Analysis: PIPPIN's internal addresses control approximately 80% of the token supply, suggesting it may be controlled by the same entity.

Bubblemaps posted on the X platform that the price of PIPPIN continues to rise, but claims that internal addresses currently hold approximately 80% of the supply, worth about $380 million. 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 large withdrawals of PIPPIN from CEXs); 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, suggesting they are controlled by the same entity.