[Analysis: Suspected PIPPIN insiders control half of the supply, valued at $120 million] Blockchain analytics platform Bubblemaps posted on X, stating that suspected PIPPIN insiders control half of the supply, valued at $120 million. It discovered that 50 related wallets purchased $19 million worth of PIPPIN tokens. These wallets share the following characteristics: they all received HTX funding within a short period, received similar amounts of SOL, and had no prior on-chain activity records. Additionally, it was found that 26 addresses withdrew $96 million worth of PIPPIN from Gate exchange within two months, accounting for 44% of the total supply. Most withdrawals occurred on October 24 and November 23, and the majority of wallets were newly funded. Over the past two weeks, the price of PIPPIN tokens has increased tenfold, with its market cap rising from $20 million to $220 million.