Recently, there has been quite a lot of controversy surrounding $PIPPIN , to the extent that it has been referred to as a 'demon coin.' In comparison with $AIA and $COAI , let's discuss whether it will continue to rise until the weekend or if we will see a waterfall of selling at any moment? 💥💥
To be honest, the tactics used by the project team are textbook-level. Many people think it will behave like AIA, rising for a few days before crashing, so a bunch of retail investors are shorting it in anticipation of a peak. Recently, some fans have asked Wen Jie for her opinion, and most of them are stuck in positions around 0.07, 0.09, 0.13, with a considerable number of short positions costing around 0.082 — which is the position after the first surge followed by a brief consolidation.
The issue lies here. During the consolidation period, the project team continues to accumulate, and the thinking of 'long consolidation must lead to a drop' is too easily exploited, attracting a large number of short positions to enter, causing funding rates to soar. As you have seen, there was a violent rebound that first wiped out the shorts; after clearing out one round, another waterfall of over 30% followed, conveniently eliminating the long positions at the same time, achieving two objectives at once.
For such a highly controlled coin, the direction can only be determined by the market makers, and it is unlikely to make money by guessing the peak. Especially with the overall market consolidating over the weekend, while Pippin goes against the trend and rises, it is clear that the main funds on-chain are still accumulating. Wen Jie's advice is simple: inexperienced retail investors should avoid it for now, as they are likely to be caught in a double whammy. After repeated wash trading, the cost of positions will keep rising, and once a crash happens, the damage will be very severe.
How do you all judge the next step for this 'demon coin'? Feel free to discuss together.
