PIPPIN internal operations suspected of closing the net, dropping about 30% to a market value of $365 million in nearly 2 hours

The Meme coin PIPPIN on the Solana chain has dropped about 30% in the last 2 hours, with the current price at $0.372 and a total market cap of $365 million.

Blockchain analysis platform Bubblemaps stated today that 80% of the PIPPIN token supply is controlled by insiders, valued at approximately $380 million. Sixteen new wallets have emerged with the same pattern, similar funding sources, receiving comparable amounts of SOL, no prior trading history, and large withdrawals of PIPPIN from CEX. Additionally, there is another group of 11 associated wallets that collectively hold about 9% of the total supply, with fund flows highly consistent in timing, suspected to be controlled by the same entity.

According to ChainCatcher, Meme coins generally have no practical use cases, and their prices are highly volatile, so investment should be approached with caution.