Key Highlights
- PIPPIN trades near $0.72, up about 171% in 7D, with a market cap of around $714M.
- Perpetuals’ interest is rising, including on Binance, which can amplify upside moves as well as accelerate downside via liquidations.
PIPPIN (PIPPIN), a memecoin in the Solana ecosystem, is trading around $0.72 after gaining roughly 171% over the past week, according to CoinMarketCap data.
The market cap is near $723 million, with 24-hour volume around $59 million, often seen as a sign that the rally isn’t just a thin wick but is being actively traded. However, there is a roughly 20% drop today, while the weekly trading has been significantly increased in 2026.
Where is all the action?
Spot trading remains visible across both decentralized and centralized venues. On the Decentralized Exchange (DEX) side, liquidity concentration still plays a major role in short-term price behavior. Traders routing swaps through Solana pools, especially the deepest venues, often determine whether moves look “smooth” or turn into high-slippage spikes.
Meanwhile, the spread of Centralized Exchange (CEX) spot pairs makes the token easier to access but also easier for fast rotations of capital to enter and exit during hype cycles.
On Binance Futures, PIPPIN’s perpetual contract (PIPPINUSDT) is leading the charts. Binance originally launched the USD-margined PIPPINUSDT perpetual in January 2025, with leverage “up to 25x” listed in the official announcement. However, it’s important to note that memecoins can behave very differently once high leverage becomes widely accessible.
In the last 24 hours, roughly $405 million, accounting for 21.8% of the listed perpetual volume. Open interest on Binance sits near $82.1 million, while the funding rate rests at 0.03%. This shows that Perp Volume on Binance has picked up quite a lot in recent times.
In parallel, derivatives trackers show open interest sitting in the high hundreds of millions right now. CoinGlass displays roughly $291M–$299M open interest in the current snapshot, alongside $1.13B of futures volume in the last 24 hours. Even allowing for intraday fluctuations, the directional signal is clear, perp activity is large relative to spot, and that tends to make price action more reflexive.
Analyst takes on PIPPIN
A few days ago, when PIPPIN was already making big moves, Sjuul, founder of Alt Crypto Cast, noted, “Extremely well-respected support and resistance levels, and full ripping after that deviation!”
Meanwhile, on the AI commentary side, the X account Finora_EN flagged a multi-x sell-volume spike and framed it as a potential short-term continuation lower unless specific reclaim levels are hit.
Whether you agree with the call or not, it’s a useful window into how short-term traders are approaching PIPPIN right now: not as a fundamentals-led trade, but as a flow/positioning market where volume shocks and level reclaims matter more than narratives.
Right now, the gap between spot stats, with the market cap of $717M, volume of $60M, and derivatives stats, 24h futures volume around $1B, and OI near $300M, suggests PIPPIN is increasingly being discovered and expressed through leverage, not only spot accumulation.
This can keep rallies going longer than expected, because squeezes and forced buys can carry prices. But it also raises the odds of fast reversals when momentum stalls, because liquidation mechanics don’t negotiate.
Also Read: Shiba Inu Burn Rate Surges 201%: Is a Price Rebound Coming?
