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Classic Rug Pull or Buying Opportunity?

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PIPPIN Price


This is a “scam coin” that “rugged people,” one analyst claimed.

The meme coin PIPPIN, which was among crypto’s rock stars not long ago due to its staggering price increase, has crashed by approximately 50% over the past day alone.

The big question now is whether a rebound is on the horizon or if this was a textbook rug pull, signaling that things may only get worse from here.

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The Scam Revealed Its Real Face?

While the broader crypto market struggled throughout February, the lesser-known meme coin PIPPIN defied the negative conditions, registering a triple-digit price explosion. At one point, the valuation surged to $0.76, whereas towards the end of last month it climbed to an all-time high of almost $0.90.

PIPPIN’s market capitalization briefly reached nearly $900 million, thus entering the elite club of the 100 biggest cryptocurrencies, but that success was short-lived. The beginning of March saw a substantial correction, which intensified after a 52% decline over the last 24 hours. In a matter of a single day, nearly $200 million of the asset’s market cap was vaporized, and it now ranks as the 188th-largest digital asset.

PIPPIN Price
PIPPIN Price, Source: CoinGecko

The most evident reason for the crash appears to be the selling spree initiated by certain investors. Some X users reported that the same wallets that accumulated PIPPIN last week recently dumped their holdings en masse.

The meme coin has been the subject of criticism from many market observers, even during its bull run. Last month, X user Dippy.eth described it as “the largest scam of the past year,” while others think the whole project is “a cabal play,” in which a coordinated group of insiders is believed to manipulate the price through their actions. Most recently, Crypto Analyst joined the club of critics, classifying PIPPIN as a “scam coin” that “rugged people.”

How About a Revival?

Despite the overwhelming opinion among industry participants that PIPPIN is a red flag for traders and investors, some remain bullish on the asset. X user Nehal, for instance, envisioned heightened volatility ahead and eventual price increase to a new ATH of $1.

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The asset’s Relative Strength Index (RSI) supports the rebound theory. The indicator measures the speed and magnitude of recent price movements, helping traders identify potential reversal points. It runs from 0 to 100, and ratios below 30 are considered bullish territory that could precede a resurgence. On the contrary, readings beyond 70 signal that a pullback might be on the way. Currently, PIPPIN’s RSI stands at around 24.

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Crypto World

Ex-LA deputy sent to prison for aiding crypto “God Father” in extortion scheme

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Ex-LA deputy sent to prison for aiding crypto “God Father” in extortion scheme

An ex-Los Angeles County Sheriff’s Department deputy was sentenced to prison for his role in extorting victims alongside a jailed crypto figure.

Summary

  • Former LA County deputy Michael Coberg was sentenced to 63 months in prison and ordered to pay $127,000 for assisting crypto founder Adam Iza in multiple extortion schemes.
  • Prosecutors said Coberg received at least $20,000 a month and used his position to help detain victims, force crypto transfers, and orchestrate a drug-related arrest setup.

Michael Coberg, who served as a deputy with the department, was handed a 63-month prison sentence for helping jailed crypto founder Adam Iza extort victims.

He has also been ordered to pay $127,000 in restitution.

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According to prosecutors, Coberg received at least $20,000 a month for his services from Iza, who founded the crypto trading platform Zort and was known as “The Godfather.”

The incident dates back to October 2021, when Coberg was part of a team that picked up a man identified only as “L.A.” amid a financial dispute tied to Iza.

Coberg then brought L.A. to Iza’s house, where Iza recorded a video and forced him to transfer $127,000 to his bank account while Coberg stood watch.

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Subsequently, Coberg was also accused of taking the victim to a firing range, where Iza held him at gunpoint and demanded the transfer of funds.

Prosecutors further noted that Coberg conspired to set up another victim, identified only as “R.C.,” in a drug-related arrest scheme.

Prosecutors also noted that R.C. had been targeted in coordination with Christopher Cadman, another former deputy who has also pleaded guilty in the case.

Coberg pleaded guilty in September to conspiracy to commit extortion and conspiracy against rights. Meanwhile, Iza is currently awaiting sentencing after pleading guilty last year to extorting multiple victims.

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Cases involving crypto-related extortion, often referred to as wrench attacks, have been on the rise in recent years. As previously reported by crypto.news, a couple in western Paris was held hostage and forced to transfer roughly $980,000 in Bitcoin, underscoring how physical coercion is increasingly being used to bypass digital security measures.

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Bitcoin Price Rally To $79K Would Make Spot ETF Holders Whole Again

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Coinbase, Cryptocurrencies, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis, Bitcoin ETF, ETF

Bitcoin (BTC) is closing in on its average entry price for US spot BTC exchange-traded fund (ETF) investors at $79,900. The narrowing gap between Bitcoin’s market price and the ETF holders’ cost basis coincides with onchain data that shows early signs of accelerated buying from investors.

Bitcoin ETF breakeven level nears key trend test

Bitcoin’s sustained price rally above $70,000 puts a key investor cohort back in focus. The ETF cost basis level acted as support in mid-2024, and a break above this level brings many ETF holders closer to breakeven.

Coinbase, Cryptocurrencies, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis, Bitcoin ETF, ETF
Spot Bitcoin ETF realized price. Source: CryptoQuant

The flow data adds further context to this shift. According to Bitcoin researcher Axel Adler Jr., the ETF flows flipped positive after persistent outflows through mid-February.

The seven-day average has since moved to steady inflows, with daily flows peaking above 3,300 BTC on March 2. The ETF holdings have expanded to 1,291,618 BTC from 1,264,982 BTC, a 26,636 BTC increase over the past month.

Investors’ ETF cost basis also aligns with a key daily trend. A decisive move through this range marks a reclaim of the 100-day exponential moving average (EMA) on the daily chart for the first time since October 2025.

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Coinbase, Cryptocurrencies, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Binance, Price Analysis, Market Analysis, Bitcoin ETF, ETF
BTC/USDT one-day chart. Source: Cointelegraph/TradingView

A move above the 100-day EMA signals a shift into a long-term uptrend, which also reinforces the bullish momentum. It also serves as a key trend filter where sustained price action above it often leads to continued upside gains.

Related: ‘Bitcoin Standard’ author explores reality where decentralized gold stopped WWI

Bitcoin buyers begin to outpace sellers

The order flow across major exchanges shows a gradual shift in market behavior. Crypto analyst Darkfost noted that the 30-day volume delta on Binance and Coinbase has turned positive after sustained selling pressure in February. Both the retail and institutional flows are now collectively skewing toward accumulation. 

Cryptocurrencies, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF
Bitcoin spot net volume delta on Coinbase, Binance. Source: CryptoQuant

Bitcoin’s futures data reinforces this trend. Amr Taha noted that Binance’s cumulative volume delta (CVD) has rebounded by nearly $6 billion from its lows, tracking a rise in aggressive market buying since BTC traded near $63,000.

The metric remains below zero, though a significant portion of earlier sell pressure has now been absorbed during the recovery.

Cryptocurrencies, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF
Bitcoin: Binance cumulative net taker volume. Source: CryptoQuant

CryptoQuant data shows that short-term holder activity also aligns with this shift. The spent-output profit ratio (SOPR) metric, which shows whether coins are sold at a profit or loss, has moved back above 1, signaling that the selling pressure has eased and coins are now trading around or above their cost. Analyst miracleyoon said

“While this capitulation was not as severe as the August 5, 2024, event (which saw SOPR approach ~0.9), the series of recent capitulation signals appears sufficient to have flushed out weak hands.”

Cryptocurrencies, Bitcoin Price, Adoption, Markets, United States, Cryptocurrency Exchange, Price Analysis, Market Analysis, Bitcoin ETF, ETF
Bitcoin short-term holder SOPR. Source: CryptoQuant

The data suggests that Bitcoin remains on track to test the $80,000 level, but a move above the key breakeven zone may determine the strength and direction of the trend in the coming weeks.

Related: Bitcoin analysis sees $68K support as gold slips at key $5K level

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