While Bitcoin and the cryptocurrency market are experiencing a downturn, the altcoin Pippin has seen a 32% increase in the last 24 hours.
Bitcoin (BTC) and the cryptocurrency market are experiencing another sharp decline, continuing the downward trend that has been ongoing since October.
At this point, BTC dropped below $86,000, while other altcoins, including Ethereum (ETH), also experienced significant declines.
However, some altcoins have attracted attention with their gains amidst the decline. In this regard, the memecoin Pippin (PIPPIN) has recorded a 32% increase in the last 24 hours.
According to the data, the altcoin PIPPIN has experienced a massive surge in value recently. In the last month, the token has gained over 1600% in value.
Despite the lack of any major news, partnership announcements, or listings for PIPPIN, its price has seen a significant increase in just two months.
While PIPPIN has attracted attention with its rapid rise, on-chain analytics firm Bubblemaps has warned of the possibility of internal selling pressure.
Bubblemaps analysts said that approximately 80% of PIPPIN’s total supply is controlled by a small number of insiders.
“Approximately 80% of PIPPIN’s total supply (around $380 million) is controlled by a small number of wallets with insider information. This is a more serious issue than previously anticipated.”
Bubblemaps stated that detailed analysis revealed they had identified 16 new wallets exhibiting similar patterns, with these wallets receiving funds from the HTX exchange at short intervals, purchasing the same amount of Solana (SOL), and then withdrawing large amounts of PIPPIN to centralized exchanges.
Bubblemaps also added that they identified an additional cluster of 11 wallets holding approximately 9% of the PIPPIN supply. According to the analysis, these wallets are interconnected via Bitget, and given their token issuance and funding patterns, they are likely controlled by a single entity.
Aside from Bubblemaps analysts, ChainCatcher also advised investors to be cautious about the price, emphasizing that despite its impressive rise, PIPPIN’s price is primarily driven by market sentiment and lacks intrinsic value or practical use cases.
In conclusion, although PIPPIN experienced an impressive rise in a short period, analysts are warning investors that insider selling could occur and the price could suffer a major crash.
