While the short-term frenzy cooled, Pippin respected its ascending structure. The memecoin rebounded after dipping to $0.27 earlier.
Pippin defended the $0.40 support zone and climbed 14.77% to a session high of $0.455. At press time, Pippin [PIPPIN] traded at $0.447, up 10.32% on the daily chart.
Over the past month, the memecoin’s market cap rose from $308 million to $445 million, reflecting steady capital inflows.
So, what fueled the rebound?
Robinhood listing shifts sentiment
Surprisingly, after a glorious month, Pippin received a significant endorsement and got listed on Robinhood. Listing on Robinhood is often perceived positively in the market, indicating the project has achieved a substantial level of reputation.
Usually, a new exchange listing expands the user base and increases the capital pool. This explains the recent jump in market cap by over $100 million.
What’s driving Pippin uptrend?
Besides Robinhood listing, massive capital flowed into the Pippin Futures market.
According to CoinGlass data, Futures Inflows totaled $452.54 million over the past 24 hours. Futures Outflows stood at $448.86 million.
As a result, Futures Netflow jumped to $3.67 million at press time, an 80% drop from $40 million three days ago, a clear sign of aggressive Futures accumulation.
Coupled with that, Top Addresses increased their holdings by 10.45 million tokens over the past 24 hours. Equally, these addresses boosted their holdings by 21% to 813 million over the past month.
Such sustained accumulation even during an uptrend signaled conviction in the market, as they anticipate further gains.
Holder concentration raises red flags
Despite the rally, Pippin faced growing scrutiny over supply concentration.
A Bubblemaps investigation, published two days earlier, reported that insiders controlled 80% of PIPPIN’s supply, worth about $380 million.
The analysis showed 27 wallets holding the majority of tokens with similar transfer patterns. Sixteen wallets initially received tokens from centralized exchanges, an unusual distribution pattern.
The other 11 wallets associated with CEX exchanges hold 9% of the total supply, with these two batches having market at grip.
Such market control leaves the market suspicious and worried at the same time. Although Pippin is still pumping, the question is for how long?
Can the momentum hold?
Following the rebound, momentum indicators strengthened.
On the daily chart, the Relative Strength Index (RSI) rose to 74, entering overbought territory. The Relative Vigor Index (RVGI) also crossed higher to 0.205.
Such readings typically reflect strong upside momentum driven by aggressive demand.
If buying pressure holds, Pippin could attempt to flip $0.50 into support and test new highs. However, risks tied to wallet concentration remained significant.
Any coordinated selling from large holders could trigger sharp downside moves. Under that scenario, price could revisit the $0.30 zone.
Final Thoughts
- Pippin’s rebound demonstrated how listings and leverage can quickly reinforce momentum.
- Still, a heavy concentration of supply may shape how durable that strength becomes.
