Pippin (PIPPIN), a meme coin that runs on the Solana network, is up more than 30% weekly, bucking the market’s bearish trend.
Thanks to this momentum, it entered the top 100 by market capitalization and became the cryptocurrency with the highest gain this week within that group.
At the time of publication of this article, Memecoin is trading above $0.48as seen in the following graph.
Pippin was born A creative experiment by venture capital investor Yohei Nakajimathe creators of an autonomous agent called BabyAGI that can independently manage its tasks and goals.
Mr. Nakajima used ChatGPT 4 to generate the SVG images. This is a vector-based format that allows you to scale the image to any size without sacrificing the quality of the unicorn named Pippin and his personality and backstory.
This image has evolved into an autonomous AI agent that can post to X (Twitter), draw, interact, and live in a “simulated world.”
The community launched the token on Pump.fun, a meme coin creation platform. Mr. Nakajima publicly supported it by purchasing shares, giving it legitimacy within the Solana ecosystem.
The total supply amount is approximately 20 million yen. 1 billion tokens, approximately 999 million tokens, are in circulation.
What is the price of this asset?
Researchers from Bubble Map, an on-chain data research platform, warned that PIPPIN poses high risks to investors due to the concentration of tokens.A small group of insiders controls 80% of supplyworth $380 million. This suggests that prices may have been artificially inflated.
Bubble map identified by researchers 16 new wallets exhibiting suspicious behavior Similar to what was previously observed with PIPPIN.
These addresses appear to have been adjusted as they received funds from the HTX exchange on very tight deadlines. This suggests a systematic funding pattern.
It should be noted that HTX is one of the largest cryptocurrency exchanges on the market, previously known as Huobi, as explained by CriptoNoticias.
Furthermore, the researchers pointed out that: Each wallet received approximately the same amount of Solana (SOL)which strengthens the idea that these transfers were not random.
There was no previous activity on the account before these operations. the fact that This adds evidence that we can infer that they were created specifically for this purpose.
Finally, the wallet withdrew a large portion of its PIPPIN from a centralized exchange (CEX), perhaps to increase control over its tokens or prepare for strategic moves in the market.
For bubble map researchers, all of this points to the possibility of manipulation by coordinated groups. insiderincreasing the risk for other investors.
