PIPPIN, a meme coin built on the Solana blockchain, experienced a significant 26% price increase within 24 hours, reaching a trading price of $0.44. This surge propelled its market capitalization to a peak of $450 million. Currently, PIPPIN maintains a market cap of $440 million. Despite the impressive gains, ChainCatcher highlights that meme coins like PIPPIN are primarily driven by market sentiment and lack intrinsic value or practical use cases, advising investors to exercise caution.