Pippin surged 30% amid a sudden price increase of meme coins.

PIPPIN's price has surged in the last 24 hours, registering a 31% increase after several days of decline. This surge comes amid more positive signals from the overall meme coin market.

Although this move is attracting attention, traders remain quite cautious, uncertain whether this bounce could become a sustainable trend reversal.

Investors holding Pippin continue to accumulate as the price rises.

Investor demand for PIPPIN has increased significantly in the last 24 hours. According to on-chain data from Nansen, the amount of PIPPIN on centralized exchanges is decreasing.

When the Token balance on exchanges decreases, this usually indicates that Capital is flowing into personal wallets, meaning investors are accumulating tokens rather than preparing to sell immediately.

At the same time, investors bought approximately 2.2 million PIPPIN Token. This buying activity partly reflects the return of confidence after the recent price surge.

As the supply on the exchange decreases, short-term selling pressure is also eased, supporting the price of PIPPIN while the community reassesses the Token 's potential.

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Derivative data, however, was not very encouraging. Indicators in the futures market showed that traders did not have much confidence in the uptrend. The funding rate briefly turned positive at the end of January 3, 2024, indicating that Longing orders dominated in the early stages of the price increase.

However, this optimism did not last. At the time of writing, funding rates have returned to neutral or negative levels. This indicates that traders are preparing for a bearish scenario rather than continuing to pursue an uptrend.

This hesitation also reflects concerns about the strength of the PIPPIN trend . When futures investors are hesitant, price rallies in the spot market are often difficult to sustain. The lack of stable upward momentum suggests that the market remains apprehensive about the possibility of PIPPIN correcting rather than breaking out clearly.

PIPPIN's price still has a long way to go.

PIPPIN is currently trading around $0.488, just below the $0.514 resistance level. The recent surge originated from the $0.366 support zone, allowing the price to break through by 31%. However, PIPPIN is approaching a strong resistance area—a significant challenge for buyers.

To sustain the upward momentum, further support from investors is needed. Currently, PIPPIN is still about 47% away from its historical peak of $0.720 . To continue towards this level, the price needs to break above and sustain above $0.600 – this requires strong confidence and a positive reaction from the entire market.

If it fails to break above the $0.514 level, the price of PIPPIN is very likely to repeat its previous trend. If sellers regain control, PIPPIN could fall below $0.434. A further drop to the $0.366 region would negate the bullish scenario and confirm that the recent bounce was merely a short-term correction.