#大户持仓变化 PIPPIN suddenly plummeted 30%. What exactly happened behind the scenes?

This morning, I opened my trading app and my eyes widened—PIPPIN dropped 30% in just two hours, with a market cap evaporating nearly one billion. But what’s truly shocking isn’t the depth of the decline, but how concentrated the distribution of chips really is.

According to data from the on-chain analysis platform Bubblemaps, 80% of this project’s tokens are actually held by highly related wallets. More specifically, 16 identical wallets executed the same operation within the same time frame—mass withdrawal from exchanges. Then, 11 related wallets followed suit, controlling over 9% of the project’s circulating supply in total.

In other words, the vast majority of tokens in this market are circulating among the same group of participants.

You think you’re trading? Actually, you’re helping others generate volume. You think you’re chasing gains and cutting losses? It’s just a prearranged move in the script. The principle of three players coordinating and one taking the other’s place at the mahjong table also applies in the crypto market—those who lose money are always the ones with the least information.

This sudden drop in PIPPIN isn’t a technical correction; it’s a precise dump under conditions of extremely high concentration of chips. Based on a market cap of 365 million, this process has only just begun. As long as the tokens in hand haven’t been fully dumped, market panic will continue.

The underlying logic is actually quite brutal: in a market with extremely unbalanced chip distribution and complete information asymmetry, every retail investor’s decision is passive. Bottom-fishing might hit a knife’s edge, and rebounds are just illusions before the next round of dumping.

Crypto projects, especially early-stage Meme coins, inherently lack fundamental support. Their prices are driven solely by participant expectations and emotions. When chips are highly concentrated, these expectations and emotions are already scripted by the party with the dominant voice.

Remember this: you can’t earn more than your own cognition allows, but you can easily have your account wiped out beyond your understanding.