As Pippin’s visibility increased, attention turned to on-chain data rather than price movement. Blockchain analytics platform Bubblemaps published an open case focused on token distribution and wallet behavior. The analysis does not claim fraud, but highlights potential structural risks linked to ownership concentration and transaction patterns.
According to Bubblemaps, insiders are estimated to control around 80% of the total PIPPIN supply, valued at roughly $380 million at recent prices. This level of concentration has drawn scrutiny given the token’s growing market presence.
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Identified Wallet Clusters
Bubblemaps reported two main wallet clusters connected to large PIPPIN holdings. The first includes 56 wallets that collectively acquired about $19 million worth of tokens. These wallets were funded from the same exchange, HTX, within short time windows and with similar amounts. Most had no visible on-chain history before receiving funds.
A second cluster consists of 26 wallets that withdrew approximately $96 million worth of PIPPIN from Gate. These withdrawals account for around 44% of the total supply. Many of these wallets were also newly created shortly before the withdrawals occurred.
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Coordination and Exchange Links
Further analysis pointed to signs of coordination between wallets. Bubblemaps identified a separate group of 11 wallets holding roughly 9% of the supply that appear to be linked through Bitget. Funding sources, timing, and transaction structure suggest these wallets may be controlled by a single entity.
Independent analysts reviewing the data also noted that several addresses may trace back to the original deployer, indicating that early holders could still retain significant control over circulating tokens.
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Transaction Behavior Under Review
In addition to supply concentration, analysts observed repeated transaction loops, where tokens move out of wallets and then return before being transferred again. Other wallets were seen moving or selling tokens at nearly the same times. Bubblemaps states that these patterns are uncommon for unrelated holders, but do not on their own confirm manipulation.
At the time of reporting, most large wallets identified in the analysis had not sold substantial amounts on-chain.
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Current Status of the Investigation
Bubblemaps’ Pippin case remains open on its Intel Desk platform and is described as having low community allocation, meaning further analysis depends on additional attention. The recent market activity has occurred without official updates or public statements from the project team.
The findings outline observable on-chain behavior and ownership structure, while questions around control and long-term distribution remain under review.
