PIPPIN Token Performance and Holdings Investigation
Key conclusions
Based on on-chain data and market analysis, PIPPIN achieved a price increase of approximately 7-11 times (not 100 times) within a month , with its peak market capitalization indeed exceeding $240 million. On-chain analysis also shows that the collaborative wallet controls approximately 50% of the supply , indicating a risk of insider manipulation.
Price performance analysis
Verification of one-month price increase (November 3, 2025 - December 3, 2025)
| index | numerical values | Data source time (UTC) |
|---|---|---|
| Starting price (closing price on November 3) | $0.03179 | 2025-11-03 |
| Peak price | $0.243650 | 2025-12-02 |
| Actual increase multiple | 7.67 times | Based on the closing price on November 3 |
| Alternative calculation (November 22 low) | 11.4 times | Based on the low of $0.0213 to the high of $0.2437 on December 3. |
| 30-day increase | +558% (~6.6x) | As of December 3 |
Conclusion : The claim of a "100-fold increase in one month" is a serious exaggeration; the actual increase is in the range of 7-11 times , depending on the chosen starting point. (coingecko investing.com)
Price trend timeline
| Date (UTC) | higher price | Remark |
|---|---|---|
| 2025-11-03 | $0.03379 | Observation period start point |
| 2025-11-22 | $0.0213 | Lowest point within the cycle |
| 2025-11-24 | $0.0823 | First significant rise |
| 2025-12-01 | $0.1546 | Accelerated rise |
| 2025-12-02 | $0.243650 | Peak price |
| 2025-12-03 | $0.2437 | Maintain high level |
Its market capitalization surged from $20 million to $220 million in two weeks, with a single-day increase of up to 42.3% (December 2nd). coingeckox.com
Market capitalization data verification
Peak market capitalization calculation
Confirmed : Market capitalization peaked at over $240 million.
- Peak market capitalization : $243,700,000 USD
- Calculation basis: $0.243650 (peak price) × 999,938,389.83 (circulating supply)
- Date of achievement: December 2, 2025 (UTC)
- Current market capitalization: $211-218M (as of December 3)
- Historical comparison: It reached a peak of $319M in January 2025.
The total circulating supply is 999,938,389.83 PIPPINs, with no lock-up release plan. (coingecko [batch_search_by_surf])
Insider Holdings Investigation
BubbleMaps On-Chain Analysis Report (Published December 2, 2025)
Collaborative wallet cluster discovery :
| Cluster type | Wallet Quantity | Positions/Value | Supply share | Key features |
|---|---|---|---|---|
| Gate.io withdrawal wallet | 26 | $96M / 440M pieces | 44% | Centralized currency withdrawals on October 24th and November 23rd |
| HTX Funds Wallet | 56 | $19M / 90M pieces | 9% | Recent concentrated purchases |
| Total control | 82 collaborative wallets | $120M / 500M pieces | ~50% | New wallet creation, similar to SOL fund model |
cryptorank.io intel.bubblemaps.io
On-chain verification and cross-confirmation
Top 25 holders concentration : 57.18% of supply (data snapshot as of December) [moralis.io]
Evidence of collaborative patterns :
- All wallets are newly created addresses with no historical transaction records.
- The withdrawal time windows of the exchanges are highly consistent.
- Receive a similar amount of SOL as gas fee
- No on-chain sell-off occurred before the report was released.
Arkham data comparison :
- The Gate.io exchange entity holds 63.54M PIPPIN (5.69%).
- Of the top-level holders, 5 are exchanges, and the remaining untagged addresses match insider characteristics.
- Gate.io balance recently increased by +180%
arkm.com [arkhamintelligence.com]
Manipulation risk assessment
High-risk signal :
- The project team remained silent during the period of a tenfold increase in value within two weeks, and there were no official announcements .
- The whale exited with a profit of $3.74 million in December. [mexc]
- BubbleMaps has flagged this as a "high-risk manipulation" case and is continuously monitoring it. intel.bubblemaps.io
Community sentiment analysis
Key Narrative
Bullish view :
- It ranked among the top gainers in the fall season, with its market capitalization reaching a new high . (x.com)
- Defying market trends, it rose and broke through the $200M mark . (x.com)
Risk Warning :
- Insiders are creating buying pressure by hoarding supplies, enticing retail investors to buy more . (x.com)
- The project has not provided any updates since the beginning of this year, raising suspicions that the price manipulation is an internal operation . (x.com)
- On-chain wallets have begun to take profits and exit at high levels.
Influencer attitudes
| account | position | Key points |
|---|---|---|
| @frontrunnersx | Neutral warning | Based on the identified supply hoarding pattern and comparison with similar historical cases, investment in x.com is not recommended. |
| @gem_detecter | bearish | The project team's silence coupled with internal price manipulation suggests caution is advised . (x.com) |
| @CryptoRank_io | Data neutrality | Only price increase data is presented; no fundamental analysis is provided . (x.com) |
Comprehensive assessment
Query statement verification results
| statement | Verification results | Level of evidence |
|---|---|---|
| A hundredfold increase in one month | ❌False | High: 7-11 times in reality |
| Market capitalization peaked at over $240 million. | ✅True | High: Peak $243.7M |
| Insiders hoarded half of the total amount | ⚠️Highly suspected | Medium to high: Strongly suggests an on-chain model, but identity is not 100% confirmed. |
Risk Warning
- Concentrated holding risk : 50% of the supply is controlled by 82 collaborative wallets, posing a risk of concentrated selling.
- Project Transparency : No team updates since early 2025; lack of follow-up development after pump.fun's fair launch.
- Manipulation allegations : Multiple analytics firms, including BubbleMaps, have flagged this as a high-risk manipulation case.
- Profit-taking : The whale has already realized millions of dollars in profits at the high point.
Investment advice
Based on the high concentration and collaborative operation model shown in on-chain data, PIPPIN poses a significant risk of manipulation . Although its market capitalization has indeed exceeded $240M, the 7-11 times increase (not 100 times) coupled with the fact that 50% of the supply is suspected to be controlled by insiders should raise serious concerns among investors. Investors should be highly wary of such meme coins that lack transparency from the project team and fundamental support.
Data cutoff time : December 3, 2025, 02:38 UTC
Contract address : Dfh5DzRgSvvCFDoYc2ciTkMrbDfRKybA4SoFbPmApump (Solana)
Total supply : 999,938,389.83 PIPPIN (fully circulating)