Bubblemaps: PIPPIN token suspected of market manipulation involving over $115 million.

According to Mars Finance, Bubblemaps monitoring suggests that PIPPIN tokens may be subject to market manipulation. Data shows that 50 linked wallets purchased $19 million worth of PIPPIN tokens. These wallets exhibit clear signs of coordination: receiving similar amounts of SOL tokens around the same time and having no prior on-chain activity. Furthermore, 26 addresses withdrew 44% of PIPPIN tokens, worth approximately $96 million, from the centralized exchange (CEX) within two months. Most of these withdrawals occurred on October 24th and November 23rd, and the wallets involved were mostly newly created accounts. Bubblemaps states that based on the timeline, amount of funds, and fundraising methods, these wallet activities are suspected of being coordinated.