PIPPIN on Solana Falls 30% in Two Hours; Bubblemaps Says Insiders Control 80% of Supply

PIPPIN on Solana fell approximately 30% in two hours on Dec. 16, trading at $0.372 with a market capitalization of $365 million, GMGN data cited by BlockBeats show. Blockchain analytics platform Bubblemaps said insiders control 80% of the token's supply, valued at approximately $380 million. Bubblemaps identified 16 newly appeared wallets showing similar funding sources, receiving comparable amounts of SOL, having no prior transaction history, and executing large PIPPIN withdrawals from centralized exchanges, with activity clustered on Solana and consistent patterns across addresses; another linked set of 11 wallets holds approximately 9% of total supply, with fund flows and time windows highly consistent and suspected to be controlled by the same entity. BlockBeats reminded users that meme coins typically have no real use cases and exhibit significant volatility, advising investors to exercise caution.