What Is Happening with PIPPIN Token? Bubblemaps Flags Potential Wallet Concentration Risks

Blockchain analytics platform Bubblemaps which posted highlighting concerns over the PIPPIN token’s supply distribution amid its ongoing price rally.

According to Bubblemaps’ on-chain analysis, internal or connected addresses now control approximately 80% of the total supply—valued at around $380 million. The firm identified suspicious patterns, including 16 new wallets exhibiting identical behavior (receiving similar SOL amounts, no prior history, and large PIPPIN withdrawals from centralized exchanges) and a separate cluster of 11 wallets holding about 9% of supply with highly synchronized funding and timing. These findings suggest potential control by a limited number of entities, raising questions about decentralization and manipulation risks in the meme-inspired token.

Bubblemaps’ Key Findings on PIPPIN Wallet Clusters

Bubblemaps’ visualization and clustering tools revealed two main groups:

• Linked Cluster: 16 wallets showing uniform patterns—no transaction history, receiving near-identical SOL deposits, and extracting large PIPPIN volumes from CEXs.
• Associated Cluster: 11 wallets with consistent funding flows and timing, collectively holding ~9% of supply.

Combined with previously flagged addresses, this pushes estimated concentrated holdings to ~80% of total supply (~$380M value).

• Concentration Level: ~80% in suspected internal/connected wallets.
• Value at Stake: ~$380 million.
• New Wallets Since Last Report: 16 with identical behaviors.
• Risk Implication: Potential for coordinated dumps or limited true circulation.

Why Wallet Concentration Matters for PIPPIN Price Action

PIPPIN has seen sustained upward momentum, attracting retail interest as a community-driven or meme token. However, high concentration in few wallets—especially those tied to exchanges or showing clustered behavior—can indicate:

• Reduced liquidity for retail traders.
• Heightened dump risk if entities decide to sell.
• Questions over organic demand vs. controlled supply.

Such patterns are common red flags in on-chain analysis for potential rug pulls or manipulation, though not conclusive proof.

• Price Context: Rally continues despite warnings.
• Analytics Tool: Bubblemaps specializes in bubble maps for cluster visualization.
• Community Reaction: Mixed—some dismiss as FUD, others urge caution.

Broader Context in Meme Token and Altcoin Markets

2025 has seen renewed meme token activity, often driven by social media hype and low-float dynamics. High wallet concentration is a recurring theme in rapid pumps, with analytics firms like Bubblemaps and Lookonchain frequently flagging similar clusters. Investors typically weigh these against fundamentals (or lack thereof) in speculative assets.

• Common Pattern: Exchange-linked wallets accumulating before rallies.
• Risk Awareness: Tools like Bubblemaps aid transparency.
• Regulatory Note: No direct accusations; purely on-chain observations.

In summary, Bubblemaps’ December 18, 2025, analysis flags ~80% of PIPPIN supply (~$380M) potentially controlled by clustered wallets, amid the token’s price surge. While highlighting risks of concentration, findings are observational—urging due diligence in high-volatility meme tokens. Monitor on-chain tools like Bubblemaps for updates, and approach speculative assets with thorough risk assessment and secure practices.