PIPPIN Drops Over 50% in a Day as $200M Wiped Out Amid Heavy Wallet Selling

It’s been a rough day for PIPPIN holders. The token plunged 52.8% within hours, wiping out around $200 million from its market cap and knocking it out of the top 200 cryptocurrencies.

At first, it didn’t look like anything unusual, just another dip in a volatile market. But the speed and scale of the drop quickly stood out. Prices didn’t just drift lower; they fell sharply, with very little support along the way.

Market trackers flagged the move as one of the biggest single-day losses for the token so far.

Early Signs Were Already There

Looking back, there were hints that something was off even before the crash.

Funding rates started to dip, which usually means more traders are opening short positions. In simple terms, more people were betting that the price would go down.

That shift doesn’t always lead to a crash, but it can create pressure. And once selling begins, it tends to accelerate things quickly, especially if buyers step back.

In PIPPIN’s case, that pressure built quietly, then showed up all at once on the chart.

Wallet Movements Raised Eyebrows

Around the same time, some onchain activity started getting attention.

Two wallets, 9PHm2c and 3Mg7DG, moved over $560,000 worth of PIPPIN to deposit addresses. What stood out wasn’t just the size of the transfers, but how close together they happened.

Within minutes, both wallets had sent their tokens out.

Not long after, those funds were traced to Gate.io at around 8 a.m. UTC, right before the price began to slide.

That timing is hard to ignore. Moving tokens to an exchange usually signals an intention to sell, and in this case, it lined up almost perfectly with the start of the drop.

Onchain analysts tracking the flow of funds pointed out how tightly these transactions were grouped.

Selling Pressure Spreads Across Dozens Of Wallets

It didn’t stop with just two wallets.

Data now shows that more than 50 wallets are actively selling PIPPIN. What’s interesting is that many of these same wallets had been accumulating tokens just a week ago.

Now, they’re heading for the exit.

Each wallet is holding somewhere between $500,000 and $900,000 worth of tokens. When you add that up, it’s a significant amount of supply hitting the market at once.

That kind of selling can move prices fast. When multiple large holders decide to exit around the same time, there’s often not enough demand to keep things stable.

Tools like Nansen have helped track this activity, making it easier to see how widespread the selling has become.

The Timing Feels Too Close To Be Random

One thing that stands out is how everything happened almost back-to-back.

First, the transfers. Then the deposits to exchanges. Then the price drop.

All within a short window.

It’s difficult to say for sure what the intent was, but the pattern doesn’t look random. Wallets that bought in earlier are now selling in clusters, and the timing lines up closely with the market reaction.

For smaller traders, this kind of move can be hard to keep up with. By the time it becomes obvious, the price has already taken a hit.

What Comes Next For PIPPIN

After a drop like this, the big question is whether the selling is done, or just getting started.

Moves like this don’t just affect price; they also shake confidence. When large holders exit quickly, it can make others nervous, which sometimes leads to even more selling.

At the same time, if most of the big wallets have already offloaded their positions, the market could start to settle. It really depends on whether the pressure continues.

What this situation highlights is something traders see often in crypto: when a token is heavily concentrated among a smaller group of wallets, their actions can have a huge impact.

For now, PIPPIN is dealing with the aftermath of a sharp and sudden exit. Whether it stabilizes or stays volatile will likely depend on what these large holders do next.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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