\n\t\t\t\t\t\t\t\t\tIs PIPPIN headed for a collapse below $0.10?\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The meme coin pippin (PIPPIN) is deep in red territory today (February 17) after posting substantial gains over the past few weeks.<\/p>\n
The question now is whether this will be a temporary correction or the beginning of a major collapse.<\/p>\n
What Comes Next?<\/h2>\n
The asset\u2019s price has retraced by nearly 20% on a daily scale and now trades at around $0.59 (per CoinGecko\u2019s data). PIPPIN\u2019s market capitalization has tumbled below $600 million, putting it at risk of losing its prestigious spot among the 100 largest cryptocurrencies.<\/p>\n
Several analysts have recently warned that the meme coin could be a high-stakes gamble, advising traders to stay away from it. Earlier this week, X user Ted said<\/a> he doesn\u2019t know a single person who holds PIPPIN and wondered what might have driven the rally.<\/p>\n He thinks the whole thing is \u201ca CEX cabal play,\u201d similar to Mantra (OM). In crypto slang, \u201ccabal\u201d refers to a small, coordinated group of insiders who are believed to manipulate a token\u2019s price with their actions. Recall that just a year ago, OM was worth almost $9, whereas its market cap briefly exceeded $8 billion. Since then, the asset has crashed by staggering 99%.<\/p>\n Crypto Rug Muncher shared<\/a> a similar thesis. The X user argued that the only people still active in the PIPPIN ecosystem are \u201cthe cabal members who crimed it to $700 million MC in the first place.\u201d<\/p>\n \u201cThis isn\u2019t a project holding the active interest of the space; it\u2019s organized manipulation designed to bait in naive retail for exit liquidity. The project is a hollow, abandoned shell with no fundamentals, and as soon as the insiders manipulating this get bored, it\u2019s headed straight back to shitcoin hell where it belongs,\u201d they added.<\/p>\n<\/blockquote>\n Crypto GVR and ALTSTEIN TRADE also gave their two cents. The former spotted<\/a> the price reversal that occurred in the past hours to forecast that a major collapse to $0.10 may be coming next. The latter argued<\/a> that PIPPIN\u2019s \u201ctop is in,\u201d predicting that all the gains will be lost and that the valuation will tumble below $0.10.<\/p>\n Despite the grim forecasts from the aforementioned analysts, the meme coin\u2019s Relative Strength Index (RSI) suggests a short-term rebound could be on the horizon.<\/p>\n The technical analysis tool tracks the speed and magnitude of recent price changes and helps traders spot potential turning points. It runs on a scale from 0 to 100, and ratios below 30 indicate that PIPPIN is oversold and might be on the verge of a resurgence. On the contrary, readings above 70 are considered precursors of a correction. Currently, the RSI stands just north of the bullish zone.<\/p>\n\n
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