Make way for Frodo, Lord of the Ring!

Looking ahead a bit, I see Pippin’s greeting to the newly-recovered Frodo:

“Here is our noble cousin! Make way for Frodo, Lord of the Ring!”​
I hadn’t thought much about it before but, in the spirit of this class, I’m rereading it with fresh eyes and asking, why did Pippin say that? Not why did he make up a silly title to cheer his friend; that’s very much in Pippin’s character. But why “Lord of the Ring”? Frodo hasn’t talked overmuch about the Ring with the other hobbits, and when he has it’s always been in negative terms: how dangerous it is, what a burden, must keep it secret, etc. So why not a more positive title? At Crickhollow, the company cheered “Captain Frodo”, but if that is no longer superlative enough for Pippin, there are now other possibilities:
  • “Master of the Road”
  • “Slayer of Wights”
  • “Defier of Nazgûl”
Pippin seems to have chosen the most ominous element of their adventures for Frodo’s new sobriquet!

While we’re at it, is “our noble cousin” a friendly jab at Frodo’s wealthy but relatively lowborn social standing? Frodo probably doesn’t care, but Pippin is the sort of mildly snobbish guy that would make a point of such things.
 
I guess the question is whether it's coincidence or intentional - is it an accidental use of a real but unknown title of the Enemy, or is it a deliberate joke in very bad taste?
 
Another way to read this is high praise from Pippin, rather than just hobbitry. The Lord of the Ring (note the singular) is the one who has triumphed over the One Ring and brought it safely to Rivendell. Sauron, on the other hand, aspires to the plural — the ruler of all of the Rings and the peoples who, through them, can be dominated.

I suspect that Pippin’s only failing here is that he doesn’t realize that Frodo’s burden is far from over.
 
After this line, Gandalf grouching talks Pippin down, and Pip says something to the effect of Gandalf speaking like that often of late. Gandalf doesn’t strike me as one to be often proffering high-priority information, but it could be he had let mention something about Sauron or the “Lord of the Ring” in Pippin’s presence. Out-of-place to speak of Sauron in general conversation in Rivendell of all places, but c’mon, these are hobbits, and they aren’t exactly short of curiosity and questions.
 
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