Pippin (PIPPIN) experienced a significant 37% price drop in the last 24 hours, accompanied by a $43 million decline in Open Interest. This sharp contraction indicates a wave of position closures, as traders exited leveraged positions amid falling prices. The drop in Open Interest suggests that derivatives traders rapidly unwound bullish bets, leading to intensified selling pressure. During the same period, PIPPIN's trading volume surged by approximately $340 million, indicating strong market participation. However, funding rates pointed to seller dominance, suggesting the volume spike was driven by aggressive sell orders rather than accumulation. The market structure has turned bearish, with PIPPIN trading below its Exponential Moving Average and approaching a key demand zone near $0.185. Continued selling pressure could lead to further declines if the $0.185 level fails to hold.