$PIPPIN has come under heavy pressure, sliding more than 13% in the past 24 hours and extending its monthly losses to roughly 36%. While the broader crypto market has remained mostly flat over recent weeks, PIPPIN significantly underperformed, signaling growing weakness specific to the memecoin sector.

From a technical perspective, PIPPIN appears to be in a deeper corrective phase. Both price structure and on-chain activity point to sustained selling pressure rather than a quick shakeout.

One of the strongest signals came from smart money behavior. According to StalkChain data, PIPPIN was the most sold token over the past 24 hours, with more than $675,000 worth of tokens offloaded by experienced wallets. This aggressive capital withdrawal added to the downside pressure and accelerated the decline.

PIPPIN wasn’t alone in this move. Other memecoins such as FARTCOIN, WHITEWHALE, and even PENGUIN also appeared among the most sold assets. The inclusion of USDC in the same list suggests traders were either locking in profits or cutting risk entirely. This points to a broader rotation out of high-risk memecoins and into more established assets like Bitcoin and Ethereum.

On the charts, PIPPIN has struggled to regain momentum since peaking near the $0.70 level. The price broke below its ascending trendline, confirming a shift into a bearish structure. Since then, attempts at recovery have been weak, with each small bounce failing to escape a tight consolidation range.

The Choppiness Index sits near 49, showing that PIPPIN has been trading sideways between roughly $0.28 and $0.50 with no clear directional strength. Earlier readings near 60 highlighted indecision, and while choppiness has eased slightly, sellers continue to control the market. Red momentum bars have been increasing as price approaches the $0.29 support zone, signaling rising selling pressure.

Historically, this support level has acted as a bounce zone. Each previous visit to the area was followed by a rebound, suggesting a potential move back toward $0.40 if buyers step in again. However, a clean breakdown below support could trigger another wave of losses and deepen the correction.

Derivatives data adds another layer to the setup. CoinGlass data shows heavy clustering of positions between $0.39 and $0.42, creating a liquidity zone above current price. These levels often act as price magnets, especially after a sharp move lower.

This clustering followed the liquidation of long positions below $0.36, where a long squeeze intensified the breakdown. With weaker hands flushed out, price may attempt to rebalance toward higher liquidity if demand returns.

Overall, PIPPIN’s recent crash was driven by a combination of smart money selling, broader memecoin weakness, capital rotation into safer assets, and forced liquidations. While the structure remains fragile, liquidity resting above price leaves the door open for a short-term bounce toward the $0.39 region.

Whether that bounce materializes will depend on participation and whether selling pressure continues to dominate the trend.