A new on-chain analysis has raised alarm bells around Solana’s meme coin, PIPPIN. Data shared by Front Runners shows that a single coordinated entity now controls approximately 73% of the total token supply. It is valued at around $155 million at current prices. The entity operates through around 50 linked wallets. These wallets withdrew funds directly from Gate and Bitget before creating massive spot positions in PIPPIN.
At least six confirmed wallets each made purchases worth between $500,000 and $700,000. Those positions now sit between $5 million and $8 million per wallet. So far, none of these wallets have moved their tokens. Each wallet remains fully charged. Traders are now closely monitoring these addresses as any transfer could shake up the entire market.
PIPPIN Price Soars Over 1000% as Supply Reduces
PIPPIN price action explains why this concentration is important. After trading near $0.019 in late November, the token rose almost vertically. The price peaked near $0.246 in early December, marking a spectacular rally of over 1,100% in less than two weeks. Before that, the token had already suffered deep volatility. In mid-October there was a collapse towards $0.002, followed by a violent rally towards $0.055.
A group of wallets adjacent to the equipment has effectively cornered the $PIPIN supply.
This "entity" now controls 73% of the supply (~$155 million) after continued withdrawals from GateIO and Bitget.
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… pic.twitter.com/fVrISELCgi– Frontrunners (@frontrunnersx) December 3, 2025
That measure already hinted at aggressive speculation. This last move is different. Volume skyrocketed along with price. The futures markets on Binance also lit up with activity. The result is a classic supply choke scenario, where a large spot buildup deprives the market of liquid tokens. With 73% locked under the control of one entity, even small entries can now cause serious price distortions.
Favorites Warn of Deadly Leverage Cycle
Front Runners described the current structure as a family trap. Your previous note pointed out the risk of a “leverage death cycle.” The setup is simple but brutal. First, a small group corners the suppliers. The price then rises rapidly due to forced spot purchases. That movement attracts aggressive sellers. As the price continues to rise, those short positions become evil and liquidated. Each sale triggers more purchases. The cycle feeds on itself.
They also pointed out a separate wallet that turned $200,000 into more than 100% profits in a matter of days. That same wallet has already become another Solana meme currency. The pattern suggests a systematic, high-speed capital cycle, not random retail trading. This environment becomes lethal once the first holders decide to distribute.
Centralization risk now dominates trading
Right now, PIPPIN is being marketed less as a meme coin and more as a whale-controlled instrument. With one entity holding almost three-quarters of the supply, the usual pricing rules no longer apply. If even 10% of those holdings hit the market, it could overwhelm spot liquidity. This would likely lead to long-term forced liquidations and lead to strong downward volatility. Currently, the price remains high because wallets remain inactive. But silence itself has become a sign of risk. Traders no longer look at charts. 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 equally real.
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