Analysis: Suspected PIPPIN insiders control half of the supply, worth $120 million.

PANews reported on December 2nd that blockchain analytics platform Bubblemaps published an article on its X platform claiming that suspected insiders control half of the PIPPIN supply, worth $120 million. They discovered that 50 linked wallets purchased $19 million worth of PIPPIN tokens. These wallets share the following characteristics: they all received HTX funding within a short period, received similar amounts of SOL, and had no prior on-chain activity. Furthermore, they found that 26 addresses withdrew $96 million worth of PIPPIN from the Gate exchange within two months, representing 44% of its total supply. Most withdrawals occurred on October 24th and November 23rd, and most of these wallets were newly funded. In the past two weeks, the price of PIPPIN tokens has increased tenfold, with its market capitalization rising from $20 million to $220 million.