Pippin (PIPPIN) Enters Crypto’s Top 100 Club After Soaring 30% in a Day: More Room for Growth?

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“Really nice chart, pure strength,” one popular analyst stated.

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Summarize with AI

Summarize with AI

The meme coin pippin (PIPPIN) once again defied the ongoing bearish environment in the cryptocurrency market, with its price rallying by roughly 30% over the past 24 hours.

It has become a point of interest for well-known analysts who believe further short-term gains could be forthcoming.

Rising Through the Ranks

Earlier today (February 11), PIPPIN’s valuation climbed to as high as $0.46, marking the highest level since the end of January. Currently, it trades at around $0.44 (per CoinGecko’s data), representing a whopping 144% spike on a weekly scale.

PIPPIN Price, Source: CoinGecko

Its market capitalization soared well above $400 million, making PIPPIN the 100th-largest cryptocurrency. Over the past few weeks, it flipped Pudgy Penguins (PENGU), dogwifhat (WIF), and FLOKI (FLOKI) and now stands as the eighth-biggest meme coin. The undisputed leader in the realm remains Dogecoin (DOGE), whose market cap exceeds $15 billion.

According to the analyst who goes by the X moniker Sjuul | AltCryptoGems, PIPPIN has more fuel to post additional gains, setting the next target at around $0.50.

Earlier this week, the market observer Satori also put PIPPIN on their watchlist, claiming “a much stronger breakout” might be on the horizon.

Investors Should Beware

While the asset has undoubtedly turned into one of crypto’s sensations in the past few days, those planning to invest in it must tread lightly. First, meme coins are notorious for their high volatility, meaning PIPPIN can make a sudden move and crash by double digits in a short period.

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Second, some analysts on X have warned that the token is primarily driven by speculation, whereas its utility and use cases are questionable (to say the least). Critics like Diane De crypto went even further, calling PIPPIN “the biggest money laundering event happening right in front of your eyes.”

The asset’s Relative Strength Index (RSI) can also be interpreted as a warning sign for investors. The technical analysis tool measures the recent speed and magnitude of the latest price changes, and traders often use it to spot potential reversal points.

It ranges from 0 to 100, and ratios above 70 indicate PIPPIN is overbought and could be due for an imminent pullback. On the contrary, anything beneath 30 might be viewed as a buying opportunity. Currently, the RSI stands at approximately 72.

PIPPIN RSI, Source: RSI Hunter

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Source: https://cryptopotato.com/pippin-pippin-enters-cryptos-top-100-club-after-soaring-30-in-a-day-more-room-for-growth/