$PIPPIN Whale concentration alert: Over 80% of supply accumulated in internal addresses

【ChainNews】$PIPPIN has recently been performing well, but on-chain data reveals a potential concern.

According to monitoring from on-chain analysis platforms, the project’s internal addresses currently hold about 80% of the token supply, corresponding to a market value of nearly $380 million. In simple terms, the liquidity is actually locked in just a few addresses.

What’s more striking are the newly discovered abnormal signals—16 wallets identified so far all follow the same pattern: they are funded from HTX, receive similar amounts of SOL, have no transaction history, and then withdraw large amounts of PIPPIN from exchanges. This pattern is too consistent to be a coincidence.

Additionally, a group of 11 wallets linked to a major exchange were uncovered, holding about 9% of the total tokens. The fund movements and timing of these wallets are highly synchronized, strongly suggesting they may be controlled by the same entity.

In summary: the token distribution is highly concentrated, and there are clear signs of coordinated fund movements behind large holdings. For those interested in participating, these on-chain footprints are worth paying attention to.