Analysis: PIPPIN insider addresses control 80% of the supply, or may be controlled by a single entity.

Bubblemaps points out that since the last disclosure, 16 new wallets have emerged with the same pattern (funded by HTX, receiving similar amounts of SOL, no history, and withdrawing large amounts of PIPPIN from CEX); another group of 11 wallets associated with Bitget has been identified, holding a total of about 9% of the supply, with highly consistent fund flows and time windows, suspected to be controlled by the same entity.