The author has opened a small, low-leverage long position on $PIPPIN, citing that the asset is currently 97% down from its all-time high with a market cap of approximately $30 million. The trade is based on high trading volume relative to market cap and the asset's availability on major exchanges like Robinhood and various perpetual contract platforms. The author anticipates a potential short-term 2x return or more, though warns of high volatility due to elevated funding rates on perps.