As of December 23, 2025, considering the four major dimensions of selling pressure, regulation, liquidity, and project risk, the following Tokens have a higher probability of short-term big dump, ranked by risk priority:

🔴 Extremely high risk (big dump probability >70%)

- PI (Pi Network): Core driver: class action + large-scale unlocking. It has fallen 14% in two weeks, with 182 million Tokens to be unlocked in 30 days, averaging a sell pressure of 6 million Tokens per day; the project team is facing a $10 million class action lawsuit, credit collapse, and very little rebound space.
- PUMP (Pump.fun): Core Driver: Whale sell pressure + Heat returning to zero. It fell 12.7% in 24H, and trading volume has declined for four consecutive months; Whale wallet transferred 2.3 billion coins to the exchange, which could lead to a big dump at any time, with an estimated floating loss risk of about 5 million USD.
- PIPPIN (meme coin): Core drivers: chip concentration + team silence. 93 wallets control 73% of the supply, and after a three-week price surge, there is no fundamental support; the project team has not provided updates since June, and falling below $0.30 will trigger over $9 million in long liquidations.

🟠 High risk (big dump probability 50%-70%)

- ZEC (Zcash): Core driver: High regulatory pressure + trend deteriorating. A big dump of 40% in a week, privacy coins are under close regulatory scrutiny, and if labeled as "mixers" may face delisting from exchanges.
- WLD (Worldcoin): Core drivers: capital outflow + technical breakdown. 34.45% fall in 90 days, breaking below the key support of 1.26 USD, Chaikin money flow remains negative, buying pressure is weak, likely to set a new historical low.

⚠️ Operation Tip

- Do not touch such tokens without a stop-loss; prioritize liquidating or staying away. If you hold them, closely monitor the unlocking time, whale addresses, and regulatory dynamics. Exit immediately if it falls below key support.
- The above is a risk warning based on publicly available information and is not an investment recommendation.