Bubblemaps: PIPEDOG Bundling Sales, Single Entity Controls 50% of Supply

On-chain data analysis platform Bubblemaps has pointed out that the Robinhood ecosystem's meme token PIPEDOG is involved in bundling sales, with a single entity controlling 50% of the token's supply. Currently, tokens worth $1 million have been sold, while tokens worth $16 million remain unsold. Bubblemaps disclosed that on July 29, PIPEDOG's trading volume briefly surpassed that of Robinhood's previous largest meme coin, CASHCAT, and its market capitalization also temporarily exceeded it. Investigations revealed that between July 20 and 26, approximately 80 wallets with no prior activity records acquired funds through multiple centralized exchanges in a short period, subsequently cross-chain transferring to Robinhood, where they purchased 54% of the supply at the token's issuance. This entity also attempted to transfer tokens from one wallet to another in the same transaction to obscure the connection.

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