The Solana-based meme coin PIPPIN has suffered a sharp 35% price drop, erasing its gains for January. After climbing from $0.35 to a peak of $0.53 on January 5, PIPPIN's value has fallen back to $0.34, with its market capitalization now at approximately $340 million. This decline comes amid a generally positive trend in the Solana on-chain ecosystem. Investors are reminded of the inherent volatility in meme coins, which often depend on market sentiment and lack intrinsic value or use cases.