7.7 hours ago, the $PIPPIN that was in focus has now cooled off: the price is retreating, trading volume is still high, and the sentiment and order book are clearly conflicting.

The timeline is very clear: T0 price was 0.02652, now it’s down to 0.02136.
After T0, it retraced 19.46%, and the 24-hour increase also shrank from 71.76% to 19.66%.
This is not a market that’s accelerating further; it looks more like the first wave of enthusiasm peaked and is now starting to decline.
Funds are also flowing out.
Open interest (OI) dropped from $13.4M to $10.0M, a decrease of 25.89% compared to T0.
Although the 24-hour OI is still +66.9%, the 1-hour OI has already decreased by 4.7%, indicating short-term positions are no longer piling in aggressively.
Trading volume increased from $237.7M to $328.6M, a rise of 38.19%.
But the taker rate dropped from 0.98 to 0.93, and active buy orders did not strengthen accordingly.
Funding rate decreased from 0.005% to 0.001%, still paying longs for 7 consecutive periods, but the intensity of paying has clearly cooled down.
The long-short structure is still somewhat squeezed, with retail longs accounting for 74%, and the long-short ratio at 2.86.
Price retracement, OI decline, weak buy orders, but the long crowd has not fully dispersed yet; this is the core risk point of this review.
The trading implication is simple: $PIPPIN has shifted from a breakout star to a high-level retreat, and the focus moving forward is whether the enthusiasm can be rekindled, rather than just watching the residuals on the price increase leaderboard.
#PIPPIN
Assisted by Claude Opus 4.8 model; this is not investment advice, please make your own judgment.