PIPPIN Token: Insiders Control 80% of Supply Worth $380M as Bubblemaps Flags Coordinated Wallet Clusters
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COINOTAG News, citing blockchain analytics platform Bubblemaps, notes that the PIPPIN token circulating supply under insider control is approximately 80%, valued at about $380 million. This concentration could impact on-chain liquidity and governance dynamics for the project.
The report documents 16 newly identified wallets displaying a consistent pattern: similar SOL funding, no prior on-chain history, and substantial PIPPIN withdrawals from a CEX, a signature of coordinated activity in some cases.
Additionally, a second cluster of 11 connected wallets holds about 9% of the total supply, with fund flows and timing that align with the first group, implying potential linkage to the same entity and warranting ongoing monitoring.