'Up 1680% this month' PIPPIN embroiled in centralization controversy…"80% of the supply owned by insiders"

An analysis has raised concerns that most of the meme coin PIPPIN's tokens are concentrated in insider wallets. The token has drawn investor attention after surging in price this month, but analysts warn of potential insider sell-offs.

On the 16th (Korean time), on-chain analytics firm Bubblemaps tweeted on X (formerly Twitter) that "about 80% (about $380 million) of PIPPIN's total supply is controlled by a small number of insider wallets," adding that "the situation is more serious than previously estimated."

Earlier, Bubblemaps pointed out on the 2nd of this month that PIPPIN had jumped about 1000% in a short period, but insiders still held roughly half of the supply at that time.

Bubblemaps said, "Further analysis identified 16 new wallets showing similar patterns," and that "these wallets received funding from the exchange HTX at short time intervals, received the same amount of Solana (SOL), and then withdrew large amounts of PIPPIN to centralized exchanges."

Bubblemaps also identified "an additional cluster of 11 wallets holding about 9% of PIPPIN's supply," noting that "these wallets are linked via Bitget, and considering the organized token outflows and funding patterns, they are likely controlled by a single entity."

As of 10:01 PM that day, PIPPIN was trading at $0.5187, up 32.89% from the previous day. This is about 1683% higher than the previous month.