⚡️$pippin suspected of internal manipulation (“net harvesting”), down around 40% in nearly 2 hours, market cap falls to $365 million

According to data from GMGN, the Solana-based meme coin PIPPIN has dropped about 30% over the past nearly two hours, with the current price at $0.342 and a total market capitalization of $365 million.

Blockchain analytics platform Bubblemaps reported today that insiders control up to 80% of the PIPPIN token supply, valued at roughly $380 million. Sixteen newly created wallets have been identified sharing identical behavior patterns: similar funding sources, receiving comparable amounts of $SOL , no prior transaction history, and withdrawing large amounts of PIPPIN from CEXs.

In addition, another group of 11 related wallets collectively holds around 9% of the total supply, with highly consistent fund flows and activity timing, raising suspicions that they are controlled by a single entity.

Most meme coins lack real-world utility and exhibit extreme price volatility, so investors should proceed with caution.