$PIPPIN is currently in a short-selling opportunity phase. A recent key change is that the fee collection mechanism will soon be adjusted to every 4 hours. Although this adjustment seems like a technical detail, it will significantly alter the behavior of market participants.

For holders who treat this type of coin as a financial product, the fee income will directly decrease. I mentioned half a month ago that this coin is unlikely to hit new highs again, and the current trend confirms this judgment.

From a short-selling perspective, the logic is quite clear. First, collecting fees every 4 hours means that short sellers' losses are greatly reduced. Previously, they might have had to bear high fee costs, but now the pressure is greatly alleviated. Second, after the bulls lose the appeal of fee income, once the market starts to decline, they cannot hold their positions and can only cut losses and exit, which further accelerates the downward trend.

The deeper issue is that $PIPPIN is essentially a meme clone coin. What are meme coin whales most afraid of? No one to take over their positions. Although this coin still has some popularity, it has already reached a relatively high level. At this point, whales have no reason to continue holding; selling off is the rational choice. Once market sentiment reverses, there may be ongoing adjustments.