The meme cryptocurrency PIPPIN has crashed approximately 50% in a day after a dramatic surge last month. The coin, which saw triple-digit gains and reached an all-time high near $0.90, has faced accusations of being a scam and a “rug pull.” Analysts report large-scale selling by early holders, erasing nearly $200 million in market value and raising questions about the asset’s future.
The meme coin PIPPIN has collapsed by about 50% in the past 24 hours, following a period of staggering growth. This crash vaporized nearly $200 million from its market capitalization, dropping its rank to the 188th-largest digital asset.
The coin had previously defied broader market struggles with a triple-digit price explosion in February. Its valuation reached an all-time high of almost $0.90 and its market cap briefly approached $900 million.
The most evident reason for the crash appears to be a major selling spree. Some X users reported that wallets which accumulated PIPPIN last week recently dumped their holdings en masse.
Market observers have long criticized the project, even during its bull run. Last month, X user Dippy.eth described it as “the largest scam of the past year,” while others believe it is a coordinated “cabal play.”
Most recently, a Crypto Analyst joined critics, classifying PIPPIN as a “scam coin” that “rugged people.” This follows claims the project’s real face has been revealed.
Despite the overwhelming negative opinion, some traders remain bullish. X user Nehal, for instance, envisioned heightened volatility and a potential rise to a new all-time high of $1.
The asset’s Relative Strength Index (RSI) currently stands at around 24, which is considered bullish territory. This metric suggests the potential for a price resurgence based on recent movements.
