PIPPIN 面臨中心化警報，單一實體累積了 73% 的供應量

Fresh on-chain analysis has set off alarms around the Solana meme coin PIPPIN. Data shared by Front Runners shows that a single coordinated entity now controls roughly 73% of the total token supply. It is valued near $155 million at current prices. The entity operates through around 50 linked wallets. These wallets pulled funds directly from Gate and Bitget before building massive spot positions in PIPPIN

At least six confirmed wallets each placed buys worth $500,000 to $700,000. Those positions now sit between $5 million and $8 million per wallet. So far, none of these wallets has moved their tokens. Every wallet remains fully loaded. Traders now monitor these addresses closely, since any transfer could shake the entire market.

PIPPIN Price Explodes Over 1,000% as Supply Tightens

PIPPIN’s price action explains why this concentration matters. After trading near $0.019 in late November, the token surged almost vertically. Price hit a peak near $0.246 in early December, marking an eye-watering 1,100%+ rally in under two weeks. Before that, the token had already suffered deep volatility. Mid-October saw a collapse toward $0.002, followed by a violent rebound toward $0.055

That move already hinted at aggressive speculation. This latest move is different. Volume spiked alongside price. Futures markets on Binance also lit up with activity. The result is a classic supply choke scenario, where heavy spot accumulation starves the market of liquid tokens. With 73% locked in one entity’s control, even small inflows can now cause severe price distortions.

Front Runners Warn of a Leverage Death Loop

Front Runners described the current structure as a familiar trap. Their earlier note flagged the risk of a “leverage death loop.” The setup is simple but brutal. First, a small group corners suppliers. Then, price rises fast due to forced spot buying. That move attracts aggressive shorts. As the price keeps climbing, those shorts get wicked and liquidated. Each liquidation triggers more buying. The cycle feeds on itself.

They also flagged a separate wallet that flipped $200,000 into over 100% profit within days. That same wallet already rotated into another Solana meme coin. The pattern suggests systematic, high-speed capital cycling, not random retail trading. This environment becomes lethal once early holders decide to distribute.

Centralization Risk Now Dominates the Trade

Right now, PIPPIN trades less like a meme coin and more like a whale-controlled instrument. With one entity sitting on nearly three-quarters of the supply, the usual rules of price discovery no longer apply. If even 10% of those holdings hit the market, it could overwhelm spot liquidity. That would likely trigger forced long liquidations and cascade into sharp downside volatility. Currently, the price remains elevated because the wallets stay inactive. But silence itself has become the risk signal. Traders are not watching charts anymore. They are watching wallets and in this market structure, on-chain movement will matter more than technical patterns. The rally is real, the risk is just as real.