PIPPIN Wealth Creation Myth! Early trader accumulation reveals 20x returns

Even as the crypto market faces volatility and corrections, individual traders continue to profit from high-conviction bets. On-chain data from Lookonchain shows that a Solana-based trader (wallet address BxNU5a) turned an initial investment of about $180,000 into approximately $3.6 million in less than two months by early accumulation of the AI proxy token PIPPIN, achieving a 20x return.

The Top 3 Drivers Behind PIPPIN’s 1400% Monthly Surge

PIPPIN soared from its early October baseline to the current $0.4229. Despite a roughly 10% pullback in the past 24 hours, it still rose nearly 30% week-over-week, and over 1400% month-over-month. This rebound is not an isolated event but the result of resonance among three forces.

First is the active accumulation by whale wallets. On-chain data shows whales have accumulated about $1.5 million worth of tokens and significantly withdrew from exchanges. Notably, over 44% of the circulating supply has been pulled back from trading platforms in recent weeks, tightening supply and further amplifying demand. When large amounts of tokens move from exchanges to personal wallets, it often indicates long-term holding rather than short-term trading, which is usually a bullish sign.

Second is rising retail interest. As an AI proxy token, PIPPIN taps into one of the hottest narratives for 2025. With AI technology increasingly integrated into blockchain applications, market enthusiasm for AI-related tokens continues to heat up. Although PIPPIN may not yet match top-tier projects in technical details and practical use cases, its early positioning and community engagement have attracted a large number of retail investors.

Third is the amplification effect of low liquidity. PIPPIN is traded on decentralized exchanges like Raydium, where liquidity depth is far less than major centralized exchanges. When buy orders flood in, prices can surge explosively. This liquidity characteristic is both an advantage (easy to push prices up) and a risk (easy to cause dumps). The trader was able to accumulate large positions early on at low prices because liquidity was extremely thin at the time—each $1,000–$3,000 trade could buy tens of thousands of tokens.

The Three Main Drivers Behind PIPPIN’s 1400% Surge

Whale Withdrawals from Exchanges: 44% of circulating supply moved to personal wallets, exchange inventories depleted, supply tightens, fueling rapid price increases

AI Token Narrative Boost: 2025’s hottest theme—AI combined with blockchain—attracts retail attention, with PIPPIN riding the wave

Liquidity Scarcity Amplification: Limited DEX liquidity allows small buy-ins to trigger explosive price surges

A Textbook-Style Batching Strategy

(Source: Lookonchain)

This trader’s success was not luck but the execution of a textbook batching accumulation strategy. On-chain data shows that the trader began building the position on October 24, executing a series of token swaps on Raydium, converting USDT into wrapped SOL (WSOL), then into PIPPIN.

The key is that “the wallet did not deploy all funds at once but accumulated tokens through multiple swaps.” DeFi activity records show each swap ranged from about $1,000 to $3,000, resulting in the purchase of approximately 8.15 million PIPPIN tokens at relatively low prices. This approach is very cautious and professional, avoiding the risk of pushing up prices with a single large buy.

The advantage of batching is averaging costs and risk control. Investing $180,000 all at once could push the buy-in price higher, and if the judgment is wrong, the loss would be the entire principal. Batching allows the trader to continuously assess project progress and market reactions, stopping if something seems off, with limited capital at risk.

More intelligently, the trader chose to accumulate during the early stages when liquidity was still scarce. The dollar value of these purchases was small at the time, but they accumulated a substantial position overall. DeFi records show that single trades captured tens of thousands of PIPPIN tokens, which would be nearly impossible after liquidity improves. The early entry window was very short, and wallet address BxNU5a precisely seized this opportunity.

The wallet has no recorded sell transactions, indicating the trader still holds the entire position. This “diamond hands” strategy has turned a paper profit from $180,000 to $3.6 million, but also entails significant correction risk. PIPPIN has pulled back about 10% in the past 24 hours; if larger sell-offs occur in the future, this trader might see profits evaporate.

The Deadly Hidden Risk of 70% Supply Concentration

However, this surge also comes with notable risks. Data shows that a single entity may control over 70% of PIPPIN tokens across multiple wallets, posing a sudden dump risk. Such concentration is common in early-stage projects but raises concerns about transparency in distribution and token control. If large holders start to exit, sentiment could reverse rapidly.

A 70% supply concentration is extremely high. It means PIPPIN’s price is almost entirely controlled by a few wallets, making the market depth very fragile. If this “single entity” decides to take profits and sell even 10% of its holdings, it could trigger a price crash. Worse, due to low liquidity, large sell orders might find no sufficient buy-side support, leading to slippage of 30–50%.

For wallet address BxNU5a, while the paper gains reach $3.6 million, actual liquidity and ability to cash out are another matter. Attempting to sell all 8.15 million PIPPIN tokens at once could crash the price, resulting in a final amount far below $3.6 million. This “paper wealth” dilemma is a harsh reality for all early small-cap investors.

Deeper risks concern the project’s sustainability. As an AI proxy token, PIPPIN’s actual application and technological innovation remain unclear. The current surge is mainly driven by speculative sentiment rather than fundamentals. If the AI narrative cools or more competitive projects emerge, PIPPIN could be quickly forgotten. Historically, many such “wealth creation myths” end in collapse, with early investors cashing out and latecomers holding the bag.

This case offers two key lessons. For investors seeking high returns, it demonstrates that early entry, batching, and patience can produce astonishing gains in extreme cases. But it also warns of potential traps like supply concentration, liquidity risks, and exit dilemmas. Before copying such strategies, investors must ask themselves: Can I afford to lose everything? Do I have the ability to identify genuine early opportunities? Can I withstand market volatility psychologically?

For current holders and potential buyers of PIPPIN, it’s crucial to recognize that a 1400% monthly surge is unsustainable. After prices skyrocketed from early levels, the risk-reward ratio has worsened. Late buyers may be providing liquidity for early holders to exit. Before participating, it’s essential to thoroughly research the project’s actual application, team background, token distribution, and community activity, rather than being solely attracted by the explosive rise.