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Bubblemaps Alleges Insider Market Manipulation in PIPPIN Token
12/02/2025, 14:06
AI SUMMARY
●Bubblemaps flags PIPPIN token for potential manipulation by connected wallets
●Cluster of addresses controls ~44% of supply, valued at roughly $96 million
●Analysis shows coordinated accumulation and withdrawals from exchanges
On-chain analytics firm Bubblemaps has issued a warning regarding the PIPPIN token, citing evidence of potential market manipulation. The analysis identified a cluster of 50 connected wallets that purchased $19 million worth of tokens, alongside 26 addresses that withdrew approximately 44% of the supply from exchanges.
The firm noted that these withdrawals, valued at roughly $96 million, occurred primarily on specific dates, suggesting coordinated activity. Such high concentration of supply in connected wallets raises concerns among analysts about the risk of a sudden sell-off.