed.
The meme coin PIPPIN, which was among crypto’s rock stars not long ago due to its staggering price increase, has crashed by approximately 50% over the past day alone.
The big question now is whether a rebound is on the horizon or if this was a textbook rug pull, signaling that things may only get worse from here.
The Scam Revealed Its Real Face?
While the broader crypto market struggled throughout February, the lesser-known meme coin PIPPIN defied the negative conditions, registering a triple-digit price explosion. At one point, the valuation surged to $0.76, whereas towards the end of last month it climbed to an all-time high of almost $0.90.
PIPPIN’s market capitalization briefly reached nearly $900 million, thus entering the elite club of the 100 biggest cryptocurrencies, but that success was short-lived. The beginning of March saw a substantial correction, which intensified after a 52% decline over the last 24 hours. In a matter of a single day, nearly $200 million of the asset’s market cap was vaporized, and it now ranks as the 188th-largest digital asset.
The most evident reason for the crash appears to be the selling spree initiated by certain investors. Some X users reported that the same wallets that accumulated PIPPIN last week recently dumped their holdings en masse.
The meme coin has been the subject of criticism from many market observers, even during its bull run. Last month, X user Dippy.eth described it as “the largest scam of the past year,” while others think the whole project is “a cabal play,” in which a coordinated group of insiders is believed to manipulate the price through their actions. Most recently, Crypto Analyst joined the club of critics, classifying PIPPIN as a “scam coin” that “rugged people.”
How About a Revival?
Despite the overwhelming opinion among industry participants that PIPPIN is a red flag for traders and investors, some remain bullish on the asset. X user Nehal, for instance, envisioned heightened volatility ahead and eventual price increase to a new ATH of $1.
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The asset’s Relative Strength Index (RSI) supports the rebound theory. The indicator measures the speed and magnitude of recent price movements, helping traders identify potential reversal points. It runs from 0 to 100, and ratios below 30 are considered bullish territory that could precede a resurgence. On the contrary, readings beyond 70 signal that a pullback might be on the way. Currently, PIPPIN’s RSI stands at around 24.
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