PIPPIN Soars to All-Time High as Raydium Trading Frenzy Ignites
Another day, another token rockets past its previous ceiling. PIPPIN just shattered its price record, fueled by a surge of activity on the Raydium decentralized exchange. The charts aren't just ticking up—they're screaming.
The Engine Behind the Rally
Forget quiet accumulation. This move is all about raw, on-chain momentum. Liquidity pools are deepening, swap volumes are spiking, and the order books are flashing green. It's the kind of organic, protocol-level activity that separates a genuine pump from empty hype—though in this market, sometimes the difference is academic.
A Bullish Signal or Just More Fuel?
This price discovery phase is a critical test. Sustained volume on a DEX like Raydium suggests real conviction, not just speculative froth. It builds a stronger foundation than any influencer tweet ever could. Of course, in crypto, a 'strong foundation' can sometimes just mean a taller ladder for the next drop.
When the trading bots start working overtime and the 'wen lambo' memes flood back in, you know sentiment has flipped decisively bullish. It's a self-reinforcing cycle: price pumps attract attention, attention brings liquidity, and liquidity begets more pumps. Just another Tuesday in digital asset land, where the only thing more volatile than the prices are the narratives explaining them.
So, is this the start of a major leg up or just a glorious, pre-halving blip? Only the tape will tell. But one thing's certain: when a token breaks its ATH on the back of real DEX volume, even the most cynical traders pause their doom-scrolling to take a look. After all, chasing momentum is the oldest game in finance—they just put a blockchain wrapper on it.
PIPPIN had another near-vertical rally to a price record at $0.52, liquidating all available short positions. | Source: Coingecko
The token extended its gains to $0.52, sparking even more expectations of a hike to $1. PIPPIN is now over 100% above its initial price record at $0.24 from January 2025. The recent climb has little to do with the popularity of AI agents.
In the past month, most AI agent tokens lost around 30% of their value, while PIPPIN rallied by over 1,600%. No other AI agent tokens have seen similar hype.
PIPPIN marks record short positions
Expansion into price discovery territory made traders bet on the end of the rally. PIPPIN open interest remains NEAR its all-time high at $139M.
At this point, over 65% of traders have taken short positions, betting on a rapid reversal. However, the available short positions also led to a short squeeze, with liquidations available all the way to $0.53.
The recent rally has already caused $3.3M in liquidations for the past 24 hours, with the biggest share of short liquidations on Bybit. PIPPIN, unlike JELLYJELLY and FARTCOIN, is not actively traded on Hyperliquid.
PIPPIN also became the second most liquidated position after BTC. Within one hour, PIPPIN added another 899K in new short liquidations.
Connected wallets may be manipulating PIPPIN
The recent PIPPIN rally showed a collection of highly active on-chain whales. Multiple wallets accumulated PIPPIN in constant orders of $100 to $300, as some of the traders were linked to previous PIPPIN pumps.
Multiple wallets have been prepared with significant PIPPIN holdings in a more coordinated fashion compared to retail buying. The recent PIPPIN activity is happening on spot markets, facilitated by decentralized exchanges on Solana. PIPPIN whales are actively buying and selling their DEX orders on Raydium and PumpSwap.
Unlike other tokens with manipulation on perpetual futures markets, PIPPIN relies on spot activity. Over 35% of the recent token volumes rely on Raydium decentralized pairs, with the biggest one holding $14M in liquidity.
On-chain analysts have noted PIPPIN may be bought up by market makers, with a long period of accumulation. There are some expectations PIPPIN may break out to $1. For now, whales and holders are not panic-selling, and traders remain mostly skeptical.
PIPPIN mindshare kept growing, expanding to 0.1%, with over 2,743% growth in the past week. The mindshare peaked at 0.78% as of December 1, but mentions and social media activity around PIPPIN remain elevated.
The recent price record may put PIPPIN on the radar, though retail traders remain skeptical of this type of rapid pump.
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