Bubblemaps: PIPEDOG experiences bundling sales, with a single entity controlling 50% of the supply

Foresight News reported that the on-chain data analytics platform Bubblemaps stated that there is a case of bundled sales with the exchange ecosystem Meme token PIPEDOG. A single entity controls 50% of the token's supply, has already sold tokens worth $1 million, and still holds $16 million worth of tokens that have not been sold.

According to disclosures from Bubblemaps, on July 29 PIPEDOG's trading volume at one point surpassed the previous largest Meme coin CASHCAT on the exchange platform, and its market capitalization also temporarily overtook it. Their investigation showed that between July 20 and 26, around 80 previously inactive wallets received funds through multiple centralized exchanges in a short time frame, then bridged to the exchange, and rushed to buy 54% of the token supply at issuance. The entity also attempted to transfer tokens from one wallet to another within a single transaction to hide the connection between them.