Blockchain analytics platform Bubblemaps said Robinhood ecosystem meme token PIPEDOG shows signs of bundled selling, with a single entity controlling 50% of the token’s supply. According to the firm, that entity has already sold about $1 million worth of tokens while still holding roughly $16 million that has not been sold. Bubblemaps also said PIPEDOG’s trading volume briefly surpassed CASHCAT, previously Robinhood’s largest meme coin, on July 29, and its market capitalization also moved ahead for a time. In its investigation, the platform said around 80 wallets with no prior activity record received funds through multiple centralized exchanges during the July 20-26 period, then bridged to Robinhood and bought 54% of the supply at launch. Bubblemaps added that the same entity also tried to move tokens from one wallet to another within a single transaction in an attempt to obscure the connection.
Blockchain analytics platform Bubblemaps said Robinhood ecosystem meme token PIPEDOG shows signs of bundled selling, with a single entity controlling 50% of the token’s supply.
According to Bubblemaps, the entity has already sold $1 million worth of tokens and still holds another $16 million that has not been sold.
PIPEDOG briefly moved ahead of CASHCAT
Bubblemaps said PIPEDOG’s trading volume briefly exceeded CASHCAT on July 29. CASHCAT had previously been the largest meme coin on Robinhood. The platform added that PIPEDOG’s market capitalization also briefly overtook it.
About 80 wallets were identified in the buying activity
Its investigation said that from July 20 to July 26, around 80 wallets with no previous activity record received funding through multiple centralized exchanges within a short time window, then bridged to Robinhood and bought 54% of the token supply at launch.
Bubblemaps also said the entity tried to transfer tokens from one wallet to another within the same transaction to hide the connection.
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