BubbleMaps has issued a strong caution to cryptocurrency enthusiasts regarding the meme coin $PIPPIN, advising them to exercise extreme care or avoid it entirely. In a recent statement shared on the official BubbleMaps X account, the token, which has experienced a significant surge in value, was described as a "ticking time bomb."
BubbleMaps characterized the memecoin as a "dead meme" that unexpectedly "pumped 1,000%." Further details revealed that "insiders control half the supply, worth $120M."
The narrative of $PIPPIN, according to BubbleMaps, began in 2024 when the community launched it in response to a venture capitalist known as Yohei on X, who had posted an AI-generated unicorn image named "pippin."
Yohei also reportedly endorsed the memecoin post-launch. The token reached a fully diluted valuation (FDV) of $330 million before experiencing a 90% decline, failing to maintain degen attention. By 2025, BubbleMaps asserts that the token was largely written off by the community and remained that way for most of the year.
However, over the past two weeks, $PIPPIN's price has surged tenfold, increasing its market capitalization from $20 million to $220 million. This rally occurred despite a lack of major news, team updates, or social media activity on X in recent months.
Why $PIPPIN Could Be a Ticking Time Bomb
BubbleMaps claims to have identified up to 50 interconnected wallets that collectively purchased $19 million worth of $PIPPIN. The platform indicated that these wallets appeared to have been funded by HTX within narrow timeframes, received similar amounts of Solana (SOL), and had no prior on-chain activity.
Additionally, 26 addresses that withdrew 44% of $PIPPIN from Gate.io over two months, valued at $96 million, were also flagged. BubbleMaps observed that the majority of these withdrawals took place on October 24 and November 23, with most of the involved wallets being newly funded.
"The timing, amounts, and funding patterns suggest these wallets were coordinated," BubbleMaps stated, adding that the case has been escalated to their Intel Desk for a community-voted investigation.
This significant warning from BubbleMaps aligns with the general sentiment circulating on Crypto Twitter. The abruptness of the price surge continues to influence perceptions, but voices of reason are already emerging amidst the activity, drawing attention to the token's financial metrics and the substantial volume of insider involvement.
One user commented that a price crash was inevitable, while another, who believes the peak has been reached, predicted a significant dump to the $60 million range. Meanwhile, the project team has maintained silence, and even the character that inspired the meme coin has remained quiet.
BubbleMaps Sounds Insider Trading Alarm Similar to Past Cases
The situation with $PIPPIN mirrors a common pattern observed within the memecoin sector. A separate case, currently subject to litigation, involves the HAWK token, reportedly launched by Hailey Welch, famously known as the "Hawk Tuah girl" who gained viral fame from a TikTok meme.
At the time of its launch, Welch promoted the token as her official project, stating that 10% would be locked for the team and vested over three years, 3% would be burned into liquidity pools like Meteora and Raydium, and the remainder would be allocated to presale and the community.
The token debuted with a $20 million FDV and rapidly surged to a market cap of $490 million–$500 million within minutes, generating significant fear of missing out (FOMO) among retail investors seeking quick profits. This proved to be a trap, as hours after its launch, the $HAWK token plummeted by over 95%, settling between $25 million and $40 million.
Similar to its assessment of the $HAWK token, BubbleMaps has again flagged the frenzied $PIPPIN rally. The initial warning regarding Hawk Tuah was issued minutes after its launch, followed by an update concerning insider control and manipulation risks.
While the situation with $PIPPIN differs slightly in that it is a meme that has persisted for over a year, BubbleMaps remains convinced that manipulation is at play and a significant sell-off is imminent.