Behind the 62% single-day big pump of PIPPIN on-chain Solana: Some are playing the leverage harvesting game.

[Block Rhythm] Today there is a meme coin PIPPIN on the Solana on-chain that is quite mysterious. Despite the market not being great, it surprisingly surged by 61.9%, and the price is now at 0.1788.

But this rise seems a bit off. Some analysts have dug up that several wallets are working in concert—madly hoarding but just not selling, forcefully pushing the price up. When the bears come in to short, these people start “pinning” to harvest, blowing up the leveraged shorts in waves, creating a vicious cycle. The more shorts get liquidated, the higher the price is pushed, and the subsequent shorts continue to be harvested.

The most outrageous thing is that an address threw in $200,000 to buy PIPPIN 6 days ago, and after the price doubled, it ran away. Now this address is eyeing another coin ARC and is playing the same trick.

To be honest, this kind of operation is too obvious. The fluctuations of memes are already outrageous, and when faced with such organized pump and dump, retail investors have no way out. Seeing the price rise happily and wanting to jump in? Be careful of becoming a bag holder or cannon fodder. If you really want to play with memes, at least you need to know how to read on-chain data, don't blindly follow the trend.