In the midst of a broader cryptocurrency market correction, an emerging meme coin named Pippin (PIPPIN) has been capturing attention with its outstanding performance. This performance is not going unnoticed. It has managed to catch the eye of cryptocurrency whales, with an increasing number of investors and traders showing interest.
On January 10, crypto analyst AI Yi shared an intriguing post on the X platform. The data revealed that a whale had spent $1.324 million to purchase Pippin at an average cost of $0.2297 per token. Significantly, this marked the first time that this wallet address had bought into Pippin. The whale used USDT to make the purchase and has reportedly continued to buy more, currently holding $4.66 million USDT in the wallet.
The bold action by this whale coincides with a period of volatility for the relatively unknown Pippin. Despite this, the cryptocurrency has been on an upward trajectory for some time, indicating a surge in whale investment.
The move also underscores the fact that savvy whales are not solely interested in dominant crypto assets. They are also willing to put their money into altcoins like Pippin in the pursuit of profit. Inflows of whale funds into crypto assets can often spark significant price increases, as other investors observe the trend and decide to join the fray.
Despite the current uptrend in prices, the whale opted to buy more of the altcoin at a higher price. Some investors might agree with this strategy, anticipating that prices will continue to climb. This approach aligns with the tactics of whales who have been buying up various assets during market fluctuations.
At the time of writing, Pippin is trading at $0.2311, marking a 149.7% increase over the previous day. It has risen by 2,266.70% in the last seven days, significantly outperforming the wider digital asset market, which is currently down by 5.50%. Today, Pippin achieved a new all-time high of $0.2432, although its current price is 11.56% lower than this peak.
In the past 24 hours, Pippin’s trading volume has risen by 155.90%, indicating a recent uptick in market activity. Its market value has also increased significantly, rising by 147.19% in the last 24 hours. With a current market cap of $221.35 million, Pippin is the 291st largest cryptocurrency in the digital asset ecosystem.
Data from Coingecko reveals that Pippin is a meme coin, launched just a month ago. Despite ongoing market corrections, the activity of this whale indicates that confidence in meme coins remains high. As major crypto holders increase their activity, Pippin is securing headlines and gaining popularity over other meme coins. Supported by a strong community and attracting whale interest, Pippin’s impressive performance suggests that the meme coin market will continue to thrive, as savvy traders remain eager to get involved.
