#PIPPIN pippin Shrouded in Dark Clouds Reposted from Binance Square
1. Event Overview
On December 2, 2025, blockchain analytics platform Bubblemaps exposed suspected insider manipulation of the PIPPIN token (a meme coin on Solana) on X. As of December 3, the incident continued to ferment, with no response or clarification from the team.
The report shows suspected insiders control 50% of total supply via linked wallets, worth about $120 million.
Specifically, 50 highly related wallets received similar SOL funds from HTX Exchange in a short period (with no prior on-chain activity) and collectively bought $19 million worth of PIPPIN tokens. Another 26 addresses withdrew $96 million worth of tokens from Gate Exchange in the past two months, accounting for 44% of total supply, with withdrawal peaks on October 24 and November 23. Most of these wallets are “fresh” addresses with recently injected funds, highly coinciding with recent price pumps.
PIPPIN's history is full of warnings: in 2024, the community token was launched based on AI-generated pony images by VC Yohei Nakajima. After Yohei's endorsement, FDV soared to $330 million, but quickly crashed by 90%.
Entering 2025, the project was nearly dormant, with no major news or team updates (no posts on X for 6 months), yet in the past two weeks, the price surged 10x, with the market cap rocketing from $20 million to $220 million.
This pump lacks fundamental support and, combined with concentrated insider holdings, strongly resembles a classic “rug pull” warning. Bubblemaps has submitted the case to the Intel Desk platform, urging the community to vote for an investigation.
As of December 3, market sentiment turned to panic, with many “time bomb” warnings and delisting calls on X.
2. On-chain Data Analysis
Bubblemaps’ Bubblemap visualization exposes PIPPIN’s extremely concentrated holding patterns: 50 purchasing wallets show highly coordinated fund flows (tight HTX injection window, similar SOL amounts, no historical activity), far from retail behavior, more akin to a single entity hoarding in bulk for later manipulation.
Similarly, 44% of supply was moved by 26 Gate withdrawal addresses on specific dates, with a high proportion of new wallets, suggesting pre-set dumping mechanisms.
These patterns match typical market manipulation: insiders accumulate cheaply, induce FOMO, then dump in bulk, leaving retail investors with huge losses.
Supply concentration above 50% (about 500 million tokens) is common in meme coins, but combined with recent pumping and the previous 90% crash, greatly increases "dead cat bounce" risk.
On-chain data shows no significant new inflows in the past two weeks, with price sustained mainly by leverage squeezes. Any small-scale insider sell-off could trigger a cascading collapse.
Overall, highly coordinated wallet clusters like these signal a liquidity trap—once triggered, prices could halve instantly.
3. Market Performance
As of December 3, 2025, PIPPIN's price hovered at $0.21–$0.22, up about 27%–29% in 24 hours, over 214% in seven days, with a market cap of about $220 million and $130 million in 24-hour trading volume.
However, these gains are built on an extremely fragile foundation: the RSI is at 92 (extremely overbought), MACD is positive but with increasing upper shadows, signaling imminent momentum exhaustion.
Open interest in derivatives rose 34% (to $56.5 million), but funding rates remain negative (-0.27% to -0.50%), with shorts dominating and long liquidation risk surging ($1.3 million long liquidations vs $3.8 million shorts in 24 hours).
Historical price review shows PIPPIN repeatedly “pumped and dumped”:
From the 2024 peak of $0.3186 crashing to a 2025 low of $0.0055, recently pumped from $0.02 to $0.22, but trading volume relies on leverage rather than organic demand.
Once insider selling starts, support is expected to be tested at $0.114–$0.125, then crash toward $0.055–$0.061 (September low), with losses of 30%–50%.
4. Community and Market Response
The Bubblemaps post drew wide attention and panic: users exclaimed, “Insiders control 50% of supply, worth $120 million—this is a time bomb,” calling on Binance and other exchanges to delist PIPPIN, even blacklisting HTX and Gate.
“Short squeeze may continue, but overheated RSI + unlocked supply will trigger a crash.” Other traders shared $3.65 million profit-taking cases, reinforcing the “smart money is exiting” narrative.
Chinese media like ChainCatcher reposted, emphasizing manipulation exceeding $115 million, with sentiment shifting from FOMO to regulatory concern, similar to multiple meme coin manipulation cases in 2024.
Community feedback shows lack of team response intensifies distrust: Yohei Nakajima has remained silent, the project’s X account has been dormant for half a year, and retail investors are starting to reflect on “buying tops and selling bottoms.”
Chances of regulatory intervention are rising. If the SEC or CFTC follows up, PIPPIN may face mandatory investigation, further crushing liquidity.
5. Outlook and Predictions
Given insider concentration, overbought signals, and previous crash patterns, the PIPPIN outlook is highly bearish. Both short-term (to December 15, 2025) and medium/long-term (end of 2025) face downward pressure, with the pump likely being the final “dead cat bounce.”
Short-term (to 2025-12-15)
High probability of insider dumping: negative funding rates attract shorts, combined with increasing upper shadows, expected to see a 10%–20% pullback after momentum fades, accelerating downwards past $0.175–$0.195 (25EMA support) toward $0.114–$0.125.
If the Bubblemaps investigation progresses or exchanges respond to delisting calls, price could dive directly to $0.055–$0.09, a 30%–50% loss.
Key monitoring: increased large on-chain transfers or sharp OI drops will confirm the collapse. Without clarification from the team, panic retail exits will amplify the decline.
Medium/Long-term (end of 2025)
As a non-utility meme coin, PIPPIN lacks sustainable catalysts, with predictions mostly bearish:
CoinCodex expects a year-end drop of 20.89% to $0.1679;
WalletInvestor projects as low as $0.1436;
LiteFinance/TradingBeasts average $0.1538 (-30%).
Concentrated supply and regulatory risk may erode market cap to below $50 million, even below $0.10.
A repeat of the historical 90% crash is highly likely. If the community fades or Yohei remains silent, long-term it could go to zero.
Risk warning: In this high volatility, any long positions risk total loss. Stop loss is advised below $0.175 to avoid chasing tops.
6. Conclusion and Recommendations
The Bubblemaps report reveals deep-rooted manipulation risks in PIPPIN, with the recent 10x surge in fact an insider-driven pump disguised as organic growth. Overbought conditions and concentrated supply signal an imminent crash.
Short-term selloff, mid-term regulatory hammer, and long-term lack of fundamentals will drag the price back to the lows.
Investors should treat this as a high-risk trap and prioritize risk avoidance: monitor on-chain selling and derivatives liquidation data, consider small short positions or stay on the sidelines.
Not investment advice—these types of meme coins are essentially zero-sum games where retail investors are likely to get burned.
![]()
