IP Coin Surprises Everyone, Including Itself, in a Market that Couldn’t Care Less

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Somehow, against all known wizardry and conventional wisdom, Layer-1 coin IP has managed to swan-dive upwards (if such a thing is possible) in the middle of the sort of market most coins use as an excuse for a very long pub lunch. IP’s up 4% in the last day—which practically counts as Olympic-level outperformance in crypto right now. 🥇

But before anyone starts buying celebratory hats, the omens and chicken entrails (or, as the Guild of Quantitative Soothsayers call them, “on-chain activity metrics”) aren’t exactly blaring victory anthems. Things are oddly quiet, like a party where you realize the host has been missing for hours. That’s right, momentum is as elusive as a straight answer at Ankh-Morpork’s City Council.

Bets Against PI: Traders Raise Eyebrows. And Short Positions.

While the rest of the crypto world prefers to lie down quietly and hope no one notices (or at least that the regulators don’t), PI has decided to wear loud trousers and buck the trend. But savvy traders, being the cynical bunch they are, aren’t queuing up to order celebratory cake just yet.

Despite that much-touted 4% leap, IP’s daily trading volume has performed a disappearing act worthy of a seasoned stage magician, vanishing by 38%. It turns out you can climb a mountain with barely anyone willing to leave their tent. ⛺

Generally, if a price goes up but the cheering section is getting smaller and quieter, that’s code for: “Brace yourself for sudden plot twists.” Weak buying momentum? Absolutely. Broad support? About as broad as a wizard’s diet—mostly composed of hope and biscuits.

If this rally had a soundtrack, it’d be suspenseful elevator music, with just a hint of impending doom. This stage is set for either a triumphant finale or a pratfall worthy of the Fool’s Guild.

Meanwhile, IP’s funding rate is wagging its finger at optimists. It’s still negative—currently at a perky -0.14%—which means the futures market is so bearish it needs a flea collar.

If you’ve ever wondered what happens when a market’s majority thinks the party’s over, here’s your answer. Negative funding rates mean short traders are handing out coins to anyone still insisting the bull’s not dead, just resting. In the case of IP, this reads as: “We’re betting on gravity doing its thing soon.”

Bears have been working overtime for weeks now. At this point, they probably deserve a union and a better dental plan.

Is There Hope? IP Could Daydream About $3.17 (If It Tries Really, Really Hard)

Today’s price: $2.75. Below it? The key support level at $1.59—think of it as the last biscuit at a wizard’s tea party. If demand wobbles, IP might tumble straight through and end up somewhere below $1, where even dedicated coin collectors fear to tread.

But, should enthusiasm spontaneously materialize—like unexpected relatives at Hogswatch—IP could daydream its way to $3.17. And, should reality continue taking a nap, a break above resistance could launch IP toward $4.41. Of course, that assumes the universe is in the mood for miracles—never a safe bet on the Disc.

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2025-06-22 14:37