On-chain analysis shows that PIPPIN's chip control is extremely high. As of December 16, 2025, the latest data indicates that the supply controlled by insiders has reached approximately 80%, worth about $380 million. This far exceeds the level of ordinary projects.

2. Operational Level: Manipulating Spot and Derivative Markets
Market manipulators achieve bidirectional price control through the following specific methods:

· Locking spot liquidity: Organizing large-scale token withdrawals from exchanges (such as Gate.io). Data shows that 26 related addresses withdrew tokens accounting for 44% of the total supply within two months. This results in very little freely tradable "float" in the market, making prices susceptible to small capital influence.
· Manipulating on-chain data to create false impressions: There was a short-term surge of 85% in active addresses on-chain, but these addresses exhibited abnormal behavior patterns, showing characteristics of "batch creation of collaborative wallets," which is not genuine user growth.
· Amplifying volatility using high-leverage derivatives: Market manipulators push extremely high trading volumes in derivatives markets (for example, daily derivatives trading once exceeded $3 billion) to generate market hype. By manipulating small fluctuations in spot prices, they can trigger mass liquidations of leveraged traders in the futures market to profit.