PIPPIN, a unicorn-themed meme token built on Solana, saw a jump of about 40% today to trade near $0.49, drawing strong attention in the crypto market. This sharp move pushed its market value above $492 million, making it one of the top gainers in the meme and AI token space.
So, what is driving this sudden rally?
One of the biggest reasons for the sudden price hike is the activity of large investors buying aggressively. Over the past few days, several big wallets have been buying large amounts of PIPPIN.
Recently, two wallet addresses were actively purchasing PIPPIN, collectively buying about $1.5 million worth of tokens just before and during the price surge.
At the same time, interest from smaller investors is also growing. The number of wallets holding PIPPIN has now crossed 31,000, showing wider market participation.
Large holders have also been moving PIPPIN tokens off exchanges. Between October and November, more than 44% of the total supply, worth about $96 million, was withdrawn from trading platforms. When fewer tokens are available for sale, and demand rises, prices can climb quickly.
With nearly 1 billion PIPPIN tokens in circulation, this drop in tradable supply has created a supply squeeze, helping accelerate today’s price move.
Another factor supporting today’s rally is a recent program launched by Mind Network. The project allocated 1% of PIPPIN’s total supply to a special reserve and introduced the “Unicorn Reserve” incentive, which rewards users who lock up native FHE tokens, earning PIPPIN airdrops.
These incentives encourage users to stay engaged for the long term and help support trading activity around the token.
Looking at the PIPPIN/USDT 4-hour chart, the price is trading near $0.49, well above the middle Bollinger Band around $0.36, which now acts as a strong short-term support zone.
On the upside, PIPPIN is pressing the upper Bollinger Band near $0.50, showing strong bullish pressure. A clean breakout above $0.50 could push the price toward $0.55 first, and if momentum stays strong, the next upside target sits around $0.60–$0.65.
The RSI is near 77, which signals overbought conditions. This means buyers are firmly in control, but a short pause or minor pullback is possible before the next move higher.
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