Solana-Based PIPPIN Token Plummets 30% Following Bubblemaps Report on 80% Insider Supply Control

The Solana-based PIPPIN token fell 30% within two hours on December 16, trading at $0.372 with a $365 million market cap, according to GMGN data cited by BlockBeats. The drop followed a Bubblemaps report alleging insiders control about 80% of PIPPIN’s supply, worth roughly $380 million, spread across clusters of newly created wallets. BlockBeats warned investors about meme coin volatility and limited real-world utility, urging extreme caution.