PIPPIN’s recent price movement has been pretty strange—some people are asking why the main players haven’t sold off yet. Just look at the pitiful liquidity on-chain and you’ll understand; even if they wanted to dump, they couldn’t.

The operation path is actually very clear: first, gather all the spot tokens into their own wallets to control the supply, then pump the price and unload via contracts. Now the contract positions have completely rotated; it’s all retail traders battling each other.

This price surge is basically driven by short squeezes, not by any new money flowing in. The main players aren’t stupid—since they’ve already exited at these levels, do you really expect them to come back and pump bags for retail?

The biggest problem with retail traders is the lack of unity. They can hold it together today, but tomorrow it’ll probably drop back down again.