PiP (PIP): What It Is, Supply and Risks

PiP (PIP) is presented as a playful mascot token for the Hyperliquid ecosystem. Its project description focuses on friendliness, community identity and “liquid” themes rather than describing a specific financial or technical function. Public sources do not establish that PIP is required to use Hyperliquid, grants governance rights, or provides access to a product or service. It is therefore best understood from the information available as a meme-oriented crypto asset, not as a token with confirmed utility.

The name can be confused with “pips,” a trading term for small price movements, or with unrelated tokens that also use PIP as a ticker. Those are not evidence of a connection. Check the token’s network and contract details through reliable project channels before transferring or trading it. A matching name or ticker alone does not prove that an asset is the PiP discussed here.

PiP is listed as issued on Hyperliquid L1. It is not identified as a native token of any chain, so “issued on” should not be read as meaning that PIP is the network’s gas or staking token. The project description calls PiP a mascot of the Hyperliquid ecosystem, but does not specify a technical role, a governance process, or a dedicated application where the token must be used.

Before interacting with PIP, make sure your wallet and any exchange or app support the asset on the correct network. Sending a token to an incompatible network or address can result in permanent loss. Confirm the official contract details independently, and be wary of copycat tokens and messages asking you to connect a wallet or reveal a recovery phrase. The name alone is not enough to identify the correct asset.

PIP has a stated maximum supply of 1,000,000 tokens. The reported circulating and total supply are both about 786,094 PIP, leaving a difference between the reported circulating amount and the maximum supply. Public sources do not explain how or when any remaining tokens might enter circulation, so do not assume a particular release schedule.

As of 2026-11-05, PIP’s reported price was about $2.23, with a market capitalization and fully diluted valuation of about $1.8 million each. Reported 24-hour trading volume was about $8,230. These figures can change quickly and may differ across trading venues. The token’s reported historical high was $81.08 on 2024-12-16, and its low was $1.20 on 2025-12-31; past prices do not indicate what it may be worth in future. Treat market figures as a snapshot, not a forecast or a recommendation to trade.

PIP carries the risks common to small, meme-oriented crypto assets. Its market can be thin: the reported trading volume was modest relative to its market capitalization, which can make it harder to trade at a preferred price and can magnify price moves. Its stated purpose is largely community and mascot branding, with no specific utility confirmed. Interest, liquidity and token distribution may change, and you could lose some or all of the value you commit.

For storage, use a wallet that explicitly supports PIP on Hyperliquid L1, and verify the network and contract before receiving or sending tokens. Keep your recovery phrase offline and private; no legitimate support contact needs it. If you use a third-party custodian, consider its security and withdrawal rules. Do not rely on a token name or ticker alone, and avoid signing transactions you do not understand. These precautions reduce operational risks but cannot remove market or smart-contract risks.