TechFlow, December 2 — According to Bubblemaps monitoring, PIPPIN tokens are suspected of market manipulation. Internal parties疑似of PIPPIN may control half of the token supply, worth $120 million.
Data shows that 50 linked wallets purchased $19 million worth of PIPPIN tokens, displaying clear signs of coordination: receiving similar amounts of SOL tokens around the same time and having no prior on-chain activity.
In addition, 26 addresses withdrew 44% of the PIPPIN tokens from CEXs within two months, amounting to approximately $96 million. Most withdrawals occurred on October 24 and November 23, with the associated wallets mostly newly created accounts.
Bubblemaps stated that based on analysis of timing, fund amounts, and funding patterns, these wallet activities are suspected of coordinated operations.
