PIPPIN's internal trading manipulation suspected of "rug pull," plummeting by approximately 30% to a $3.65 billion market cap in just under 2 hours

BlockBeats News, December 16, according to GMGN data, the Solana-based Meme coin PIPPIN plummeted by about 30% in the past 2 hours, with the current price at $0.372 and a total market cap of $3.65 billion.

Blockchain analytics platform Bubblemaps today stated that the tokenomics of PIPPIN indicated that insiders control 80% of the token's supply, valued at around $3.8 billion. There are 16 newly emerged wallets exhibiting the same pattern, with similar fund sources, receiving a significant amount of SOL, no prior transaction history, and making large PIPPIN withdrawals from CEX. Additionally, there is another group of 11 associated wallets holding approximately 9% of the total supply, with fund movements highly synchronized over time, suggesting control by the same entity.

BlockBeats reminds users that Meme coins often lack practical use cases, experience significant price volatility, and investment should be approached with caution.