Bubblemaps: PIPPIN insiders have controlled 80% of the supply, valued at approximately $380 million

Blockchain analysis platform Bubblemaps tweeted that the token supply controlled by insiders of the PIPPIN token has reached 80%, valued at approximately $380 million.

A new emergence of 16 wallets exhibits the same pattern, with similar funding sources, receiving a comparable amount of SOL, no prior trading history, and large withdrawals of PIPPIN from CEX. Additionally, there is another group of 11 associated wallets that collectively hold about 9% of the total supply, with fund flows highly consistent with the time window, suspected to be controlled by the same entity.