Bubblemaps Reveals PIPEDOG Token Concentration and Dumping by a Single Entity

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On-chain analysis by Bubblemaps reveals that a single entity controls 50% of Robinhood’s PIPEDOG token supply. The entity has sold $10 million worth of tokens and still holds $160 million. Between July 20 and 26, 80 new wallets received funds via centralized exchanges before acquiring 54% of the token supply at launch. The Fear & Greed Index for PIPEDOG remains elevated, as the entity attempted to obscure its activity by transferring tokens in a single transaction. PIPEDOG’s trading volume and market capitalization briefly exceeded those of CASHCAT.

ChainThink reports that on July 30, according to a post by the on-chain data analysis platform Bubblemaps, the Robinhood ecosystem meme token PIPEDOG is subject to bundled sales, with a single entity controlling 50% of its supply.

This entity has already sold tokens worth $1 million and still holds $16 million in unsold tokens.

Bubblemaps stated that on July 29, PIPEDOG's trading volume briefly surpassed that of Robinhood's previous largest meme coin, CASHCAT, and its market cap also briefly exceeded it.

Its survey found that between July 20 and 26, approximately 80 previously unrecorded wallets received funds through multiple centralized exchanges within a short time window, then bridged to Robinhood and purchased 54% of the token supply at launch.

The entity also attempted to transfer tokens between wallets within the same transaction to obscure the connection.

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