- PIPPIN gained over 30% in 24 hours as traders raised manipulation concerns.
- Critics allege insider supply concentration and artificial trading volume.
- Exchanges and data platforms have not confirmed any wrongdoing.
The PIPPIN token rose sharply yesterday despite accusations from some traders claiming market manipulation. These claims involve concerns about concentrated supply, unusual trading, and exchange practices.
PIPPIN Extends Gains Despite Controversy
PIPPIN traded at approximately $0.497 at press time, recording a daily gain of more than 31%, according to market data. The token’s rally extends recent gains, including a rise of about 23% over the past week and more than 1,300% in the last month. Year over year, PIPPIN is up more than 5,000%.
The token’s reported market capitalization stands near $497 million, with a 24-hour trading volume of roughly $77 million. CoinMarketCap data lists PIPPIN’s total supply at just under 1 billion tokens, with nearly the full amount reported as circulating.
Traders Question Supply Structure
As the price climbed, several traders and market commentators raised concerns over PIPPIN’s supply dynamics. Critics allege that the token operates as a “low-float” asset, meaning much of the supply could be held by insiders even though it’s shown as circulating.
Crypto commentator Leonidas publicly urged CoinMarketCap to review PIPPIN’s listing. He argues that insider-held supply can make a token seem larger and more liquid than it really is, misleading retail investors who rely on headline data.
CoinMarketCap data currently reports that 100% of PIPPIN’s supply is in circulation. The platform has not commented on whether the circulating supply accurately reflects market availability.
Source: CoinMarketCap
Allegations of Artificial Trading Activity
Some traders have raised concerns about PIPPIN’s trading patterns, noting sudden price spikes followed by quick drops. One trader referred to the price action as “crime candles,” a term used informally to describe abrupt market reversals.
Critics also say market makers might be boosting trading volume to make the token look more in demand, though these claims haven’t been verified. Additional allegations involve funding rates and trading fees on certain platforms.
The trader also questioned the project’s development, claiming there have been few technical updates or ecosystem improvements in recent months. The PIPPIN team has not responded publicly to these claims.
Platforms Yet to Take Action
Several commentators called on Binance to investigate PIPPIN’s trading activity and consider enforcement measures if misconduct is confirmed. As of publication, Binance, CoinMarketCap, and other major platforms have not announced any action related to the token.
CoinMarketCap data lists PIPPIN with approximately 32,800 holders and a profile score of 44%, which reflects disclosure completeness rather than project legitimacy.
Related: pippin Price Prediction: PIPPIN Price Holds Bullish Structure as Open Interest Hits New Highs
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Source: https://coinedition.com/pippin-price-rockets-31-despite-controversy-and-scam-claims/
