It’s been a tough day for PIPPIN holders. The coin fell 52.8% within hours, wiping out about $200 million from its market value and knocking it out of the top 200 cryptocurrencies.
At first, it didn’t seem like anything unusual, just another pullback in a volatile market. But the speed and scale of the decline soon became apparent. Prices haven’t just fallen; They fell steeply, with little support along the way.
Market trackers pointed to the move as one of the token’s biggest single-day losses to date.
$Pippin Today it is down 52.8%, with nearly $200 million wiped off its market value, pushing it out of the top 200 cryptocurrencies. pic.twitter.com/yk9OVrTC4n
— Coin Gecko (@coingecko) March 17, 2026
The early signs were already there
Looking back, there were hints that something was off even before the accident.
Funding rates are starting to fall, which usually means more traders are opening short positions. In simple terms, more people were betting that the price would fall.
This shift does not always lead to collapse, but it can create stress. Once the selling starts, it tends to speed things up quickly, especially if buyers pull back.
In the case of PIPPIN, this pressure quietly built up, and then appeared all at once on the chart.
Purse movements raise eyebrows
Around the same time, some onchain activities began to gain attention.
Two wallets, 9PHm2c and 3Mg7DG, transferred over $560,000 from PIPPIN to deposit addresses. What caught attention was not just the size of the transfers, but how close together they were.
Within minutes, both wallets sent their tokens.
Not long after that, these funds were traced to Gate.io at around 8 AM UTC, just before the price started to fall.
It is difficult to ignore this timing. Transferring tokens to an exchange usually signals an intention to sell, and in this case, it almost perfectly aligns with the beginning of a decline.
Onchain analysts tracking the flow of funds have pointed out how tightly these transactions are packaged.
Only in: $Pippin Another down -50%
The price collapsed immediately after:
• Funding rates decreased (new pants)
• Two wallets moved over $500,000 worth of tokens into CEX transactionsGame over? https://t.co/J5GXCpw0FL pic.twitter.com/iDhcLilLT6
– Bubble Maps (@bubblemaps) March 17, 2026
Selling pressure is spreading across dozens of portfolios
It didn’t stop at 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 were accumulating tokens just a week ago.
Now, they’re heading toward the exit.
Each wallet holds between $500,000 and $900,000 worth of tokens. When you add that up, a huge amount of supply hits the market at once.
This type of selling can move prices quickly. When several large holders decide to exit around the same time, there is often not enough demand to keep things steady.
Tools like Nansen have helped track this activity, making it easier to see how widespread a sale is.
Selling pressure $Pippin
Now, the wallets have accumulated $Pippin Last week they were actively selling
More than 50 wallets are participating in this activity (you can find them all in Token God Mode on Nansen)
Each of these portfolios contains approximately $500,000 to $900,000… https://t.co/qFRK0A8dT0 pic.twitter.com/iL0ccCxGD6
— onchainschool.pro (@how2onchain) March 16, 2026
The timing seems very close to being random
One thing that stands out is how almost sequentially everything happened.
First, conversions. Then deposits to exchanges. Then prices drop.
All within a short window.
It is difficult to say with certainty what the intent is, but the pattern does not appear random. Portfolios purchased earlier are now being sold in blocks, and the timing closely matches the market reaction.
For smaller traders, it can be difficult to keep up with this type of movement. By the time it becomes clear, the price has already taken a hit.
What comes next for PIPPIN
After this decline, the big question is whether the sell-off is over or has just begun.
Such moves don’t just affect the price; It also shakes confidence. When large holders exit quickly, it can make others nervous, which sometimes leads to more selling.
At the same time, if most of the large portfolios have already unloaded their positions, the market may begin to stabilize. It really depends on whether the pressure continues.
What this situation highlights is something traders often see in cryptocurrencies: when a token is highly concentrated among a smaller group of wallets, their actions can have a significant impact.
Right now, PIPPIN is dealing with the fallout from a sharp and sudden exit. Whether it becomes stable or remains volatile will likely depend on what these big holders do next.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any services.
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