$PIPPIN

Based on on-chain analysis and public data, PIPPIN's whale holdings are highly concentrated, and there are clear links between these addresses, strongly suggesting that the same entity (or insiders/project team) is controlling the market through position splitting.

🔍 Core Evidence: Collaborative Features of Related Wallets

1. Concentrated holdings and address connections

◦ Monitoring by blockchain analysis platform Bubblemaps shows that 50 related wallets were created in a short period, exhibiting obvious coordination:

◦ Funds all originate from HTX Exchange, with similar amounts of SOL received;

◦ No prior on-chain transaction history, classified as “new wallets”;

◦ Large withdrawals of PIPPIN from centralized exchanges, with highly synchronized operation times.

◦ Additionally, 11 wallets linked to Bitget hold about 9% of the supply, with fund flow patterns similar to the aforementioned 50 wallets, suspected to be controlled by the same entity.

2. Organized “Accumulation - Pump - Dump” pattern

◦ These related wallets increased holdings simultaneously when the price was low (around $0.155) in early February, completing low-cost accumulation;

◦ Subsequently, large buy-ins created a “bullish signal,” triggering retail FOMO and pushing the price from $0.155 to $0.736;

◦ After reaching the high point, they sold off in batches simultaneously, causing the price to rapidly fall from $0.652 to $0.436, then rebound back to $0.61. This intense volatility is typical of “pump and dump” operations.

3. Internal control of core supply

◦ On-chain data indicates that suspected PIPPIN insiders control about 80% of the token supply through these related wallets, with roughly half directly held by the core team or early investors. This extreme concentration of holdings gives a few entities absolute pricing power.

⚠️ Conclusion and Risk Warning

While there is no direct legal evidence of “market manipulation,” the distribution of holdings, trading patterns, and market performance all align with the characteristics of “single-entity position splitting and market control”:

• First, creating a wealth effect through concentrated holdings and pump tactics;

• Then, exploiting retail FOMO by selling in batches at high prices;

• Ultimately causing a price collapse, leaving retail investors as bagholders.

This pattern closely resembles the “harvesting” schemes seen in many meme coins throughout history. Investors should remain highly vigilant and avoid blindly following the trend.
$PIPPIN $PIPPIN