PIPPIN crashes 33% in a day: What triggered the sell-off?

Pippin [PIPPIN] is making waves, having caught the attention of crypto enthusiasts after crashing by over 33%. $37.35 million was wiped out from its market capitalization in a single day, tumbling from $94.15 million to $57.80 million.

Why is PIPPIN’s price falling?

PIPPIN recently recorded a massive buildup of short positions before this crash, as shared by the analytics tool Stalkchain. The post on X also pointed out that the asset’s perpetual volume appeared to be collapsing.

In fact, the derivatives tool CoinGlass revealed that over the past 24 hours, PIPPIN Futures have recorded massive liquidations totaling $2.62 million.

Of this, $1.91 million came from long-leveraged positions, while short positions recorded only $707.89K in liquidations during the same period.

This wave of liquidations has strong potential to influence market participants, and may trigger additional selling pressure.

$0.0551 (support) and $0.0609 (resistance) are key levels where traders seem to be heavily overleveraged. At these levels, traders have built $658K in long positions and $935.29K in short positions, indicating that sellers are still in control.

Another major factor behind the massive price crash appears to be broader market sentiment, which is still bearish due to the ongoing West Asia crisis.

Meanwhile, PIPPIN’s overall trend remained downward at the time of writing, a structure it has maintained since the 26th of February 2026. Currently, it has lost more than 92% of its value, while its market capitalization has plummeted by over $783.12 million.

PIPPIN: Daily chart signals potential reversal 

On the four-hour chart, PIPPIN appeared to be rebounding, as the price seemed to be reversing after reaching the key support level of $0.0427, which it has been holding since November 2026.

The 26th of March marks the first time the price has revisited this level since November 2026, when it previously surged significantly from the same zone.

If PIPPIN sustains above the $0.0427 level, the chances of a potential market rebound are high. If that happens, the asset could see a strong price surge of over 81% and may reach the $0.107 level.

Notably, the price has already jumped over 36% today from the key support level of $0.0427.

On the other hand, the price decline could continue if PIPPIN fails to hold this key support level.

As of now, the technical indicator Average Directional Index (ADX), which measures trend strength, has reached 45, well above the key threshold of 25, indicating strong directional momentum.

Final Summary

• With a 33% price crash, PIPPIN has lost a massive 92% of its value over the past month.
• Price action hints at a potential reversal if PIPPIN remains above the $0.0427 level.