#Solana行情走势解读 On-Chain Data Reveals the Truth Behind Market Manipulation: An In-Depth Analysis of the PIPPIN Project

Recently, I saw someone praising a Solana ecosystem project as being managed by a "top-tier player." After reviewing on-chain data, I found some clues—transactions of the top 100 addresses are surprisingly consistent: only accumulating, never selling.

The reasons behind this are worth pondering. For tokens like PIPPIN, most liquidity is on-chain, but the liquidity on this chain is already tight. Once the market manipulators want to offload significant amounts, slippage losses become unbearable. As a result, the chips become more concentrated, and fewer people dare to buy.

Even more interesting is the manipulation strategy—during a bear market, they still push the market cap upward while themselves holding a steady 80% of the chips. With such a situation, how can institutional funds feel confident to enter? Large investors stay away, and retail investors can only engage in short-term trading, making deep participation impossible.

Ultimately, the combination of liquidity issues and overly concentrated chips makes these projects prone to the "praise but no attendance" awkward situation. The market cap chart looks good, but the actual trading volume and capital depth are severely mismatched. For investors interested in participating in Solana ecosystem projects, these on-chain traces are worth paying close attention to—data is always more honest than stories.