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PIPPIN slides 37% as $43mln exits the market – What’s going on?

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Pippin drops 37% as $43M open interest wipes out and bearish funding rates push price toward $0.185 demand zone.

Posted: March 5, 2026 Avatar

By: Kelvin Murithi Journalist Edited By: Renuka Tahelyani Pippin

Kelvin Murithi Journalist Edited By: Renuka Tahelyani Posted: March 5, 2026 Share this article

Pippin [PIPPIN] saw a sharp sell-off as prices dropped roughly 37% over the past 24 hours.

The decline coincided with a $43 million drop in Open Interest, signaling a wave of position closures.

Such a sharp contraction often reflects traders exiting leveraged positions during falling prices. That shift suggested derivatives traders rapidly unwound bullish bets.

Source: CoinGlass

Open interest collapse signals position unwinding

Usually, a steep fall in Open Interest reflects aggressive position closures.

When Open Interest drops alongside price, long positions are often forced out of the market. That pattern indicated weakening bullish conviction across derivatives markets.

As a result, selling pressure intensified across PIPPIN’s structure.

Even so, the scale of the liquidation wave suggested leveraged longs absorbed the majority of the damage.

Trading volume spike raises concern

By contrast, Trading Volume surged sharply during the same period.

AMBCrypto’s analysis showed PIPPIN’s Trading Volume jumped by roughly $340 million.

At first glance, high volume suggests strong participation. However, Funding Rates indicate seller dominance.

This implies the spike may be driven largely by aggressive sell orders rather than accumulation.

Source: CoinGlass

Technical structure turns bearish

On the daily chart, PIPPIN’s market structure turned bearish. Lower highs and lower lows now defined the prevailing trend.

Price accelerated toward a key demand zone near $0.185. This area could trigger a short-term reaction from buyers.

However, persistent selling pressure could weaken any bounce attempt.

PIPPIN also traded below its Exponential Moving Average, reinforcing the bearish outlook.

Source: TradingView

What’s on the cards for Pippin

As it stands, market structure continues to favor the bears.

The recent 37% daily decline intensified distribution pressure across the token.

On the derivatives side, the $43 million Open Interest drop reinforced signs of capital exiting positions. That move aligned with declining Funding Rates and persistent sell-side pressure.

If momentum persists, the $0.185 zone becomes the next critical test. A weak reaction there could expose PIPPIN to deeper downside.

For now, the token remained under sustained distribution pressure.

Final Summary

PIPPIN plunged 37% in 24 hours, coinciding with a $43 million drop in Open Interest.
The Open Interest collapse suggested long liquidations, pointing to weakening bullish conviction in Derivatives markets.

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Kelvin Murithi

Kelvin Murithi is a crypto journalist and on-chain analyst covering market structure, price action and blockchain data. He is a Bsc. Actuarial Science graduate and harnesses his statistical and data analysis skills to translate complex metrics into clear insights for everyday crypto investors. More Articles