Liquidations Erase $200M From PIPPIN's Market Cap
The Solana-based meme coin PIPPIN plummeted on March 17, with its price falling as much as 52.8% and wiping out approximately $200 million from its market capitalization. The sharp decline, which pushed the token's price toward $0.19, knocked it out of the top 200 cryptocurrencies by market value. This move occurred while trading volumes surged over 300%, indicating widespread panic selling. The crash stood in stark contrast to the broader market's stability, where Bitcoin held above $73,000.
A cascade of forced liquidations was the primary driver of the collapse. An estimated 3.4 million leveraged long positions were erased, triggering waves of automated selling that intensified the downward pressure. This created a vicious circle where falling prices forced more liquidations, pushing the price even lower.
Capital Flees to New Meme Coins as $0.35 Support Fails
The selling pressure was compounded by traders rotating capital away from PIPPIN and into newer, trending meme coins and presale opportunities on the Solana network. This swift shift in trader focus drained liquidity and buying support for PIPPIN. The collapse also served as a sharp correction following a speculative rally in late February, where the token's price had climbed from $0.18 to a high of nearly $0.93 without strong fundamental backing.
From a technical standpoint, the token decisively broke its previous consolidation zone between $0.35 and $0.40. With sellers in full control, the next significant support level is now projected in the $0.15 to $0.17 range, where buyers might attempt to stabilize the price. A failure to hold this level could see the price decline further toward $0.10 in the coming trading days.
Edgen Crypto·Mar 17 2026, 17:51
