Yesterday, PIPPIN tokens soared despite accusations from some traders alleging market manipulation. These claims include concerns about concentrated supply, unusual trading, and exchange practices.
PIPPIN expands profits despite controversy
According to market data, PIPPIN was trading at around $0.497 at the time of writing, marking a daily increase of over 31%. The token's rise extends recent gains, including gains of about 23% over the past week and more than 1,300% in the last month. Year-over-year, PIPPIN is up over 5,000%.
The token has a reported market capitalization of nearly $497 million, with a 24-hour trading volume of approximately $77 million. According to data from CoinMarketCap, the total supply of PIPPIN is reported to be just under 1 billion tokens, with almost all of it in circulation.
Traders question supply structure
As the price rose, several traders and market commentators expressed concerns about PIPPIN's supply dynamics. Critics argue that the token is operated as a “low float” asset, meaning that much of the supply may be held by insiders, despite being shown to be in circulation.
Cryptocurrency commentator Leonidas publicly urged CoinMarketCap to reconsider listing PIPPIN. He argues that insider-held supply can make tokens appear larger and more liquid than they actually are, potentially misleading retail investors who rely on headline data.
According to CoinMarketCap data, PIPPIN's supply is currently reported to be 100% in circulation. The platform does not comment on whether circulating supply accurately reflects market availability.
sauce: coin market cap
Suspicion of artificial trading activity
Some traders have expressed concerns about PIPPIN's trading patterns, noting the sudden price spike followed by a rapid decline. One trader called this price move a “criminal candle.” This is a term used informally to describe a sudden reversal in the market.
Critics also point out that market makers may be increasing trading volumes to increase demand for the tokens, but these claims have not been verified. Additional claims include funding rates and transaction fees on certain platforms.
The trader also questioned the project's development, claiming there have been few technical updates or ecosystem improvements in recent months. The PIPPIN team has not publicly responded to these claims.
Platforms that haven't taken action yet
Several commentators called on Binance to investigate PIPPIN trading activity and consider enforcement action if fraudulent activity is confirmed. At the time of publication, Binance, CoinMarketCap, and other major platforms have not announced any actions related to the token.
According to CoinMarketCap data, PIPPIN has approximately 32,800 holders and a profile score of 44%, which reflects the completeness of disclosure rather than the legitimacy of the project.
Related: Pippin Price Prediction: Pippin price maintains bullish structure as open interest reaches new highs
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