As the entire crypto market turned red in early December, a Solana-based meme coin called PIPPIN delivered a surprising counter-trend rally.
Its rapid price increase allowed some traders to make huge profits in a short period of time. But it also raised concerns about the possibility of a sharp correction that could hurt laggards.
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How one trader made over $1.3 million with PIPPIN
PIPPIN was born from an AI-generated unicorn image (SVG). It later evolved into Solana’s meme coin.
Unlike many other meme tokens, the project’s developers have promised to release an open source tool with potential applications for PIPPIN, including an interactive tutoring system, an AI marketing assistant, and a personality-driven DevOps bot that can write and deploy code.
Despite the risky nature of the meme coin, PIPPIN became one of the most talked about names in Solana’s meme wave at the end of 2025.
The token has experienced an increase of over 400% in the last month and is currently trading at $0.139, according to BeInCrypto data. Comparing the November low ($0.02) to the recent high ($0.20), the token has increased 10x. Additionally, daily trading volume exceeded $120 million, a significant increase from less than $10 million in November.
This rally resulted in a huge unrealized profit for one of the early buyers. According to market tracking account LookOnChain, a wallet named BxNU5a was created about a month ago. The wallet spent $179,800 to acquire 8.2 million PIPPIN tokens. The current value of this stash is approximately $1.51 million, with an unrealized gain of over $1.35 million.
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Nansen also reported strong accumulation in Whale and a sharp increase in the number of active wallets, indicating a wave of new investors are pouring money into the token.
“PIPPIN didn’t just ‘go up’, it exploded. 437% in 7 days on a volume of $43.9 million is a different tempo. Whales added +6.6 million, new wallets added +11 million, and exchanges saw rapid outflows,” Nansen reported.
These bullish signals are fueling expectations that PIPPIN could become the next standout in the Solana memecoin ecosystem. Recent reports also highlight potential reasons why a wave of meme coins could occur again in December.
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warning signs appear
Despite the explosive rise, significant risks are also emerging. The first warning concerns short positions in PIPPIN suffering from heavy liquidations.
Data from Coinglass shows that a series of short positions were wiped out in the last week of November. The largest liquidation date occurred on December 1st.
Coinglass reported over $15 million in liquidations on December 1 alone, of which over $11 million came from short positions.
On-chain signals are also flashing warnings. According to Solscan, despite the surge in prices, real on-chain trading volume fell by 45% compared to the previous week.
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Traders are executing fewer trades on-chain and moving more trades to exchanges. If the amount of PIPPIN sold on centralized platforms increases, this divergence could indicate a sharp decline.
Renowned analyst Altcoin Sherpa compared PIPPIN to other meme tokens such as AVA, GRIFFAIN, and ACT and predicted that the price could drop significantly soon.
“With PIPPIN moving, other AI fuckers are leaving as well: AVA, GRIFFAIN, ACT. But honestly it’s hard to trade them, and most of these are probably just 24-hour pumps and dumps. It’s unlikely to be a sustained pump.”
–Altcoin Sherpa said.
Pippin’s market capitalization, which previously peaked at more than $300 million, has since fallen to $8 million at the end of last year, raising investor skepticism about the possibility of another sharp decline.
Another analyst explained that PIPPIN’s rise is a common pattern. In other words, a small group hoards large quantities, withholding supply and creating buying pressure that pushes prices up. Short positions are then liquidated, prices then fall, and the cycle repeats.
