PIPPIN Gets a Leverage Lobotomy: $200M Vanishes While Traders Chase Maxi Doge

PIPPIN’s price just performed a 55.69% swan dive into the concrete, cratering to $0.164 and vaporizing over $200 million in market cap faster than a degen can say "just one more leverage long." The plunge was turbocharged by a derivatives unwind, turning a routine correction into a full-blown liquidation carnival.

The leverage wipeout was a masterclass in pain. Open interest was chilling at a meme-worthy $69.43 million before the carnage began. Then, a cool $3.4 million in long positions got liquidated as the price twitched, effectively throwing gasoline on the sell-off fire. Funding rates have now flipped negative, first to –0.0023% and now to –0.0053%, signaling that the short sellers have parked their tanks on the lawn.

Price action showed all the support of a wet paper bag, as PIPPIN plummeted straight out of its $0.35-$0.40 consolidation zone with buyers nowhere to be found. Traders are now nervously eyeing the $0.15-$0.22 band as the next potential floor; a bounce from there might muster a test of $0.30-$0.35. For historical context, PIPPIN famously mooned from $0.18 to $0.93 in late February before giving back nearly all the gains, now sulking around its launch price of $0.204.

Capital is executing a textbook rotation, fleeing stalled AI-meme tokens like a sinking ship and piling into the Maxi Doge ($MAXI) presale, which has already vacuumed up $4.6 million. MAXI dangles high-APY staking rewards and, crucially, lacks PIPPIN's massive supply of traumatized bagholders waiting for any exit liquidity. This shift highlights a broader market migration from over-leveraged perpetual casinos to spot positions where the risk is at least somewhat comprehensible.

The bottom line is that PIPPIN’s collapse was a classic leverage-induced implosion, not a fundamental failure—though at this point, the distinction is academic for holders. With short funding negative and support crumbling toward the $0.18-$0.22 zone, the coin is strictly a venue for short-term masochism. Meanwhile, Maxi Doge has become the shiny new meme-coin magnet, soaking up all the capital desperately hunting for the next 100x copium hit.