#Solana行情走势解读 On-chain data reveals the truth: PIPPIN project in-depth analysis

Recently, I saw someone praising a certain Solana ecosystem project's operator as a "top-tier player." After reviewing on-chain data, I discovered something suspicious — the trading behavior of the top 100 addresses is extraordinarily consistent: only buying, never selling.

The reason behind this is worth pondering. Tokens like PIPPIN have most of their liquidity on-chain, but the liquidity on this chain itself is extremely tight. Once the operator wants to truly execute an exit, the slippage losses would be unbearable. The result is that chips become increasingly locked up, and fewer and fewer people dare to take them.

Even more interesting is the operating strategy — they're still aggressively pumping the market cap during a bear market, while firmly holding 80% of the chips themselves. In such a situation, how could institutional capital possibly feel confident entering? Without major players, retail investors can only engage in short-term momentum trading, with no real deep participation to speak of.

When it comes down to it, liquidity constraints + excessive chip concentration make these types of projects prone to the awkward situation of "all hype, no action." The market cap chart looks beautiful, but actual trading volume and capital depth are severely mismatched. For investors looking to participate in Solana ecosystem projects, these on-chain traces are worth taking a closer look at — data is always more honest than stories.