On-chain security analysis — is it a scam or legit?
SolanaThe Pippin SPL token mint exhibits a high concentration of tokens among its top 10 holders, who control 71.74% of the total supply, posing a significant risk of price manipulation.
Read the full analysisEach factor is an on-chain fact recorded at the time of this analysis. The score is computed from them by a deterministic function, so the same contract returns the same score for anyone who runs the audit. How scores are computed
Holder balances as recorded by the audit of Sep 22, 2026
The 5 remaining pairs hold $30 between them and are not listed. The risk score reads depth across every pair.
The LP tokens of the analysed pool are not locked or burned, so whoever holds them can withdraw that liquidity.
Top 10 token accounts hold 71.74% of supply. Coordinated sell-off would crash price; single-whale dumps are common in this range.
Exercise caution due to significant control by a small number of holders.
Unresolved
The Pippin SPL token mint exhibits a high concentration of tokens among its top 10 holders, who control 71.74% of the total supply, posing a significant risk of price manipulation. Key authorities such as mint and freeze are revoked, indicating a fixed supply and unfreezable accounts. While detailed holder distribution data from chain-native RPC was unavailable, the top 10 holder percentage was obtained from other security sources.
The Pippin token is an SPL token operating under the spl-token program (v3). Both the mint authority and freeze authority have been revoked, ensuring that no new tokens can be minted and no existing accounts can be frozen. The token is not configured with Token-2022 extensions such as permanent delegate, transfer hooks, or default frozen account states, nor does it have mutable balances or metadata. This indicates a standard, immutable token configuration regarding its core functionalities.
The token exhibits a high concentration of ownership, with the top 10 token accounts holding 71.74% of the total supply. This level of concentration introduces significant governance and economic risk, as a coordinated sell-off by these large holders could severely impact the token's price. Despite this, the token has substantial liquidity, with $3,264,821 USD available, and a normal 24-hour volume to liquidity ratio of 0.08, suggesting organic trading activity rather than wash trading. The pair has been active for 639 days, providing a reasonable track record.
The token's core parameters are fixed due to the revocation of both mint and freeze authorities, meaning no further tokens can be created and no accounts can be frozen. The metadata is also immutable, preventing changes to the token's name, symbol, or image post-launch. As an SPL Token v3 mint, it does not support Token-2022 specific upgradeable features like transfer fee or transfer hook upgradability, ensuring a stable and predictable token configuration.
Prospective holders should carefully consider the significant holder concentration, as a small number of entities control a large portion of the token supply.
Monitor on-chain movements of the top holders to anticipate potential large sell-offs. While mint and freeze authorities are revoked, the risk of market manipulation from concentrated ownership remains.
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