Why PIPPIN Meme Coin Price Skyrocketing Today?

The Solana-based memecoin PIPPIN has experienced a significant price surge, recording one of the strongest price movements in weeks. Following its recent price surge, the Solana meme coin has again climbed into the top 100 crypto rankings by market capitalization.

PIPPIN Sees Higher Open Interest During Price Rally

The price of PIPPIN has surged by nearly 29% and is currently trading at $0.4842, ranking as the top gainer of the day among the top 100 coins by market capitalization. The coin has outpaced other major price movers, including Hyperliquid, which has gained 18.34% and is trading at $33.62, and DoubleZero, which has gained 15.06% and is trading at $0.1345.

Source: CoinMarketCap

The PIPPIN price follows an increase in the meme coin’s open interest, indicating a rise in the overall participation of traders in the coin’s price movements. According to CoinGlass, PIPPIN has seen a 16.79% increase in open interest, and its trading volume is up over 72% in the last 24 hours, making it one of the most actively traded coins on the top layer-1 network, Solana.

The PIPPIN price surge also follows a renewed interest in meme coins on the Solana, signaling a risk-on sentiment among retail traders. Notably, other Solana meme coins such as Nietzschean Penguin have also recorded significant gains this week.

These meme coins’ performance comes despite the downtrend in the Solana price. SOL is down on the day, even as the broader crypto market continues to trade sideways.

How Whale Selling Emerged During Intraday Price Surge

Some red flags were raised when analysts pointed out selling activity near the price top. In an X post, analyst StarPlatinum noted that there was selling activity near the price top after a sharp intraday price surge. The top Solana meme coin saw a 60% price surge over 24 hours, reaching $0.55 from an initial price of $0.44. The price, however, reversed and is currently trading near $0.48.

The analyst revealed that the second-largest whale sold 177 million PIPPIN tokens. The tokens were sold for approximately $86,000. The sale happened between 12:02 and 12:12 UTC. The tokens were sent to three different addresses. One address received 37 million tokens. This is approximately $18,000. The other two addresses received 62 million and 78 million tokens. This is equivalent to around $30,000 and $38,000, respectively.

The address does not belong to the token deployer. The tokens have naturally accumulated. The market was relatively illiquid at the time. The top 10 addresses have 28.5% of the total supply. The top 20 addresses account for approximately 40% of the total supply. The whale that sold the tokens has around 38 million PIPPIN tokens. This is roughly $18 million.