Odd question about tires

I was looking at still pic's of my car going down the strip and as much as 100-150 feet out the sidwalls are still wrinkled. Is this a problem with inflation? or is it a problem at all? The tires are MT ET Steets 28x13.50x15 and I was running them at 12lbs, the car weighs 3150 with me in it. Am I DRAGGING an under inflated tire down the strip?

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