Bubblemaps: 80% of PIPPIN's supply is controlled by insiders, worth approximately $380 million.
TL;DR
Bubblemaps reports that insiders control 80% of PIPPIN's supply, valued at $380 million, with suspicious wallet patterns indicating coordinated control by a single entity.
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According to Foresight News , blockchain analytics platform Bubblemaps tweeted that insiders now control 80% of the PIPPIN token supply, worth approximately $380 million. Sixteen new wallets with identical operating patterns have emerged: receiving funds from HTX in a very short time; receiving similar amounts of SOL; having no prior activity; and withdrawing large amounts of PIPPIN from CEXs.
In addition, there exists another group of 11 associated wallets, collectively holding approximately 9% of the total supply; this cluster is connected via Bitget. The coordinated PIPPIN fund outflow and inflow patterns suggest that these wallets are controlled by a single entity.