New coin rises 24% in one month. Why does Wintermute continue to increase its holdings of PIPPIN?

According to the latest news, the related address of crypto market maker Wintermute has purchased PIPPIN again in the past hour, worth approximately $200,000. This is not the first time Wintermute has bought into this new project. On-chain data shows that wallets associated with Wintermute have accumulated over $300,000 worth of PIPPIN. What does this action reflect? A project that has been online for just over a month—why can it attract continuous institutional accumulation?

Strong Performance of the New Project

PIPPIN was listed for trading on January 6, 2025, and is currently ranked 108th in market capitalization. From a price performance perspective, this new token indeed has highlights:

The current PIPPIN price is $0.385476, with a market cap of $385.47 million, and a 24-hour trading volume of $38.66 million. Although there has been a correction on the monthly chart, the 7-day increase of 24.57% indicates strong market enthusiasm.

Institutional Layout Logic

Wintermute’s continuous buying is not an isolated event. On-chain data analysis shows that other institutions are also actively deploying in PIPPIN:

• Wintermute-related addresses have increased holdings by over $300,000
• Another address has accumulated over $2 million near $0.26
• Spot net inflow is -$1.45 million, indicating active market absorption
• Derivatives trading volume surged 156% to $712.56 million, with a long-short ratio of 1.01

Connecting these data points suggests that market consensus is forming. Institutions would not deploy simultaneously on a project without logical fundamentals.

Reflection of Market Stage Transition

Interestingly, Wintermute recently expressed the view that the “traditional bull market cycle” in crypto has ended, and the market is entering a new phase characterized by liquidity concentration and institutional dominance. In this new stage, it is no longer driven by retail sentiment and extreme volatility, but by more structured and stable allocation strategies.

From this perspective, Wintermute’s continued accumulation of PIPPIN may embody the characteristics of this new phase: institutions are seeking potential new projects for allocation, rather than just speculation. As a new project in the Solana ecosystem, although it has a short launch history, it has already gained market recognition and institutional attention.

Technical Support

Based on analysis data, PIPPIN’s RSI is at 56, indicating that buyers are in the lead. The next key resistance level is at $0.45. If the market continues to be bullish, this price point warrants attention.

Summary

Wintermute’s related address has bought PIPPIN again, which essentially signals two things: first, PIPPIN’s fundamentals as a new project have gained institutional recognition; second, the market is entering a new stage dominated by institutions, with their deployment driven by allocation rather than speculation. Although a single purchase of $200,000 may seem modest, combined with other institutional deployments and positive market signals, it could indicate that PIPPIN has further upside potential. Future focus should be on the sustainability of capital inflows and whether technicals can break through the $0.45 resistance level.