I just observed that PIPPIN's price action is pretty surreal—the market cap shot up to $330 million in an instant and then crashed back to $250 million, yet the 24-hour chart still shows a 45.87% increase. This kind of violent pump followed by a rapid pullback doesn’t look like a healthy market by any means.

I checked the on-chain data and found the issue: most of the pumping is actually a few whales trading back and forth, creating the illusion of highly active liquidity, but retail buying power clearly isn’t keeping up. The Solana ecosystem has indeed been hot lately, but meme coins by nature don’t really have any real utility—they run entirely on sentiment. Sudden surges like this often indicate that short-term speculation is nearing its end.

Looking at the macro perspective: the Fed’s expected rate cuts keep getting delayed, so market liquidity hasn’t truly loosened up—this current wave of hype is basically just existing funds rotating among a few hot narratives. I already felt the meme sector was a bit overheated last week, and today’s PIPPIN price action is further proof.

Those who actually capture profits aren’t chasing assets that have already gone parabolic, but instead anticipate the rhythm of money rotation. Personally, I believe we might be at a local high, so I recommend gradually reducing high-risk meme positions and focusing more on mainstream Layer1s or RWA sectors with solid fundamentals and clear ecosystem progress.

No matter how wild the market gets, you have to rely on data and logic. Bull markets don’t go up every day—survival is key. Stay clear-headed and move forward steadily.