PIPPIN hits $0.35 record on December 10 as short bets surge and crash fears mount

On December 10, PIPPIN, an AI agent-themed memecoin, rallied to a new high near $0.35 after rebounding from lows of $0.01 and topping its earlier $0.24 peak. Trading on Raydium and Gate, alongside $135M in futures open interest with more than 72% of positions short, has raised questions about how sustainable the move is and whether the market is being pushed around. Large holders have already booked multi-million dollar profits, while funding rates on Binance have turned negative amid rumors of a future listing and the circulation of scam airdrop links.