Bubblemaps: PIPEDOG Holdings Highly Concentrated, Single Entity Controls 50% of Supply

TechFlow News, July 30, on-chain analysis platform Bubblemaps stated that $PIPEDOG trading activity has risen rapidly recently, with trading volume at one point surpassing that of the popular meme coin $CASHCAT in the Robinhood ecosystem, and briefly exceeding it in market capitalization.

Bubblemaps stated that between July 20 and 26, approximately 80 wallets were funded by multiple centralized exchanges within a similar time window, subsequently bridged to Robinhood, and sniped approximately 54% of $PIPEDOG upon the project's launch. Analysis suggests these addresses may belong to the same entity, which has currently sold approximately 1 million USD worth of tokens but still controls approximately 16 million USD worth of positions, making the concentration risk worth noting.