# Bubblemaps Updates > Learn everything you need about Bubblemaps. Sign up to our updates for free DeFi content, insights, and crypto investigations! Public Ghost content for AI and LLM tooling. This file includes a bounded export of public pages first, then recent public posts. Append `.md` to any post or page URL to get the content in Markdown (for example, `/example-post.md`). ## Pages _No public content available._ ## Posts ### The market is back and so are the... URL: https://blog.bubblemaps.io/the-market-is-back-and-so-are-the/ Last updated: 2026-09-03T17:07:12.000Z The market has been on an upwards trend recently, immediately attracting certain opportunists. One of them is Waka Flocka Flame, who, for some reason, started attacking "FOMO", an emerging app for trading memecoins. [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/09/chrome_mKP0PLO4MP.png)](https://x.com/WakaFlocka/status/2089769642755813580?ref=blog.bubblemaps.io) We made sure to [remind him](https://x.com/bubblemaps/status/2090095159686156568?s=20&ref=blog.bubblemaps.io) of his own "data manipulation" era. In case the investors' loss of funds that followed his token launch had been forgotten. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/09/flocka-email.png) --- ## Can't wait to receive pension We all hope to receive a pension one day. The problem is when it's bundled and we lose money on it. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/09/pensionusdt-email.png) X account "pensionusdt" launched a bundled token recently after getting attention from claiming he is on a $49M win streak on Hyperliquid trades. On June 27, he launched $PENSION and shared the CA with his followers. 60% of the supply was sniped and immediately sold, netting \~$60k profit. Minutes later, over 80 fresh wallets bundled the token, selling later for \~$1.5k profit each. Pensionusdt claimed he only had 30% and would hold it but the price dumped for over 98% within 24 hours. Diamond hands? [Dig into $PENSION ](https://x.com/bubblemaps/status/2090485134126706891?s=20&ref=blog.bubblemaps.io) --- [What’s the Difference Between Bundle & Cluster?Two terms that look similar on a crypto bubble map,but reveal very different things about a token’s health and holder structure.![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/icon/em-logo2-e594fe6d-a3cd-4c42-a484-65a51fe47ef5.png)Bubblemaps UpdatesBubblemaps![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/thumbnail/blog-image-cluvsbun-c311e963-127b-4a3e-a2b7-e83024660b68.png)](https://blog.bubblemaps.io/whats-the-difference-between-bundle-cluster-2/) --- ## All eyes on $PONS and... ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/09/catalorian-clusters-email.png) Left: The bubble map of $CATALORIAN at the time of launch. Right: The price chart of $CATALORIAN. $CATALORIAN? If you have heard of one of them, it would probably have been $PONS. $CATALORIAN was heavily sniped at launch by over 8000 wallets. The entity tried to hide the connections but our Time Nodes have uncovered the connection. Those wallets were constantly selling, plummeting the price for over 75% within 6 hours. Unlike $CATALORIAN, $PONS is dominating the field of [generating fees](https://x.com/bubblemaps/status/2094870418859651123?s=20&ref=blog.bubblemaps.io) from their launchpad. They've generated more than Robinhood + BNB Chain + Solana combined in the last 24 hours. [$CATALORIAN post](https://x.com/bubblemaps/status/2091841861426331887?s=20&ref=blog.bubblemaps.io) --- ## A sophisticated balance exploit on Cosmos ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/09/nes-email.png) Attackers usually make millions by exploiting vulnerabilities. This one, luckily, only stole $60k even though they initially stole $50M worth in $NES. The exploiter(s) bought \~$250k of $NES and bridged it to Nesa Chain, then exploited a bug to inflate that balance by 200x and bridged $50M of $NES back to ETH. The attackers sent the tokens across a network of wallets and swapped $NES to $ETH on DEXs, which was later deposited into CEXs. However, liquidity was quickly removed out of LPs and most of the attackers' swaps suffered extreme slippage losses. In the end, they spent $255k on the attack and sold for $315k. What was supposed to be $50M, turned into only $60k in the end. A bittersweet ending. [Read thread](https://x.com/bubblemaps/status/2092613204396650888?s=20&ref=blog.bubblemaps.io) --- ## Robinhood's first neobank? ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/09/gwood-email.png) The pitch... Robinhood's first neobank. The catch? A bundled $GWOOD token. The token was heavily sniped at the beginning (\~60% of the supply). All of the wallets were initially funded 3 days before the launch, having received similar amounts from Binance. They spent \~$37k, which is now worth $5M. The team claimed it was just a sniper, who they're actively negotiating with to retrieve the tokens. What do you think? [Full thread](https://x.com/bubblemaps/status/2094857426927525943?ref=blog.bubblemaps.io) ### Top 5 Research Tools in Crypto URL: https://blog.bubblemaps.io/top-5-research-tools-in-crypto/ Last updated: 2026-08-28T18:41:02.000Z In the world of crypto, effective research separates informed decisions from expensive mistakes. Traders, investors, and investigators rely on good platforms to analyze onchain data, track money, visualize token distributions, monitor blockchain activity and market fundamentals. Whether you focus on due diligence for new tokens, wallet-level intelligence, custom analysis, or macro cycles, the right tools turn the sometimes fuzzy crypto data into actionable insights. Below are the top 5 research tools in crypto as of 2026: ## 1\. Bubblemaps Website: [bubblemaps.io](http://bubblemaps.io/?ref=blog.bubblemaps.io) Bubblemaps is the premier visual on-chain intelligence platform. It transforms complex holder data into easy-to-understand bubble maps, with each bubble representing a wallet, sized by its token holdings, and lines reveal connections between them. Clusters of the linked wallets instantly highlight concentration, insider activity, snipers, or coordinated behavior that traditional holder lists and explorers don't provide. *Key features*: - Interactive bubble maps for top holders across multiple chains (Ethereum, Solana, BNB Chain, Base, Arbitrum, Tron, and more) - Magic Nodes for detecting hidden wallet links - Time Travel for historical snapshots of token distribution - Intel Desk for community-driven investigations powered by $BMT - Deep integrations with popular platforms like DEXScreener, CoinGecko, Etherscan, DexTools, and others *Strengths*: Extremely intuitive and fast for pre-trade due diligence. Free usage makes high-quality supply analysis available to anyone. Excellent at spotting rugs, insider clusters, and abnormal distributions before price moves. *Limitations*: Focuses primarily on holder visualization and clustering rather than broad smart-money labeling or custom queries. *Best for*: Token research, rug checks, launch analysis, and anyone who wants to see ownership structure at a glance. It has become essential infrastructure for retail traders and investigators alike. ## 2\. Nansen Website: [nansen.ai](http://nansen.ai/?ref=blog.bubblemaps.io) Nansen specializes in wallet labeling and smart-money tracking. With hundreds of millions of labeled addresses, it identifies exchanges, funds, market makers, and high-performing wallets so users can follow what experienced capital is actually doing. *Key features:* - Extensive wallet labels and Smart Money segments - Real-time flow tracking, alerts, and dashboards - Multi-chain coverage with AI-enhanced signals - Token and NFT analytics *Strengths*: Unmatched depth in entity labeling and actionable signals for trading. Simplified pricing in 2026 (Pro around $49/month annual) has made it far more accessible. *Limitations*: Steeper learning curve than pure visual tools; advanced features require a subscription. *Best for*: Following smart money, portfolio monitoring, and identifying high-conviction wallets. ## 3\. Arkham Intelligence Website: [arkm.com](https://arkm.com/?ref=blog.bubblemaps.io) Arkham focuses on entity attribution, linking blockchain addresses to real-world people, organizations, and institutions, while providing powerful graph visualizations of fund flows. *Key features*: - Entity database and interactive transaction graphs - Cross-chain tracing and investigation tools - Intel Exchange marketplace for community intelligence - Free core access with premium unlocks *Strengths*: Excellent for answering “who is behind this wallet?” Strong free tier and investigative depth. *Limitations*: Less specialized in pure token-supply clustering compared with visual-first platforms. *Best for*: Investigations, fund tracing, and entity-level research. ## 4\. Dune Analytics Website: [dune.com](http://dune.com/?ref=blog.bubblemaps.io) Dune is the go-to platform for custom on-chain research. Users write SQL queries against decoded blockchain data or leverage thousands of community-built dashboards covering almost any metric imaginable. *Key features*: - Full SQL access to multi-chain data - Massive library of public dashboards - API and export capabilities - AI-assisted query tools *Strengths*: Maximum flexibility and transparency. Ideal for reproducible, deep-dive analysis. *Limitations*: Requires SQL knowledge (or willingness to adapt existing queries); less “plug-and-play” than visual tools. *Best for:* Custom research, protocol metrics, and analysts who need exact answers not available in pre-built dashboards. ## 5\. Glassnode Website: [glassnode.com](http://glassnode.com/?ref=blog.bubblemaps.io) Glassnode delivers institutional-grade on-chain metrics focused on market cycles, particularly for Bitcoin and Ethereum. It tracks holder behavior, exchange flows, realized profits/losses, and network health indicators. *Key features*: - Advanced metrics (SOPR, NUPL, HODL waves, realized cap, etc.) - Exchange flow and miner data - Alerts and research reports - Expanding altcoin coverage *Strengths*: Best-in-class for macro and cycle analysis. Highly regarded by institutions and long-term investors. *Limitations*: Heavier focus on major assets; less useful for individual altcoin or memecoin holder forensics. *Best for*: Understanding market structure, cycle positioning, and long-term investor behavior. ## Conclusion No single tool covers every research need. The strongest workflows in 2026 combine Bubblemaps for rapid visual supply audits, Nansen or Arkham for wallet intelligence and attribution, Dune for custom queries, and Glassnode for macro context. Start with Bubblemaps when evaluating any new token. Its visual clarity often surfaces red flags that other platforms only reveal after deeper digging. Cross-check findings across tools, verify on block explorers, and always treat on-chain data as one input among many. Mastering these platforms turns crypto’s transparent ledgers into a genuine research advantage. ### Onchain insights: $CATE, BitMEX's last chapter & 29 wallets moving the market URL: https://blog.bubblemaps.io/onchain-insights-cate-bitmexs-last-chapter-29-wallets-moving-the-market/ Last updated: 2026-09-03T16:55:41.000Z ## The $CATE Saga $CATE launched July 26, inspired by an Instagram post from Kabosu Mama (the original DOGE dog owner). She clarified she had no link to the token. A community takeover led by @PoorGoat\_ pushed it to $70M FDV. The holder base: 74,863 wallets. The profit breakdown: ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/08/catemapchart.png) [Read thread](https://x.com/bubblemaps/status/2084351241648562406?s=20&ref=blog.bubblemaps.io) 25 wallets controlled 19% of supply. The question we asked: *"How long will they hold?"* Same day. 29 wallets sold $660,000 at the same minute. $CATE dropped 70% in one candle. The full list of 29 wallet addresses was posted in the thread. > [Sell-off thread](https://x.com/bubblemaps/status/2084386193635237952?ref=blog.bubblemaps.io) --- ## Robinhood Chain Watch The chain is 40 days old. Two sides of the same coin. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/08/rh-bundle.png) **The Bundles** - **$VLAD**: Vlad Tenev's account was likely hacked. $VLAD was 70% bundled when the tweet went out. \~10 wallets funded from Relay 2 hours prior, bought within minutes, already selling. > [Map](https://v2.bubblemaps.io/map/BeKGzfma1c9k3FsNzdlB?ref=blog.bubblemaps.io) - **$ARROW update**: The cluster we flagged at launch has now sold $600k. $ARROW is down over 95%. The cluster is still active. > [Update thread](https://x.com/bubblemaps/status/2080639401999376688?ref=blog.bubblemaps.io) - **$PIPEDOG**: The biggest runner on Robinhood, briefly overtaking $CASHCAT. One entity controls 50% of supply via \~80 wallets. Funded from multiple CEXs in tight windows, no prior activity, sniped 54% at launch. They tried to hide the links by routing tokens in the same transaction. Time Nodes still connected the wallets. $1M already sold, $16M still held. > [Map](https://v2.bubblemaps.io/map/VSgNO842O8916IBT2nsj?ref=blog.bubblemaps.io) \- [Intel Desk case](https://intel.bubblemaps.io/cases/99/bundled-launches-on-robinhood-chain-pipedog?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/08/image.png) **The Other Side** 50 traders have passed $1M in profits on Robinhood. One new millionaire per day. The chain is 40 days old. Last month's data showed 37% of wallets were profitable on the top 50 memecoins. > [Thread](https://x.com/bubblemaps/status/2084319034166939703?ref=blog.bubblemaps.io) **Is This Organic?** A cluster of fresh wallets bought $2.7M of $CASHCAT overnight. The token went 2x. Wallet 0x3ad3 bought $1.1M just before the pump, then distributed tokens to 3 other wallets. Two more fresh wallets (0x70fd and 0xf33f) bought $300k and $1.3M within minutes and within an hour. Neither had any prior transaction history. Both still hold everything. > [Map](https://v2.bubblemaps.io/map/gNFUC0kRmM8o7nFYYb16?ref=blog.bubblemaps.io) --- ## The Sniper **$MARS: $800 into $1,000,000** ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/08/marscoin.png) $MARS launched a week ago, inspired by an old CZ and Elon Musk conversation. Listed on Binance Alpha. Reached $60M market cap. Wallet 0xd2ab sniped 2.7% of supply for $865 in the first minute. First purchase at a $9k market cap. Sold part of the bag for $250k. Still holds $980k. The full position is now worth $1.8M. Up 1,250x. 0xd2ab was the 7th wallet to buy. Other early buyers included @frankdegods and @rasmr\_eth, but 0xd2ab was the only top-50 early buyer to hold past day 1\. > [Map](https://v2.bubblemaps.io/map/fuxIyMGtOmCM1Ojrymqt?ref=blog.bubblemaps.io) \- [Live map](https://v2.bubblemaps.io/map?address=0xfe189e97832da1573e4e4ff034f4ffc3a15c7777&chain=bsc&ref=blog.bubblemaps.io) --- ## The Fumble **$EPIK: 6% for $4,000** 'rektmando' created $EPIK live on stream in 2024 as a joke. The token faded. He retweeted about it. It exploded. One wallet (5Qk5aE) bought 6% of supply at launch for $700\. Sold minutes later for $4.7k. That position is now worth $1.2M. > [Map](https://v2.bubblemaps.io/map/F0d0KLrmg7VpzvRdUkJN?ref=blog.bubblemaps.io) \- [Post](https://x.com/bubblemaps/status/2082131156544446736?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/08/epiksniper.png) --- ## Industry Watch: **BitMEX Shutdown** BitMEX closes on September 23, 2026\. Arthur Hayes' exchange invented the perpetual swap. 0 customer funds lost to hacks in 11+ years. $BMEX dropped 95% on the news. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/08/bitmexshutdowm.png) The tokenomics: 92% of $BMEX was locked in a vesting contract. Only 8% was distributed at launch (5% airdrops, 3% product and LP). Of the locked supply, only one claim ever occurred: 63.75M $BMEX from the Product and Liquidity address in November 2022\. Employee Incentives, Ecosystem Growth, and Long-term Reserve were never distributed. 75% of $BMEX was meant for employees, ecosystem, and reserves. It was never distributed. > [Thread](https://x.com/bubblemaps/status/2080322988420059310?ref=blog.bubblemaps.io) --- ## 📊 Supercharge Your dApp ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/08/Sell-API-C-edit2.png) Suitable for launchpads, terminals, dashboards and more. **Fenix L** "*Pulled movement data on 500 wallets in seconds. Docs are clean, had it integrated within an afternoon.*" Set up you own API access in mere minutes. Give your products the edge! [Buy here](https://pro.bubblemaps.io/api/plans?ref=blog.bubblemaps.io) --- Thanks for reading, Bubblemaps Team ### Robinhood trenches, $11M gone, and 164k traders later URL: https://blog.bubblemaps.io/robinhood-trenches-11m-gone-and-164k-traders-later/ Last updated: 2026-09-03T17:01:22.000Z ## Bubblemaps X Robinhood You asked. We shipped it. Robinhood Chain support is live in beta on Bubblemaps V2\. Track holder distribution, spot whales, and uncover wallet connections from day one. - Time Travel: see how any token's bubble map looked at any point in its history - Magic Nodes: instantly surface hidden wallet clusters and funding patterns - Full integration with the rest of the V2 toolkit [**Try the beta**](https://v2.bubblemaps.io/robinhood?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-7.png) --- ## Recent Investigations ### 80% Bundle on Robinhood Chain (ARROW) $ARROW is a lending protocol on Robinhood Chain. Launched on July 4, it climbed to a $30M market cap, the #2 runner on the chain behind $CASHCAT. The on-chain map told a different story: 200 wallets, all funded by the same source (0x0a5…6a6c), all with no prior EVM activity, all sniping in the first 3 minutes. Several other large clusters sat alongside them. Together, 80% of supply. [Read our thread](https://x.com/bubblemaps/status/2075227044867416430?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-8.png) --- ### **The Robinhood trenches are brutal** ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-10.png) Pulling the numbers on the top 50 Robinhood memecoins: 164,538 traders, 63% lost money, 37% made money. Three examples: - $CASHCAT: clean distribution, no major clusters - $CASHDOG: heavily bundled via one-time contracts used to fund holders - $TENDIES: fairly decentralized, no major clusters [Read our post](https://x.com/bubblemaps/status/2078456049422733596?s=20&ref=blog.bubblemaps.io) --- ### **The 'willllliam' fumble: $1M+ missed on $CASHCAT** A wallet (0xbec2) bridged to Robinhood Chain on June 18, two weeks before $CASHCAT launched publicly. Bought 0.5% of supply for $1.2k. Sold after a price dip. Missed $1M+. The on-chain trail: 0xbec2 < 0x5046 < wmurphyv.eth, an ENS matching William's site and socials. He seems to be taking it well. Better luck next time! ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-9.png) [Read post](https://x.com/bubblemaps/status/2076753006515855628?s=20&ref=blog.bubblemaps.io) --- ## The World Cup bet Two weeks ago we flagged gud.hl, the trader who realized \~$1M on $TRUMP and put it all in on Argentina to win the World Cup. Last night, one match away from the $11.2M payout, Spain won. This trader went to zero. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/argentinabet.png) [View post](https://x.com/bubblemaps/status/2078902721164480978?ref=blog.bubblemaps.io) --- ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/intel-desk-em.png) Submit intel to us! Have you seen a wallet, a token, or a KOL that smells off? [Submit a case to Intel Desk](https://intel.bubblemaps.io/?ref=blog.bubblemaps.io) --- Thanks for reading & stay safe (on all chains!), Bubblemaps Team ### The Whale of Shiba Inu URL: https://blog.bubblemaps.io/the-whale-of-shiba-inu/ Last updated: 2026-07-21T12:48:29.000Z When a single wallet buys 10% of a token's circulating supply for less than the cost of a used car, the story usually ends one of two ways. The holder exits. Or the position becomes part of crypto folklore. The Shiba Inu whale cluster chose the second path, and Bubblemaps has been tracking it from the start. ## The original trade In the second half of 2020, wallet 0x1406 quietly accumulated 103 trillion $SHIB for 38 ETH, roughly $10,000 at the time. Five years later, that same position has been worth as much as $5 billion in a single wallet, and is currently valued above $2.5 billion across the cluster's full footprint. The return on the original bet now sits somewhere north of 21,000x, putting it in the running for the largest single trade in crypto history. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-5.png) ## 2021: Dodging the radar To stay safe (and likely under the radar) he split it into 14 addresses in November 2021. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-6.png) ## January 2023: Bubblemaps puts the cluster on the map ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-3.png) [Our first thread](https://x.com/bubblemaps/status/1616492228565663774?ref=blog.bubblemaps.io) on the $SHIB whale dropped on January 20, 2023\. At the time, the cluster controlled 10% of the supply and was worth just over $1 billion. The thread laid out the funding path from the deployer wallet through 0x1406 and asked the obvious question. What does it mean when one entity holds this much of a token? The reception was louder than expected. Replies poured in pointing at "@Shibtoshi\_SG" as the likely owner, and a SquidGrow-aligned community rallied around the holder as a "diamond hands" archetype. One person even claimed ownership of the wallets and asked us to take the thread down. They offered no proof, so we kept it up. ## September 2023: cluster tries to disappear By September 28, 2023, the wallet structure had changed. The cluster had begun fragmenting its holdings across newly created addresses, a textbook obfuscation move when a large holder realizes they are being watched. We mapped [the new layout](https://x.com/bubblemaps/status/1707429043749224554?ref=blog.bubblemaps.io) and showed how the cluster's footprint shifted from a handful of obvious wallets to a wider, harder to read web. The pattern was unmistakable: smaller balances, more addresses, less signal in the top-holder list. Only *Magic Nodes*, our tool for surfacing hidden links between wallets, made the cluster visible as a single entity. ## March 2024: $2 billion and counting When $SHIB rallied 250% in a single week at the start of 2024, the cluster's value jumped back above $2 billion. By that point, the holdings had spread from a handful of wallets to over 170 addresses. [We documented](https://x.com/bubblemaps/status/1764716055543390616?ref=blog.bubblemaps.io) the new structure and called attention to the fact that, despite all the splitting, the cluster had not meaningfully sold. ## November 2024: the $2.5 billion snapshot ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-4.png) Our final deep dive, on November 19, 2024, confirmed what the on-chain data had been suggesting for nearly two years. The cluster was still holding the vast majority of its original $10,000 investment. Holdings had migrated from 0x1406 to a network of around 150 addresses, Magic Nodes made the underlying concentration visible yet again. [The thread](https://x.com/bubblemaps/status/1858919223919083798?ref=blog.bubblemaps.io) also resurfaced a striking detail from the original post. At peak, a single address in this cluster held roughly $5 billion worth of $SHIB before the split. ## Where the cluster stands today The cluster in question is currently holding 8.51% of $SHIB at the time of writing, down from the 10% we first documented but still enormous by any measure. The slight reduction reflects routine on-chain movement rather than a coordinated exit. Across more than four years of observation, the holder has not sold a meaningful slice of the original 103 trillion $SHIB position. ## Why this case still matters The $SHIB whale cluster is one of the cleanest real-world examples of why on-chain transparency tools exist. A single entity quietly accumulated a controlling share of a top-20 token, tried to obscure the holdings once the structure was exposed, and has now spent more than four years holding the bag. None of that was visible from price charts or token-unlock calendars. It was only visible because every transfer left a public fingerprint. For Bubblemaps, this is a benchmark case. It stretches across the full lifecycle of our coverage: discovery, identification, obfuscation, persistence. If you want to explore the current state of the cluster yourself, the interactive maps linked in the threads above are the best starting point. ### Onchain insights: Ansem, $LAB unlocks & paper-hand PTSD URL: https://blog.bubblemaps.io/onchain-insights-ansem-lab-unlocks-paper-hand-ptsd/ Last updated: 2026-07-10T10:43:52.000Z The $ANSEM saga dominated the market lately: airdrops, whale fumbles, and a $7.5M paper-hand story. We also revealed a celebrity-endorsed scam, called out a serial KOL, gave Polymarket credit for clean damage control, and warned of $LAB's first unlock. ## The $ANSEM Week The 2nd biggest holder of $ANSEM bought 2.8% of supply ($3M) on June 16, before Ansem's endorsement. By Jun 29, side wallets had dumped $500k and were selling bags every 30 to 45 minutes, still holding \~$1M. The main wallet stayed untouched. Ansem airdropped $6.7M of $ANSEM to 700+ wallets. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image.png) At the time of [our post](https://x.com/bubblemaps/status/2074123032331976894?s=20&ref=blog.bubblemaps.io), there were: - 110k holders - 94% in profit - 12 up $1M+ - 1,500 up $10k+ - 100k small holders in profit ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-1.png) A cluster of 4 wallets bought 2.7% of $ANSEM on launch day, sold off on June 19 for \~$2,000, then watched the token rip to $170M FDV. Those bags would have been worth $4.7M . ([X post](https://x.com/bubblemaps/status/2073029981123514581?s=20&ref=blog.bubblemaps.io)) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/2.7-cluster.png) [Airdrop Distro Map](https://v2.bubblemaps.io/map/OLNbKEx9TTyRgdeyYwAp?ref=blog.bubblemaps.io) --- **NEW**: The Bubblemaps API is now self-serve. Pull holders, bundles and transfer data straight into your own dashboards, bots, and research pipelines. No sales call, no waitlist. ✨ [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/api-em-banner.png)](https://pro.bubblemaps.io/api/plans?ref=blog.bubblemaps.io) --- ## Our Investigations🧵 ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/fitness-token.png) **$FITNESS, the Jay Cutler (that wasn't)** The Solana $FITNESS project used a paid motivational video from 4× *Mr. Olympia* Jay Cutler as if he endorsed their token. He didn't. The info onchain told the rest: top holders tightly clustered, all funded from the same CEXs in tight windows. Classic bundled launch with a celebrity sticker on top. ([read thread](https://x.com/bubblemaps/status/2070179030058565958?ref=blog.bubblemaps.io)) --- ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/image-2.png) **$TOES, Gordon's Greatest Hits (or not so much)** Influencer Gordon is promoting yet another bundled memecoin. Insiders held 66% of $TOES. The cluster pattern is identical to the $BULLISH pump from [November 2025](https://x.com/bubblemaps/status/1991189901833076952?ref=blog.bubblemaps.io), where insiders also controlled \~70%. Same wallets, same playbook, same KOL. ([read thread](https://x.com/bubblemaps/status/2070536518213701864?s=20&ref=blog.bubblemaps.io)) --- **$TRUMP Profiteer that bet it all on Argentina** Someone called *gud.hl* on Polymarket realized $1.9M flipping $TRUMP at launch, then wired the whole bag into a single position: "Argentina to win the 2026 World Cup". 12 million shares at an average entry of $0.10\. If successful, he'd get $11.2M payout. He's also been the largest single holder backing Argentina on the market. ([our thread](https://x.com/bubblemaps/status/2074544326328365071?s=20&ref=blog.bubblemaps.io)) --- ## Industry Watch **Polymarket damage control (kudos)** A 3rd-party vendor got popped, a malicious script briefly hit the frontend, and a handful of wallets bled. Fewer than 15 accounts hit, \~$3M in losses, all being refunded in full. Polymarket moved fast, removed the dependency, and disclosed cleanly. [This](https://x.com/bubblemaps/status/2070199790391177718?s=20&ref=blog.bubblemaps.io) is how it's supposed to work. **The $ETH long that ate itself** *0x6c85* closed a $ETH long in April at the local top for +$17M. Days later, he re-entered with a $90M long (he still holds it). He is now down $25M to $27M. ([x post](https://x.com/bubblemaps/status/2072407868066959470?s=20&ref=blog.bubblemaps.io)) --- ## Intel Desk: $LAB ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/07/lab-unlocks.png) $LAB is down ~~60%~~ **95%** in just a few days. Paper profits on the presale were \~$500M at the time of our [last post](https://x.com/bubblemaps/status/2072999437610455136?s=20&ref=blog.bubblemaps.io). The first cliff unlock lands on July 14\. The first real unlock: August 14\. The presale raised $1.43M from 313 participants. [View Case](https://intel.bubblemaps.io/cases/98/lab-controversy?ref=blog.bubblemaps.io) --- **Are you using Intel Desk yet?**🔍 Pull up any token on v2.bubblemaps.io and zoom into the clusters. If the bubbles look like a spider web, it probably is one. Got a wallet, a token, or a KOL that smells off? Submit a case to the [Intel Desk](https://intel.bubblemaps.io/?ref=blog.bubblemaps.io). --- Thank you for reading & stay safe, Bubblemaps Team ### The $LIBRA Playbook: How One Cluster Drained $87 Million in a Single Hour URL: https://blog.bubblemaps.io/the-libra-playbook-how-one-cluster-drained-87-million-in-a-single-hour/ Last updated: 2026-07-03T15:14:06.000Z On February 14, 2025, the president of Argentina, Javier Milei, released just one tweet, supporting the launch of a new Solana meme token known as $LIBRA. In less than two days, the price of the token soared up to a valuation of about $4 billion. Just days later, the token had practically no value at all, leaving investors with losses exceeding $250 million. Cryptogate became the name of the story which turned into the first-ever political scandal during the term of presidency of Javier Milei. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/image_2026-06-28_20-47-56.png) This is what Bubblemaps observed when $LIBRA was launched and continued observing in the following year. ## The warning signs were visible from minute one Within one hour of its launch, our analysts identified three red flags that, taken together, indicated a coordinated extraction operation was underway: - 82% cluster concentration. Virtually all of the coin's supply was concentrated in a single wallet cluster, which is completely unprecedented for any organically launched meme coin. - Zero tokenomics released. There was zero vesting schedule, no treasury allocation, nor any roadmap. - Fee production way out of line with the trading volume. $LIBRA liquidity pools generated over $25M in fees within one hour of the launch. The $25M figure was an obvious sign something was up. Dynamic pools on Meteora do not generate $25M in fees per hour from retail activity. Such a high fee cost can only come from minting coins against buy pressure or setting up trades to siphon liquidity off the counterparty. We made our alert public. The first response threads consisted of many traders labeling it "another crime season." We were absolutely right to be concerned. ## The exit: $87 million in an hour, with no selling required By the early hours of February 15, 2025, the team had begun their exit. The mechanism they used is worth understanding, because it is the playbook that has since been repeated across dozens of meme coins in 2025 and 2026. Instead of dumping $LIBRA on the open market, which would have triggered sharp price impact and tripped on-chain alarms, the deployers did the following: 1. Added one-sided liquidity pools on Meteora containing only $LIBRA. 2. Simultaneously removed USDC and SOL from the existing pools. The net effect is a swap. The team trades their $LIBRA inventory for the USDC and SOL sitting on the other side of the pool, with essentially zero price slippage. From the chart's perspective, the token simply "drifts" lower. From the chain's perspective, tens of millions of dollars are moving out of the contract in clean, signed transactions. By the time we published the thread, the team had already extracted roughly $87 million in USDC and SOL. The breakdown: - 148,343 SOL (\~$29.6M at the time) sent to B9KTwx... - 69,275 SOL (\~$13.8M) sent to FTjLYk... - 891.5K USDC sent to DtkvLX... - 907.7K USDC sent to 8DgzQs... - 42.79M USDC sent to 61yKS9b... (labelled on-chain as "Squad Vault 'Milei CATA'") The token was down 85%. The thread ended with a line that has aged well: "still $500M more to go." ## The MELANIA link The $LIBRA story might have ended there, as just another meme coin rug, if not for a piece of evidence that connected it to a much larger pattern. A few days after the crash, we identified a wallet, 0xcEA on Ethereum, that had been the funding source for both the $LIBRA deployer and the $MELANIA deployer. Cross-chain transfers, CEX deposit overlap, and shared funding patterns made the link hard to argue with. We published the analysis alongside Coffeezilla, and the conclusion was straightforward: the same team had built both tokens. [Read investigation](https://x.com/bubblemaps/status/1891289507338580028?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/libra-blog-1.png) That team, on-chain forensics and subsequent court filings confirmed, was led by Hayden Davis, operating through Kelsier Ventures. Davis is also known by the alias "Kelsier." Once we had 0xcEA pinned to him, the rest of the picture snapped into focus. ## The wider playbook Once you have a cluster pinned to a person, you can ask a different question: what else has this cluster done? The answer, in the months that followed, was an unending series of tokens. $HOOD ([link](https://x.com/bubblemaps/status/1885657037582795085?s=20&ref=blog.bubblemaps.io)). $TRUST. $KACY. $VIBES. Each one launched with the same structure: heavy bundling at deploy, multiple wallets sniping the first block, a quick run to a market cap in the tens of millions, then a rug. $LIBRA was simply the one that hit the biggest, because of Milei's tweet. In March 2025, with Davis now on an Interpol red notice, he launched $WOLF, supposedly tied to Jordan Belfort, the "Wolf of Wall Street." We traced the $WOLF deployer wallet 6MsuHd through 17 intermediary addresses and 5 cross-chain transfers. Every hop led back to the same place: 0xcEA. The bubble map of $WOLF's holder distribution was, to our eyes, structurally identical to the maps we had published for $HOOD and $MELANIA. Same clustering. Same bundling ratios. Same operator. Even when Davis wasn't launching tokens himself, his wallets were active. Our investigation into the $TRUMP launch in January 2025 had already exposed how the sniping economy around these tokens works. Wallets tied to a trader known as "@naseem" had sniped $TRUMP within the first second of trading and walked away with more than $100 million in profit. The same cluster had previously profited on $LIBRA itself ($0.5M from the cGxeY address), as well as $HAWK, $ENRON, and $SHROOM. The launch infrastructure around these tokens is professionalized. The same sniper ring that fed off Davis's launches was, in some cases, being paid to feed into them. [Our Naseem thread](https://x.com/bubblemaps/status/1891828882367553986?s=20&ref=blog.bubblemaps.io) ## The aftermath The $LIBRA story did not end at the cash-out. In August 2025, a U.S. judge ruled in favour of unfreezing $57 million in USDC tied to the case. The reasoning: Hayden Davis and his co-defendant Ben Chow were not deemed evasive, there was no proof of irreparable harm, and the underlying case was unlikely to succeed on its merits. Our coverage that day ran under a headline that captured it plainly: "CRIME IS LITERALLY LEGAL." Davis and Chow regained legal access to the funds. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/libra-blog--900-x-1100-px-.png) A few months later, the wallets began moving again. In November 2025, two addresses from the original $LIBRA cluster DefcyKc... and 61yKS9b... came active for the first time in nine months. Together they swapped $60 million in USDC for SOL. We mapped the cluster publicly and asked what seemed like the obvious question: was Hayden Davis a Solana bull now? By February 2026, the trading activity offered a partial answer. Davis was back to actively trading, this time buying trending Solana meme coins including $PUMP, $TROVE, $PENGUIN, and others. The cluster had six active wallets over the previous 30 days, with deposits flowing back into CPGZ1i, an address that had been quiet since a $YZY snipe earlier in 2025\. The twist: he was down roughly $3 million on the recent activity, with $2.5 million of that on $PUMP alone. ## What we are still watching $LIBRA is one of the largest meme coin rugs by total losses in crypto history. The 82% cluster, the empty tokenomics page, the impossible fee generation: each signal was sitting on the block explorer for anyone with the knows to read it. What made $LIBRA different was not the technique. It was the political endorsement, which turned what would have been a $50 million local scam into a $4 billion global one. The playbook is the playbook. The address is the address. The pattern repeats, with or without a presidential tweet. We will keep following the cluster. The wallets are still active. The funds are still moving. And as long as people keep launching tokens, the same group of onchain analysts will keep watching where the money actually goes.🫡 ### Whales, Insiders & Fresh Integrations URL: https://blog.bubblemaps.io/whales-insiders-fresh-integrations/ Last updated: 2026-06-24T20:36:55.000Z ## Bubblemaps Now Live on HyperEVM ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/image-2.png) Bubblemaps V2 is officially live on Hyperliquid's HyperEVM. - **Time Travel:** full historical holder distribution since token launch - **Magic Nodes:** one-click detection of hidden wallet clusters and connections - Identify snipers, whales, and insiders on every token [Try now!](https://x.com/bubblemaps/status/2067276099495821509?ref=blog.bubblemaps.io) --- ## $VELVET: "Speculative Price Action" ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/velvet-em.png) A trading terminal on BSC that surged to **$1.5B FDV** before dumping **\-80%**. - **March:** creator wallet 0x59d moved **72M $VELVET (\~$25M)** to 0x150c - **June 6-9:** 0x150c sent **$2.5M** to CEXs during the run — *days* before the crash - Team response: "speculative price action." Community response: 🚬 [Read full thread](https://x.com/bubblemaps/status/2066572362024366282?ref=blog.bubblemaps.io) --- ## $KINS: $127 to $300K, Two Minutes Early ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/kintara-em.png) Kintara is a browser-based MMO on Solana that hit a $15M market cap and caught Ansem's attention. - Wallet 49UUeT bought **4.7%** of supply for **$127** - Purchase landed **2 minutes before** the contract address was even announced on X - That wallet is now sitting on **\~$300K-$600K** - Project teased the **$KINS** ticker before launch, coincidence, snipe, or insider? You decide. [Read more](https://x.com/bubblemaps/status/2067621326102397123?ref=blog.bubblemaps.io) --- ## The "4" Whale Is Back & Buying Memes ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/image-1.png) The wallet that bought "4" before CZ's tweet (peaking at **+$19M/250x**) finally sold. - First time liquidating after holding through the entire run - Rotated proceeds into **$SPACEMOON**, scooped **6.6%** of supply for **\~$100K** - Heads up: **7 clusters control >20%** of $SPACEMOON, most are 🌱fresh wallets [Read our thread](https://x.com/bubblemaps/status/2067233865778029036?ref=blog.bubblemaps.io) --- Stay safe, check the clusters, and don't buy what you can't trace. *The Bubblemaps Team* ### HAWK: Anatomy of a Celebrity Rug URL: https://blog.bubblemaps.io/hawk-anatomy-of-a-celebrity-rug/ Last updated: 2026-07-03T15:14:28.000Z ## The Bubblemaps Investigation, From Wallet Leak to Courtroom👩‍⚖️ When Haliey Welch, better known as the "Hawk Tuah Girl", walked into crypto in late 2024, she didn't arrive quietly. She brought a viral catchphrase, a podcast deal with Jake Paul's Betr, and the kind of mainstream reach that memecoin grifters dream about. Within weeks, her Solana token **$HAWK** would go from a **\~$500M market cap** to roughly **$25M**, trigger an SEC complaint, and earn a place in Bubblemaps' end-of-year "[Worst Celebrity Memecoins](https://x.com/bubblemaps/status/1872326589171765293?ref=blog.bubblemaps.io)". This is what the on-chain evidence actually shows. --- ## Act 1: The Accidental Wallet Dump (Nov 7, 2024) We noticed something odd before $HAWK even existed. Haliey posted a video showing her memecoin holdings and inadvertently **doxxed two of her wallets**. **Solana wallet** 6LyLc7n7VXyjTJD95BvpXfFhumQE456ShYEEHRVfdndF - $GIGA, $SPX6900, $PUPS, $POPCAT, $WIF, $MPLX, $MOTHER, $ELSA - All tokens received from a single address, ArzMfP active for 8 months, with presale participation going back to March. **Ethereum wallet** 0x713330395614441DceF0FeD76887B5f01f52f5d8 - $KEKEC, $MOG, $BITCOIN, $SPX6900, $PEPE - Funded from Coinbase (34 days prior) and Binance (27 days prior). Both funder wallets interact *exclusively* with Haliey. Two possibilities emerged: either she had quietly been in crypto for months, or someone else was sending her tokens to dress up the optics. We flagged her reach as something "worth monitoring." At the time, it was a curiosity. Within a month, it became a crime scene. --- ## Act 2: The Launch: 96% in One Cluster (Dec 4, 2024) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/image-3.png) $HAWK went live on December 4\. We opened the map. The first chart said everything: > [**$HAWK didn't disappoint. 96% of the supply in one cluster. Nice** ](https://x.com/bubblemaps/status/1864439521523196046?s=20&ref=blog.bubblemaps.io) Hours later, an update: > [**$HAWK is now being actively distributed**](https://x.com/bubblemaps/status/1864446354937753826?s=20&ref=blog.bubblemaps.io)**, most likely to early investors or supporters. Team still holds 80%+ of the supply.** So the playbook was visible on day one: control everything at TGE, then quietly leak supply to insiders while telling retail the float was healthy. Anyone with a bubble map could see it. --- ## Act 3: The Presale Mechanics (Dec 5, 2024) The day after launch, we broke down the presale structure: - **Deployer** minted 100% of $HAWK - **3%** sent to the Meteora LP pool - **97%** routed through **10 wallets**, then split: - **80%** "various purposes" (read: the team) - **17%** "Strategic Allocation" to **285 presale investors** via address HAWKXJ That 17% was the interesting part. It was fully unlocked at TGE, meaning every one of those 285 wallets could sell the second the token went live, straight into a public pool that was barely 3% deep. What did those 285 insiders actually do? ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/image-4.png) **155 wallets sold at least some of their bags. Total realized: $3.3M.** The chart, in other words, walked itself. --- ## Act 4: The Crash, the Space, and "Going to Bed" > "Sorry, y'all, I'm going to sleep" The chart collapsed. The narrative didn't hold. An emergency X Space was scheduled. What happened during it became its own meme: mid-discussion, Haliey abruptly said she **"had to go to bed"** and bounced. The price kept falling. By the time the dust settled, **$HAWK was down roughly 98%** from its peak. Welch's defense, issued later: she only took a "marketing fee" and made "not a dime from the coin itself." The on-chain data 96% control at TGE, 80%+ still with the team, 285 presale insiders cashing into a 3% pool told a different story. --- ## Act 5: The Lawsuits The fallout wasn't just on-chain: - An **SEC complaint** was filed by at least one investor. - A **class-action lawsuit** landed in the **U.S. District Court for the Eastern District of New York**. - Welch publicly pledged to cooperate with proceedings. --- ## Act 6: The Verdict (Dec 26, 2024) Bubblemaps closed the year with a "Top 10 Worst Celebrity Memecoins of 2024" countdown. $HAWK came in at **#4** between Jason Derulo's "I don't remember" rug ($JASON, #2) and Martin Shkreli-fronted $DJT (#3). Andrew Tate took #1 for promoting 10+ shitcoins in 24 hours and blocking @bubblemaps after we exposed his $DADDY supply. The pattern across the entire list was unmistakable: - **Insider/bundle percentages: 25–53%** - **Drawdowns: 96–99.6%** - **Abandonment after launch** - **Undisclosed wallet sales** $HAWK fit the mold almost perfectly except the mainstream profile of the launch made it the one the courts actually cared about. --- ## What the Map Tells Us A year later, $HAWK isn't just a cautionary tale. It's a usable template: 1. **The map never lies at TGE.** If one cluster owns 80%+ at launch, the rest is theater. 2. **"Strategic Allocation" with full unlock = free option to dump.** 3. **Wallet leaks are forever.** Haliey doxxed herself in November. We had the chain mapped before the token existed. 4. **Reach amplifies damage.** She wasn't just a coin founder she was a brand. That made the exit faster, the retail loss bigger, and the lawsuit inevitable. The on-chain data didn't need a verdict to read clearly. It just took people willing to look. ### Exploits, KOL schemes & crypto scandals of the week URL: https://blog.bubblemaps.io/exploits-kolschemes-and-scandals/ Last updated: 2026-06-12T13:22:49.000Z ## NEW: Arbitrum X Bubblemaps You can now see holders, whales, and clusters behind Arbitrum tokens. Enjoy a new chain through the lens of a bubble using Time Travel, Magic Nodes, and more. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/image.png) [Try it now](http://v2.bubblemaps.io/arbitrum?utm%5Fsource=email&utm%5Fcampaign=em&utm%5Fmedium=organic&utm%5Fcontent=newsletter&date=11062026) --- ## Another crime pump unfolding? The token $BEAT on BNB Chain soared to $8B FDV overnight. We found the same onchain patterns as $LAB and $RIVER, while CEXs remain silent. At TGE, one wallet funded by OKX used Multicall3 to fund \~100 fresh wallets. Each wallet: \> Sent BNB to 5 fresh wallets \> Received millions of $BEAT from team wallets \> Sent their tokens to CEXs over time ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/beat_em.png) [Read full thread](https://x.com/bubblemaps/status/2065116941224964363?ref=blog.bubblemaps.io) --- ## Ready for World Cup? With the World Cup beginning today, KOLs are shilling a token named $WCUP, which was launched one day prior. Too bad it's 95% bundled and mostly undisclosed deals First scam of the FIFA World Cup? Today we revealed the details on how this scheme was created. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/wcup_em.png) [Read the details](https://x.com/bubblemaps/status/2065092333344006453?s=20&ref=blog.bubblemaps.io) --- ## Humanity Protocol got exploited On June 8, the protocol suffered a loss of over $30m due to 3/6 multi sig wallets getting compromised ([source](https://x.com/Humanityprot/status/2064281691016048761?s=20&ref=blog.bubblemaps.io)). Humanity Protocol has had its critics, leading to different theories around how the exploit went down. The event led to their token $H dropped over -90% in value over the span of 2-3 hours. We spotted one token holder who was particularly unlucky. The wallet in question bought $4.4M in Humanity $H just last week, 2 days ago the wallet was down over $3M. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/06/H_em.png) [View post](https://x.com/bubblemaps/status/2064326710557040936?s=20&ref=blog.bubblemaps.io) --- Thanks for reading & stay safe, Bubblemaps Team ### Crypto’s Wild Weeks: Exploits, Insiders & 60 Minutes URL: https://blog.bubblemaps.io/cryptos-wild-weeks-exploits-insiders-60-minutes/ Last updated: 2026-06-02T12:35:20.000Z From a Polymarket trader hitting a near-impossible 98% win rate and $2.4M in profit, to a compromised admin wallet draining $600K, a Ghanaian ex-president shilling an obvious rug, and a brutal reminder of how quickly fortunes flip in crypto, all while our investigation landed us on 60 Minutes. Let's dive in! --- ## Investigation Far Beyond Crypto The team at Bubblemaps were honored to be invited to the leading American news broadcast, [60 Minutes](https://x.com/60Minutes/status/2056155281852129486?s=20&ref=blog.bubblemaps.io). We discussed a recent investigation we conducted, surrounding a Polymarket trader with **98% win rate**. An almost unbelievable number which led to $2.4M profit for the trader in question. In fact, this is so rare that most would wonder if we're looking at a potential insider trader? The bet in question? US Military action, such as strikes, and the fall of the Iranian regime. Read [60 Minutes](https://www.cbsnews.com/news/betting-on-iran-war-insider-trading-concerns-prediction-markets-60-minutes/?ftag=CNM-00-10aab7d&linkId=943877813&ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/05/feature60min.png) CEO Nick and on-chain detective Deebs in the studio with the 60 Minutes-crew. [Read our thread](https://x.com/bubblemaps/status/2056315247775125913?s=20&ref=blog.bubblemaps.io) --- ✨ ****NEW**: Get Bubblemaps API in a few clicks through our new self-service. You as a developer, vibe coder, or agent, can now build your own data-rich products with ease. [****Get started now**](https://pro.bubblemaps.io/api/plans?ref=blog.bubblemaps.io)! ## Polymarket alert On May 22, a Polymarket *admin address* got exploited and attackers were removing 5,000 $POL every 30 seconds. This lead to $600k stolen so far The exploit was initially reported by [ZachXBT](https://t.me/investigations/327?ref=blog.bubblemaps.io). Beware before interacting with the [compromised address](https://polygonscan.com/address/0x8F98075db5d6C620e8D420A8c516E2F2059d9B91?ref=blog.bubblemaps.io). ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/05/image.png) [Learn more](https://x.com/bubblemaps/status/2057746068885082371?s=20&ref=blog.bubblemaps.io) --- ## UPDATE: Ghana Ex-President & CWU This cluster is selling, $600k sold so far and still holds 85% of all $CWU. When the president shared his [initial video](https://x.com/CWUblockchain/status/2052067395792208066?s=20&ref=blog.bubblemaps.io), backing the CWU-token, he described it as a "*Bold and forward-thinking initiative*" that would "*empower communities, redefine how we transact, and build trust with one another*". Why is a president backing this obvious rug? ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/05/CWU-update.png) [Read our thread](https://x.com/bubblemaps/status/2059277036779356587?s=20&ref=blog.bubblemaps.io) --- ## Retrospect: The 10/10 BTC Shorter If the 10/10 BTC shorter, Garrett Jin, hadn't touched ETH, he'd be up **+$70M** today. Instead, his all time PNL is **\-$128M**. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/05/image-1.png) [View post](https://x.com/bubblemaps/status/2058888057211011486?s=20&ref=blog.bubblemaps.io) --- Thank you for reading & stay safe, Bubblemaps Team ### Get Started with Bubblemaps API URL: https://blog.bubblemaps.io/get-started-with-bubblemaps-api/ Last updated: 2026-06-02T13:59:58.000Z Whether you're a builder, vibe coder, or product lead, you're in the right place! The Bubblemaps API is your secret weapon to give your product the edge it needs to stand out in the crowd. With our API, you can seamlessly integrate powerful on-chain data into your applications and enhance the user experience like never before. ### Why Use the Bubblemaps API? The Bubblemaps API offers a treasure trove of on-chain insights that can transform the way you interact with blockchain data. Here’s why you should consider it: - **Real-Time Data**: Access up-to-date information on token holders, transfers, and wallet clusters. This means you can keep your users informed with the latest trends and activities. - **Historical Data**: Leverage historical onchain events to share the full story and full picture. - **Supercharge Applications**: Incorporate our data into your projects to create interactive experiences that captivate your audience. Whether it’s a dashboard, a visualization, or data-driven features, the API empowers your creativity. - **Visualize**: Use the insights from the API to create stunning visualizations that make complex data easy to understand. Your users will appreciate the clarity and depth of information you provide. ⚙️ For detailed implementation guidance, check out our [API docs](https://docs.bubblemaps.io/data/api/introduction?utm%5Fsource=blog&utm%5Fcampaign=article&utm%5Fmedium=organic&date=02062026) which includes code examples in multiple programming languages and complete field references. --- ### Getting Started Ready to jump in? Here’s how to get started with the Bubblemaps API in just a few easy steps: 1. **Sign Up for Access**: Head over to our website and sign up for access. It’s quick and straightforward, ensuring you’re ready to roll in no time. 2. **Grab Your API Key**: After signing up, you’ll receive your unique API key. This little gem is crucial for authenticating your requests and unlocking the data you need. 3. **Explore the Data**: Familiarize yourself with the various data points available through the API, such as: - ***Token Holders***: Discover who’s holding what and how much. - ***Transfers***: Track token movements between wallets effortlessly. - ***Clusters***: Analyze wallet activity and see how they connect. - **Token Scores & Metrics:** Gain a quick data point of how centralized vs. decentralized a tokens' supply is through the *Decentralization Score* feature. - ***Wallet Labels***: A lot is connected on-chain; with our labels, you can pull information on what an address belongs to or whose it is. 4. **Make Your First API Call**: Don’t be shy—test the waters by making a simple API call. Use tools like Postman or curl to fetch some data. It’s easier than you think! 5. **Build Something Awesome**: Now that you have access to all this valuable data, let your imagination run wild! Whether you’re crafting a personal project or enhancing an existing product, the possibilities are limitless. Ready to start? Click the button below [Plans & Pricing](https://pro.bubblemaps.io/api/plans?utm%5Fsource=blog&utm%5Fcampaign=getstartedapi&utm%5Fmedium=organic&date=46168) ### Tips for Success - **Start Small and Scale Up**: Begin with simple projects to get the hang of the API. As you grow more comfortable, tackle bigger ideas that push the boundaries of what you can create. - **Connect with Fellow Creators**: Engage with other users, share your projects, and gather feedback. Collaboration and community insights can lead to fantastic new ideas. - **Keep an Eye on Updates**: Our API is always evolving. Stay tuned for new features and enhancements that can further enrich your product. ### Conclusion The Bubblemaps API is your gateway to transforming how you use blockchain data. Whether you’re building a new app, enhancing existing tools, or just experimenting, this API offers the resources you need to elevate your work. Dive in, have fun, and let your creativity shine! If you have questions or need assistance, we’re just a click away. Happy coding! ### Presidential Bundles, Manipulation & Interesting Events URL: https://blog.bubblemaps.io/presidential-bundles-manipulation-interesting-events/ Last updated: 2026-05-25T18:41:13.000Z On-chain data never seizes to amaze. We caught the movements, clusters, and events that you should know about. Ready? ## One next-level bundle The SOL token $TCLAW is heavily bundled Someone owns 72% of the supply and is actively hiding Make sure to take note of KOLs pushing it. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/05/tclaw-em.png) [View thread](https://x.com/bubblemaps/status/2054537606936084630?ref=blog.bubblemaps.io) --- ## What is going on with $SKYAI? This token went PARABOLIC with coordinated wallets and signs of CEX manipulation. Manipulation on CEXs, pumping tokens to absurd valuations, while retail gets burned. Recent examples include $LAB, $RAVE, $PIPPIN A similar pattern can be seen in $SKYAI. After a year with little activity, it surged 20x to $800M FDV as suspicious onchain activity was detected. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/05/skyai-em.png) [Read thread](https://x.com/bubblemaps/status/2054199329255301352?ref=blog.bubblemaps.io) --- ## Update: Do you remember $RIVER? Back in January, [we reported](https://x.com/bubblemaps/status/2016136431232827799?ref=blog.bubblemaps.io) on a massive cluster of 2,000+ wallets is directly linked to the $RIVER team. (-97% from ATH in March) Today,[ ZachXBT showed links](https://x.com/zachxbt/status/2054898749923860819?ref=blog.bubblemaps.io) between $LAB and $RIVER, both of which are heavily manipulated, with controlled supply, hyper-inflated valuations, and CEXs seemingly looking the other way. [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/05/river2-em.png)](https://x.com/bubblemaps/status/2054961926279684470?ref=blog.bubblemaps.io) --- ## A textbook scam - $MYSTERY 90 fresh wallets sniped 90% of the supply at launch. Block KOLs that promoted this garbage (some were paid). Wallet 0x544E withdrew 20 ETH from Binance and distributed it to 90 fresh wallets. These wallets: - sniped 90% of the supply at launch - sold for $100k+ (so far) - still hold 40% of the supply ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/05/mystery-em.png) [Read more](https://x.com/bubblemaps/status/2051669789173842229?ref=blog.bubblemaps.io) --- ## How bundled is too bundled for an ex-president? This memecoin is backed by the 10th President of Ghana, but, 90% of the $CWU supply is bundled. The 87-year old ex-president John Agyekum Kufuor is backing the project as its official advisor, along with videos shared on X. Before launch, 200+ wallets were freshly funded in batches on April 2, 7, and 8. These wallets: - Had no prior activity - Claimed $CWU immediately at launch - Now control 87% of the supply ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/05/CWU-em.png) [View more details](https://x.com/bubblemaps/status/2052774703346192811?ref=blog.bubblemaps.io) --- ## Intel Desk Rewards Complete! Did you make the cut this time around? [Check here](https://x.com/bubblemaps/status/2054970124374032847?ref=blog.bubblemaps.io) to find out! [Explore Intel Desk](https://intel.bubblemaps.io/?ref=blog.bubblemaps.io) to participate in the next round. --- Thank you for reading & stay safe, Bubblemaps Team ### What's the Difference Between Bundle & Cluster? URL: https://blog.bubblemaps.io/whats-the-difference-between-bundle-cluster-2/ Last updated: 2026-05-06T18:10:29.000Z > When you open a crypto bubble map for the first time, you'll see a web of wallets, colors, and connections. Two patterns stand out again and again: bundles and clusters. Knowing which is which could save your portfolio. [Bubblemaps](https://v2.bubblemaps.io/?utm%5Fsource=blog&utm%5Fcampaign=kw&utm%5Fmedium=organic&utm%5Fcontent=bundlevsart&date=46143) is the leading crypto bundle checker and on-chain visualization tool, used by traders, researchers, and risk analysts to understand who really holds a token. Whether you're investigating a fresh meme coin bubble map or scanning a major project on Bubblemaps solana, you'll encounter both bundles and clusters constantly. These two concepts are often confused even though they represent fundamentally different risks and realities. Let's break them down. ## The core distinction Both bundles and clusters describe groups of crypto wallets that appear linked in some way. The difference lies in how they're linked — and what that linkage tells you. 🔗 Bundle A set of wallets that transacted together during the token launch: typically all buying in the same block or within the same snipe window. The link is temporal and transactional. 🔵 Cluster A set of wallets linked by on-chain behavior over time: shared funding sources, coordinated transfers, or recycled addresses. The link is structural and behavioral. In short: a bundle is about **when** wallets bought. A cluster is about **how** wallets behave. --- ## Bundles: the launch snipe signal A bundle is detected when multiple wallets buy a token in the same transaction block, or within seconds of each other at launch. This is the classic fingerprint of a solana volume bot or a coordinated team pre-loading supply before public trading begins. 👀 ****Example:** A new Solana meme coin launches. In the first two blocks, 18 wallets each buy between 0.5% and 2% of supply. They're not connected by funding, but they all bought at virtually the same moment. Bubblemaps flags this as a bundle. Together they hold 22% of the token. Bundles are a key crypto rug pull indicator. When a team or set of snipers holds a massive coordinated position from block zero, they can dump simultaneously at any peak - leaving retail traders with a worthless bag. A strong bundle holding is one of the first things experienced analysts check on bubblemaps for sol. Key bundle signals to watch: **\- Same-block purchases:** dozens of wallets buying in block 1 or 2 of a token's life **\- High supply concentration**: a bundle holding 10%+ of total supply is a major red flag **\- No prior history:** bundle wallets are often freshly created specifically for the snipe **\- Dormancy then activity**: bundled wallets that go quiet and suddenly sell together signal coordinated exit ## Clusters: the behavioral fingerprint A cluster is identified differently. Rather than looking at timing, Bubblemaps analyzes on-chain relationships: which wallets were funded from the same source, which addresses sent tokens to each other, and which wallets share patterns across multiple tokens. Clusters can form organically: a group of friends who all funded their wallets from the same exchange withdrawal, for example. But in the context of a crypto bubble map investigation, large clusters often indicate a single entity controlling multiple wallets to disguise supply concentration. 🔎 ****Example:** On solana Bubblemaps, 30 wallets each hold between 0.3% and 1.2% of a token. They bought at different times, so no bundle is flagged. But all 30 received their initial SOL from the same deployer address three months ago. Bubblemaps groups them as a cluster. Together, they hold 19% of supply. Key cluster signals to watch: **Shared funding source**: many wallets funded from the same original address or bridge transaction **Cross-token recurrence**: the same wallet cluster appears on multiple token launches **Internal transfers**: tokens moving between wallets in the cluster before hitting exchanges **Wash trading:** clusters are a common tool for artificially inflating volume to fool bots and trend trackers ## Side-by-side comparison table | Property | Bundle 🔗 | Cluster 🔵 | | ---------------- | --------------------------------- | ------------------------------- | | Detection method | Timing of purchases (block-level) | On-chain behavioral links | | Main risk | Coordinated dump at launch | Hidden supply concentration | | Common cause | Snipe bots, team pre-buys | Multiwallet teams, wash trading | | Time window | Seconds to minutes at launch | Days, weeks, or months | | Organic version? | Rare — usually suspicious | Yes — friends, shared CEX | | Rug pull risk | Very high if large % | High if no disclosure | --- ## How to use this on Bubblemaps When you load any token's crypto bubble map, you'll see bubbles sized by wallet holdings and colored by connection type. Clusters are visually grouped, you'll notice tightly interconnected networks of similarly-colored nodes. Bundles appear as a timestamp badge or dedicated analysis tab, showing you exactly what % of supply was sniped at launch. For meme coins especially, where the window between launch and peak is sometimes minutes, checking both bundle % and cluster connections on Bubblemaps sol gives you a near-complete picture of insider risk before you buy a single token. The combination is powerful: a token might have no visible bundle (buys were spread across blocks) but a massive cluster of linked wallets controlling 30% of supply. Without a proper crypto bundle checker, that would be nearly invisible to the average buyer. 💡 Bundles tell you what happened at launch, who sniped early and how much they control. Clusters tell you a deeper story, like who's really behind a wallet network regardless of when they bought. Use both signals together on [Bubblemaps](https://v2.bubblemaps.io/?utm%5Fsource=blog&utm%5Fcampaign=kw&utm%5Fmedium=organic&utm%5Fcontent=bundlevsart&date=46143) to spot a crypto rug pull risk before it finds you. ### No shame shillers, mesmerizing bundles & recent events URL: https://blog.bubblemaps.io/no-shame-shillers-mesmerizing-bundles-recent-events/ Last updated: 2026-05-25T18:41:48.000Z Hey there, it's time to look back at some recent events. Here's what you might have missed. ## **Memes are running again...** BinanceLife $币安人生 hit $300M mcap after 14% of the supply was withdrawn from Binance by 15 addresses. These wallets: - Had no prior activity - Withdrew within similar time frames The token's price surged around the same time ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/BinanceLife-em.png) [Our post](https://x.com/bubblemaps/status/2044101756905500857?ref=blog.bubblemaps.io) --- ## **...And the bundles are back too** 70% of the supply on $BRENT is owned by fresh wallets funded from CEXs and certain KOLs are promoting it. Most of these wallets scooped $BRENT supply within minutes of each other on March 30th at \~9:40 pm UTC, just before the price soared 250x. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/brent-em.png) [Read thread](https://x.com/bubblemaps/status/2046619976891830510?ref=blog.bubblemaps.io) --- ## Another one for the collection $BULL is also heavily controlled with 50% of the supply being bundled. And the cluster is selling off, making 250,000$ profit while still holding 30% of the supply. This cluster of 100+ wallets sent a portion of their tokens to new wallets that: - Sold in small chunks to avoid detection - Many sold the exact top ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/bundlebull-em.png) [Thread](https://x.com/bubblemaps/status/2043732229076201602?ref=blog.bubblemaps.io) And the cluster is selling off, making $250,000 profit while still holding 30% of the supply. This cluster of 100+ wallets sent a portion of their tokens to new wallets that: - Sold in small chunks to avoid detection - Many sold the exact top --- ## **The weather can be manipulated?** ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/parisweather-em.png) This account made 180x on a Paris temperature market, betting just before a “glitch” at a local weather station. Prior to the spike in temperature, one trader started buying “NO” shares on "18°C" - Bought around 9PM when the odds were <1% - 30 min later, the spike flipped the market in his favor - Exited for \~$21k, a 180x return How did he know? [Find out more](https://x.com/bubblemaps/status/2046976718616023279?ref=blog.bubblemaps.io) --- ## **Presidential pardons for me but not for thee** ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/pardonpolymarket-em.png) REWIND: Someone made $300,000+ predicting Joe Biden’s last minute pardons with a 100% win rate. On Jan 20, 2025, President Biden announced a series of pardons in his final hours in office. There were 12 candidates listed on Polymarket and 5 of them were pardoned. As Biden entered the final hours of his term, market odds dropped close to zero. But this trader held and even increased their position. [Read more](https://x.com/bubblemaps/status/2044750197818052808?ref=blog.bubblemaps.io) --- Thanks for reading & stay bubbly, Bubblemaps Team ### Exploits, Insiders & Recent Events URL: https://blog.bubblemaps.io/exploits-insiders-recent-events/ Last updated: 2026-05-25T18:44:03.000Z Headlines tell one story. On-chain data tells another. Here are the movements, clusters, and supply events that caught our attention lately. Let's dig in. --- ## Justin Sun = Still Blacklisted Justin Sun’s locked $WLFI is down $80,000,000! WLFI is down another -10% after the team used their own token as collateral to borrow $50M+ in stables, emptying the lending pool. Justin Sun's wallet has been blacklisted since September 4, 2025, making it 7+ months. Sun has been [vocal on X](https://x.com/justinsuntron/status/2043234272622883074?s=20&ref=blog.bubblemaps.io) about the World Liberty Finance's decision to blacklist his wallet. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/wlfiupdate-em.png) [Read our post](https://x.com/bubblemaps/status/2042536054381777103?s=20&ref=blog.bubblemaps.io) --- ## DOT Got Exploited A hacker minted $1,110,000,000 of $DOT and sold it for just $273,000 due to limited liquidity available on the Hyperbridge gateway contract. The funds are still in the hacker’s address. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/dot-exploit-em.png) [Our post](https://x.com/bubblemaps/status/2043594399159034277?s=20&ref=blog.bubblemaps.io) --- ## Insider-trading on Polymarket? Last week, the SAME cluster of Polymarket accounts made $600k predicting the US Iran ceasefire, before changing their handles. Why are they hiding? ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/polymarket-trader-em.png) A month ago, we connected 4 Polymarket accounts onchain Accounts with a high win rate that predicted: • Feb 28, 2026: US surprise attack on Iran • June 13, 2025: Israel Operation Rising Lion in Iran • June 21, 2025: US strikes Iran nuclear facilities ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/image-3.png) Recently, three of these same accounts started betting on a US Iran ceasefire... [Continue Reading...](https://x.com/bubblemaps/status/2041788698812150112?ref=blog.bubblemaps.io) --- ## New Integration ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/chrome_PAWXffwtKl.png) Our goal is to equip various popular trading platforms, launchpads, and web3 tools to provide you, as a user, with 'the edge' when navigating, analyzing and making decisions. Say 'hello' to our new integration partner: FourMeme Snipers, whales, insiders, time to see who’s really behind BNB tokens live on this popular BSC launchpad. [Read announcement](https://x.com/bubblemaps/status/2042203056759329171?s=20&ref=blog.bubblemaps.io) --- Want more to read? Check out our new Security-guide, and stay safe from exploits and crypto evildoers 👇 [Your funds are your responsibilityToday, I want to address a crucial topic: the security of your crypto wallets. Even with reputable tools, protecting your funds relies primarily on your vigilance. In crypto, there’s no bank to call you, no customer service to cancel a transaction; a signature is all it takes. One second of![](https://static.ghost.org/v5.0.0/images/link-icon.svg)Bubblemaps UpdatesBubblemaps![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/thumbnail/Security.png)](https://blog.bubblemaps.io/your-funds-are-your-responsibility/) Stay bubbly, The Team ### Your funds are your responsibility URL: https://blog.bubblemaps.io/your-funds-are-your-responsibility/ Last updated: 2026-04-14T13:40:23.000Z Today, I want to address a crucial topic: the security of your crypto wallets. Even with reputable tools, protecting your funds relies primarily on your vigilance. In crypto, there's no bank to call you, no customer service to cancel a transaction; a signature is all it takes. One second of inattention is all it takes. This guide is what our community has learned the hard way. Number of crypto thefts according to security experts: - $3.8B stolen in 2022 - $1.7B stolen in 2023 - 95% of losses are preventable --- ### **All forms of crypto fraud** These four cases are just the tip of the iceberg. Here is a comprehensive overview, organized by threat type. Understanding each category means knowing where to look before you act. --- **Phishing & social engineering** - **Fake sites (DeFi, CEX, bridges)** A near perfect replica of an official site. Slightly different URL (curve-fi(.)io instead of curve.fi). Goal: to capture your credentials or get you to sign a malicious transaction. - **Fake airdrops / NFT mints** Mass distribution of unsafe links. The page requests a wallet connection and triggers a 'setApprovalForAll' transaction that hands over control of all your assets. - **Malicious Google Ads links** Hackers buy ads on the names of popular protocols. The first Google result can lead directly to a fake site. Never click on sponsored results. - **Fake wallets & browser extensions** Apps imitating MetaMask, Phantom, or Trust Wallet available on unofficial stores. They transmit your seed phrase to attackers upon import. - **Phishing emails** Fake exchange emails (Binance, Coinbase) reporting "suspicious activity" or requesting an "urgent KYC verification". The link redirects to a fraudulent site. --- **Social engineering & impersonation** - **Fake support (Discord, Telegram, X)** Immediate DMs after requesting support → seed theft or account takeover. - **Fake influencers** Copied accounts offering "private alpha" or guaranteed investments. - **Romance scams / pig butchering** Relationship built up → redirect to fake platform → total loss. - **Fake crypto recruiters** Test using personal funds or a trojanized application → malware. - **Deepfakes & AI calls** Use of AI to imitate the voice or face of a project leader or someone close to you during a call. Goal: create urgency and obtain a transfer or seed phrase. --- **Malware & technical attacks** - **Clipboard hijacker** Malware that monitors your clipboard. When you copy a crypto address, it silently replaces it with the hacker's address. You send your funds without realizing it. - **Keyloggers & info stealers** Capture everything you type: seed phrases, passwords, 2FA codes. Often hidden in pirated software, "cracked tools," or malicious PDF/Excel files. - **Malicious browser extensions** Some Chrome extensions request overly broad permissions and can read your page data, intercept your private keys, or modify transactions on the fly. - **SIM swapping** The attacker convinces your phone carrier to transfer your number to their SIM. They intercept your 2FA SMS messages and access your exchange accounts. Switch to an authenticator app. - **BGP / DNS attacks** Advanced level: the attacker redirects network traffic from a legitimate protocol to their server. The URL is correct, the SSL certificate is valid, but the site is under hostile control. --- **Investment scams** - **Rug pulls** A project team leaves with the liquidity → token = 0. - **Pump & dump** Organized group that buys a low-liquidity tokens, while creating hype on social media... - **Fake trading/investment platforms** Unrealistic returns → withdrawals blocked. - **Giveaway scams** "Send 1 ETH, receive 2" → always fake. - **Honeypot tokens** They can be bought, but not sold. --- **On-chain attacks & malicious contracts** - **Token drainers via approval** One signature = unlimited access to your funds. - **"Poison" NFTs and tokens sent to your wallet** NFTs appear in your wallet without any action on your part. When you try interact or sell them, a malicious function in the contract will be executed – often a drainer. - **MEV/sandwich attacks** Bots exploit your slippage → instant loss. - **Flash loans & exploits** Exploitation of vulnerabilities in smart contracts to drain liquidity pools. Less of a direct risk for users than for the protocols themselves, but your deposited funds are affected. --- ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/Habits-that-make-the-difference--1-.png) --- ***Useful tools*** - Check if your email has been compromised: [https://haveibeenpwned.com](https://haveibeenpwned.com/?ref=blog.bubblemaps.io) - Find out how long it would take (seconds, minutes, hours, days, years, or even centuries) to crack a password based on its complexity: [https://time2crack.eu](https://time2crack.eu/?ref=blog.bubblemaps.io) --- *A single read can prevent an irreversible loss.* *In crypto, there is no going back.* *The security of your assets depends entirely on your own discipline.* *With love and respect,* **Y** --- ### We Found Some Next Level Clusters URL: https://blog.bubblemaps.io/some-next-level-clusters/ Last updated: 2026-04-09T11:29:23.000Z Finding crazy clusters is both exciting, but can often mean someone is up to no good. But, before we check clusters... ## Did you check the news?? Last week, Bubblemaps CEO [Nick](https://x.com/Nickybubbly?ref=blog.bubblemaps.io), was invited to discuss Polymarket insiders betting on war live on CNN's exclusive. Watch the full interview on our Youtube channel [here](https://www.youtube.com/watch?v=c8XU0nPnNkA&ref=blog.bubblemaps.io). ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/chrome_k0qjZo2Pna.jpg) CNN asked us for our insight, following our investigation on a Polymarket insider that stood out. We shared information about an account that made $700k predicting strikes on Iran and then bet another $200k on US troops entering Iran. He became the top holder in the following prediction markets: \- US troops enter Iran by Apr 30 \- US troops enter Iran by Dec 31 The trader has been making high conviction bets with high accuracy, which have raised a lot of eyebrows. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/plmrkt-ins-em.png) [Read our thread](https://x.com/bubblemaps/status/2038968049534169288?s=20&ref=blog.bubblemaps.io) --- ## What in tarnation?🚨 The token $SIREN launched in February 2025 as the first onchain AI agent analyst on BNB and was soon largely abandoned. It recently surged from $40M to $2B market cap leading to our curiosity as it is an uncommon occurrence. And there it was... ...a cluster controlling \~50% of $SIREN, holding over $1,000,000,000 worth of supply. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/siren-cluster-em.png) We found that one cluster of 200+ wallets was freshly funded via PancakeSwap These wallets: \- Purchased $SIREN in two batches (June and Feb 2025) \- Dispersed them to 47 wallets They now form a cluster controlling \~50% of $SIREN, holding over $1,000,000,000 worth of supply. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/image-1.png) The identity of the cluster and the $SIREN deployer still remain unknown A recent [post](https://x.com/zachxbt/status/2036095605521736039?s=20&ref=blog.bubblemaps.io) from ZachXBT suggests ties to DWF affiliated tokens. [View bubble map](https://v2.bubblemaps.io/map/43DLsnAlprWG1I5q1x6r?ref=blog.bubblemaps.io) --- ## Thousands of fresh wallets... One entity claimed 40% of the $ROBO airdrop, worth $8,000,000 at launch. We traced 7,000+ fresh wallets with the same on-chain activity Fabric Foundation is a network layer for robotics with many big backers. They raised $20M from top VCs, including Coinbase and Pantera. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/robo-cluster-em.png) On February 27 they launched the token $ROBO, with 5% supply being allocated towards an airdrop. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/image-2.png) We found a massive cluster on their bubble map and upon looking closer, we found that among the wallets in the cluster \~7,500 wallets had been freshly funded, just two months prior to the token launch. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/04/robo-2-cluster-em.png) Robo cluster on left. Dune analytics query by [0xToolman](https://x.com/0xToolman?ref=blog.bubblemaps.io) on the right. These wallets: \- Received similar amount of ETH \- Sent their ETH through 3 layers of fresh wallets \- Claimed $ROBO airdrop In total, they claimed 199M tokens (40% of the airdrop), worth $8M at launch. They used 7 different CEXs to fund all of these wallets. They have nearly identical activity, amounts, and timing. Disclaimer: we found no evidence linking this activity to the core team at Fabric Protocol. [View our thread](https://x.com/bubblemaps/status/2034993492309811506?ref=blog.bubblemaps.io) --- Thank you for reading & stay safe, Bubblemaps Team ### What Is Bubblemaps? The Visual Onchain Analytics Tool Explained URL: https://blog.bubblemaps.io/what-is-bubblemaps-the-visual-onchain-analytics-tool-explained/ Last updated: 2026-03-27T20:29:59.000Z That distinction matters more than it might seem. Raw blockchain data is public, but it's also overwhelming. Thousands of wallet addresses, millions of transactions, and no obvious way to see who's connected to whom or who actually controls a token's supply. Bubblemaps solves that by turning all of that data into an interactive visual map where the relationships between wallets become immediately readable, even if you've never looked at a blockchain explorer in your life. This guide explains what Bubblemaps is, how it works, what it shows you, and why it has become one of the most widely used tools in crypto for token research, scam detection, and on-chain investigation. --- ## **The Core Idea: Wallets as Bubbles** The name is literal. Bubblemaps represents each significant token holder as a bubble. The size of the bubble corresponds to the percentage of the token supply that wallet holds. The bigger the bubble, the bigger the position. What makes it more than a pie chart is the connections. When Bubblemaps detects that two or more wallets are likely controlled by the same entity, it draws a line between them and gives them the same color. These groupings are called *clusters*, and they are the central insight the tool provides. A cluster of ten wallets, each holding 2% of supply, looks like ten separate holders at first glance. On a standard top holder list, those wallets appear unrelated. On Bubblemaps, they're grouped by color with lines connecting them, making it immediately clear that a single entity controls 20% of the supply. That information changes everything about how you assess that token. --- ## **What Bubblemaps Is Used For** Bubblemaps is used across several overlapping use cases, often by the same person in the same research session. **Token due diligence before investing.** Before putting money into any token, you can open its bubblemaps and assess the distribution of supply in seconds. Is the supply spread across hundreds of independent wallets, or is it concentrated in a few connected clusters? The answer shapes every other judgment you make about the token. **Rug pull and scam detection.** Coordinated wallet clusters, deployer-connected holdings, and bundled launch buys are the fingerprints of tokens designed to extract money from retail buyers. Bubblemaps makes these patterns visible before the exit happens, giving investors a chance to avoid them. **Meme coin analysis.** Meme coins launch fast and attract attention before most people have had a chance to look at the on-chain data. Bubblemaps is fast enough to be useful in that window, letting traders assess distribution quality in the first minutes of a token's life. **Whale and insider monitoring.** Once you've identified the significant wallets in a token, you can watch how their positions change over time. A large cluster that starts selling is visible in the data before it's visible in the price. **Onchain investigation and research.** Journalists, analysts, and community researchers use Bubblemaps to trace fund flows, identify wallet relationships, and build cases around suspicious on-chain activity. Several high-profile crypto investigations have used Bubblemaps data as a core source. **Portfolio and market intelligence.** Beyond individual tokens, Bubblemaps provides a layer of intelligence about how supply is distributed across the broader market, which tokens have healthy holder bases, and which ones are structurally fragile. --- ## **How the Wallet Clustering Works** The clustering algorithm is what makes Bubblemaps more powerful than a standard holder list. It analyzes on-chain transaction patterns to identify wallets that are likely controlled by the same person or group. The signals it uses include: **Funding relationships.** If Wallet A sent BNB or SOL to Wallet B, and Wallet B then bought a token, those wallets are behaviorally linked. Bubblemaps traces these funding chains and groups the downstream wallets with their source. **Synchronized behavior.** Wallets that consistently buy and sell the same tokens at the same times, or that transact in coordinated patterns across multiple tokens, are flagged as likely related. This catches sophisticated actors who try to obscure connections by using wallets that have never directly transacted with each other. **Launch-block activity.** Wallets that purchased a token in the same block as the launch, or within the first few blocks, are analyzed together. This is the basis of the bundle detection feature, which identifies coordinated launch-time accumulation. **Common transaction counterparties.** Wallets that repeatedly interact with the same third-party addresses, even if they've never interacted with each other directly, can be identified as part of the same operational network. The result is a grouping that goes beyond what any block explorer can show. You're not just seeing who holds the token. You're seeing who is connected to whom, and by extension, whose selling behavior is likely to be correlated. --- ## **The Key Features of Bubblemaps** ### **Interactive bubble map** The core visualization. Every significant holder of a token is represented as a bubble, sized by supply percentage. Connected wallets share a color. You can click any bubble to see the wallet address, its supply share, and its connections. You can zoom, pan, and rearrange the map to explore the relationship structure of any token. ### **Token distribution overview** A summary view of how supply is distributed across categories: the top clusters, exchange wallets, liquidity pool wallets, and the broader retail holder base. This gives you a quick read on the overall health of a token's distribution without needing to interpret the full visual map. ### **Bundle checker** A dedicated tool that analyzes the launch transaction history of a token and identifies wallets that coordinated their buys at or near the launch block. The result is a percentage: how much of the total supply was bundled by coordinated wallets at launch. A high bundle percentage is one of the clearest signals of an engineered launch designed to benefit insiders at retail's expense. ### **Historical token holders map** One of the most underused and most powerful features. The historical map lets you navigate back to any point in a token's history and see what the distribution looked like at that moment. You can compare the distribution at launch versus at a price peak versus today, and the changes tell a story about what the insiders did and when. ### **Whale wallet tracker** A monitoring layer that tracks the largest wallets in a token over time. Instead of checking the map manually every day, you can watch for movement from significant holders and get an early signal when large positions start to shift. ### **Onchain investigation tools** Bubblemaps includes tools designed for more in-depth research: fund flow tracing, wallet history exploration, and the ability to flag and annotate wallets for ongoing investigation. These features are used heavily by the community researchers and analysts who contribute to the Intel Desk. ### **Multi-chain support** Bubblemaps supports all the major chains where token activity is concentrated: Ethereum, Solana, BNB Chain, Base, Tron, Polygon, Avalanche, TON, and others. The interface and methodology are consistent across chains, so the skills you develop analyzing tokens on one chain transfer directly to any other. --- ## **Bubblemaps V2** The current version of Bubblemaps is V2, which represents a significant expansion of the platform's capabilities beyond the original token distribution visualizer. V2 introduced real-time data updates, deeper wallet exploration, improved clustering algorithms, and the full historical map feature. It also introduced Magic Nodes, a feature that surfaces contextual information about specific wallet types automatically. When a wallet is identified as belonging to a known exchange, a known project, or a flagged bad actor, that context appears in the map without requiring manual research. The Intel Desk is the other major addition in the V2 era. It's a community-powered investigation platform where analysts submit research cases, the community votes on which investigations to prioritize, and findings are shared publicly. Cases have included investigations into celebrity token launches, exchange hacks, and coordinated manipulation schemes. Several Intel Desk investigations have been picked up by major crypto media and cited in regulatory discussions. --- ## **Who Uses Bubblemaps** Bubblemaps is used by a wide range of people across the crypto ecosystem, and understanding who uses it helps clarify what it's for. **Retail investors and traders** use it for pre-investment research on tokens they're considering, particularly meme coins and newer projects where the risk of insider manipulation is highest. The visual format makes it accessible even to people without a background in blockchain data. **Crypto researchers and journalists** use it as a primary source for on-chain evidence in investigative reporting. The ability to visualize wallet connections and trace fund flows makes it much faster to build a coherent narrative from raw blockchain data. **Project teams and developers** use it to demonstrate the health of their own token distribution to potential investors and their community. A clean bubble map is increasingly cited as a positive signal in token launches. **DeFi protocols and analytics platforms** integrate Bubblemaps via API or iframe, embedding the visualization directly into their own products. This means Bubblemaps data appears in tools like DEXTools, DexScreener, CoinGecko, Axiom, Trojan, and others, often without users realizing they're looking at Bubblemaps data. **Security researchers and compliance teams** use it for due diligence and investigation work, tracing the movement of funds associated with exploits, scams, or sanctioned entities. --- ## **How Bubblemaps Fits Into Your Research Stack** Bubblemaps is not the only on-chain analytics tool, and it works best when used alongside others. Block explorers like Etherscan or Solscan let you verify the underlying transactions that Bubblemaps surfaces visually, while platforms like Nansen, Arkham, and Dune offer complementary angles on wallet behavior and fund flows. What Bubblemaps does better than any of them is make token distribution and wallet relationships instantly readable without requiring technical knowledge or hours of manual tracing. --- ## **The $BMT Token** Bubblemaps has its own token, $BMT, which powers access to premium features and aligns the incentives of the platform's most active users with its continued development. $BMT is listed on several major exchanges and has its own bubble map on the platform, which the team has maintained as a demonstration of the kind of healthy distribution they advocate for in the broader ecosystem. --- ## **Why On-chain Visualization Matters** The fundamental promise of blockchain technology is transparency. Every transaction is public, every wallet balance is verifiable, and no one can secretly move funds without leaving a trace. But transparency only has value if people can actually read the data. For most of crypto's history, the gap between "the data exists" and "anyone can understand it" has been enormous. That gap is where scams, rug pulls, and insider manipulation have thrived. The data to detect them was always there. The tools to make it readable weren't. Bubblemaps is one of the tools that closes that gap. By making wallet relationships visual and immediately interpretable, it shifts the information balance toward the retail investor and away from the sophisticated actors who have historically benefited from the opacity of raw blockchain data. That's the real value proposition. Not just a pretty chart, but a genuine shift in who can access and act on on-chain information. --- ## **Getting Started** Bubblemaps is free to use for core features. Go to bubblemaps.io, select a chain, and paste any token contract address. The map loads in seconds. If you're new to it, start with a token you already know well. Pull up the map for a major token like a well-known stablecoin or a blue-chip project and get familiar with what a healthy distribution looks like. Then pull up a token you've been suspicious of and see what the map tells you. The visual language becomes intuitive quickly. Within a few sessions, you'll be reading bubble maps the way experienced traders read price charts: fast, pattern-based, and with a clear sense of what looks normal and what doesn't. --- *Ready to go deeper? Read our guides on*[ *How to Use Bubblemaps: A Step-by-Step Guide for Beginners*](https://blog.bubblemaps.io/how-to-use-bubblemaps-a-step-by-step-guide-for-beginners/)*,* [*How to Spot a Rug Pull Using Bubblemaps (Before It Happens)*](https://blog.bubblemaps.io/how-to-spot-a-rug-pull-using-bubblemaps-before-it-happens/)*, and* [*How to Analyze Meme Coin Holders with Bubblemaps*](https://blog.bubblemaps.io/how-to-analyze-meme-coin-holders-with-bubblemaps/)*.* ### How to Use Bubblemaps: A Step-by-Step Guide for Beginners URL: https://blog.bubblemaps.io/how-to-use-bubblemaps-a-step-by-step-guide-for-beginners/ Last updated: 2026-03-27T20:18:41.000Z No prior experience with onchain analytics is required. If you know what a crypto wallet is and have a basic understanding of tokens, you have everything you need to follow along. --- ## What You'll Learn This guide covers: - How to open Bubblemaps and look up a token - How to read the bubble map and understand what the visuals mean - How to identify wallet clusters and what they tell you - How to use watch for bundles - How to navigate the historical map - How to explore individual wallets - A few practical habits to build into your research routine --- ## Step 1: Open Bubblemaps Go to [bubblemaps.io](https://bubblemaps.io/?ref=blog.bubblemaps.io) and click Launch App. This takes you to the main application at [v2.bubblemaps.io](https://v2.bubblemaps.io/?ref=blog.bubblemaps.io). You don't need an account to use the core features. The app loads directly in your browser. At the top of the screen you'll see a search bar and a chain selector. The chain selector lets you choose which blockchain you want to search on. Bubblemaps supports Ethereum, Solana, BNB Chain, Base, Tron, Polygon, Avalanche, TON, and others. --- ## Step 2: Find the Token You Want to Analyze You can search for a token two ways: by name or by contract address. **Searching by name** works for well-known tokens. Type the token name or ticker into the search bar and select it from the dropdown. **Searching by contract address** is more reliable, especially for newer or less established tokens where the name might not be indexed yet. Paste the full contract address into the search bar and hit enter. If you're researching a token you found on a DEX aggregator like DexScreener or DEXTools, the contract address is always displayed prominently on those platforms. Copy it from there and paste it directly into Bubblemaps. --- ## Step 3: Read the Bubble Map Once your token loads, you'll see the bubble map. Take a moment before clicking anything and just look at the overall shape of it. ### What the bubbles represent Each bubble is a wallet that holds the token. The size of the bubble corresponds directly to the percentage of total supply that wallet holds. A large bubble means a large position. A tiny bubble means a small one. ### What the colors mean This is the most important thing to understand about the map. Bubblemaps assigns the same color to wallets it has identified as likely controlled by the same entity. These groups are called clusters. If you see five bubbles all in the same shade of orange, connected by lines, that means Bubblemaps believes those five wallets are operated by the same person or group. Even if each wallet individually holds only 3% of supply, together that cluster holds 15%, all in the same hands. Wallets that appear in gray or without connections to others are unidentified as part of any cluster. They may be independent retail holders, exchange wallets, or liquidity pool contracts. ### What the lines mean Lines between bubbles indicate a detected relationship. The relationship could be a direct funding connection (one wallet sent funds to another) or a behavioral connection (the wallets have transacted in coordinated patterns). ### Reading the map at a glance A healthy distribution looks scattered and colorful in a varied way: many bubbles of different sizes, few connections between the largest ones, and no single color dominating the map. A concerning distribution looks consolidated: one large cluster of the same color taking up a significant portion of the map, with lines connecting many of the top holders back to the same source. --- ## Step 4: Click Into Individual Wallets Click any bubble to open the wallet detail panel. This shows you: - The wallet address (you can copy it to look up on a block explorer) - The percentage of total supply this wallet holds - The wallet's rank among all holders - Any label Bubblemaps has assigned to it (for example: "PumpSwap LP," "Binance," or "Deployer") - Its connections to other wallets in the map Clicking a wallet also highlights all of its connections in the map, making it easy to see which other bubbles belong to the same cluster. If you want to investigate a wallet further, copy the address and paste it into Etherscan, Solscan, or whichever block explorer matches the chain. This lets you see the full transaction history for that wallet, which is useful for confirming what Bubblemaps is showing you at a high level. --- ## Step 5: Check the Top Holders Panel On the right side of the screen, you'll see the Address List panel. This is a ranked list of the top holders by supply percentage. Scroll through the top 20 to 30 holders and pay attention to a few things: **Are multiple entries the same color?** If holders ranked 2, 5, 7, and 11 all share the same color, they're in the same cluster. Add their percentages together to get the true combined holding. **Are any wallets labeled?** Bubblemaps automatically labels known wallet types. CEX labels (Binance, Coinbase, Kraken, etc.) indicate exchange custody wallets, which are not insider positions. LP labels indicate liquidity pool wallets. Deployer labels flag the wallet that launched the contract. These labels save you significant research time. **What does the top holder alone control?** On Solana meme coins especially, it's common to see a single liquidity pool wallet at number one with 10 to 15% of supply. That's normal. What's not normal is an unlabeled wallet at number one with 20%+ and connections to several other top holders. The liquidity pool wallet is usually 'hidden' from the map, you can view it by clicking the eye-icon in the holder panel. --- ## Step 6: Check for Bundles in Meme Coins Here is how to interpret clusters: **Under 5%:** Normal range. Some wallets will always snipe a new launch. This is not a significant concern on its own. **5 to 15%:** Worth noting. Track these wallets to see whether they're holding or distributing. **15 to 30%:** Serious concern. A meaningful share of supply was pre-bought by a coordinated group. Those wallets have a structural advantage and will likely sell before or into retail exits. **Over 30%:** The launch was engineered. A large coordinated group accumulated supply before the public had access. Combined with high holder concentration, this is one of the clearest signals to avoid a token. Always check for bundles on any new token you're considering, especially if it's under 48 hours old. It takes seconds and gives you information that isn't visible anywhere else without hours of manual research. --- ## Step 7: Use the Historical Map The historical map lets you travel back in time and see what the token distribution looked like at any previous point. This feature is accessed through the clock or timeline control within the app. ### Why it matters The current state of the map only tells you part of the story. The historical map tells you how the token got to where it is now, which is often more revealing. ### How to use it Use the timeline slider or date picker to navigate to specific moments in the token's history. The three most useful points to check are: **At launch:** What did the distribution look like when the token first went live? Was it already concentrated, or was supply spread across many wallets from the start? **At the first major price peak:** Who sold at the top? If a large cluster reduced its position precisely at the price peak, those wallets demonstrated they will do the same thing at the next peak. That's information you can use. **Today versus a week ago:** Is the distribution becoming more or less concentrated? A token where supply is gradually spreading to more wallets is gaining genuine adoption. A token where supply is consolidating is seeing insiders accumulate into retail buying, which is a warning sign. ### Practical example Suppose you're looking at a token that's been trading for two weeks. The current map looks reasonably healthy. Before you invest, check the historical map at launch. If it shows a tight cluster controlling 40% of supply that has since spread out, that's good: the initial holders distributed. If it shows a tight cluster that has barely moved, those wallets are still holding a large position and could sell at any time. --- ## Step 8: Understand the Labels Bubblemaps Uses As you use Bubblemaps more, you'll encounter standard wallet labels that appear on bubbles and in the address list. Knowing what they mean speeds up your analysis significantly. **CEX (Centralized Exchange):** Wallets belonging to exchanges like Binance, Coinbase, Kraken, or Bybit. These represent user custody, not insider positions. A large CEX wallet in the top holders means the token has exchange distribution, which is generally positive. CEX wallets are hidden by default to avoid confusion. If you unhide it in the holders panel, it would often show a big cluster. **DEX/LP (Liquidity Pool):** The smart contract holding the token's trading liquidity on a decentralized exchange. This wallet will always appear large relative to total supply. It's not a holder in the traditional sense. **Deployer/Creator:** The wallet that launched the token contract. Always pay close attention to this one. If it still holds tokens, those are potential sell pressure. If it sent tokens to a cluster of wallets at launch, those wallets are insiders. **Magic Nodes:** Bubblemaps V2 introduced Magic Nodes, which automatically surface contextual information about specific wallets. When a wallet is identified as belonging to a known project, exchange, or flagged entity, that context appears directly in the map without you needing to look it up manually. --- ## Step 9: Zoom, Filter, and Navigate the Map The bubble map is interactive, and there are a few navigation basics worth knowing: **Zoom:** Scroll to zoom in and out. Zoom in to see smaller wallets and their connections more clearly. Zoom out for the full overview. **Pan:** Click and drag to move around the map. **Filter by cluster:** Clicking a bubble highlights its cluster. This makes it easy to see the total footprint of a connected group across the whole map, even if the wallets are spread out spatially. **Rearrange:** You can drag individual bubbles to rearrange the layout. This is useful when clusters are overlapping and you want to see the connections more clearly. **Search within the map:** If you have a specific wallet address you want to find in the map, you can paste it into the address list search to locate and highlight it directly. --- ## Step 10: Build It Into Your Research Routine The most common mistake new users make is opening Bubblemaps only after something has gone wrong. The whole value of the tool is in using it before you invest. Here's a simple routine to build: **Before buying any new token:** Open the bubble map. Spend two minutes on the overview. If it looks heavily concentrated, either dig deeper or move on. Watch for bundles if the token is new. Check the deployer/creator wallet. **When holding a token:** Check the map once every few days for any new cluster activity or large wallet movements. The historical comparison (today versus last week) is a quick way to spot distribution changes early. **When deciding whether to exit:** Check the historical map at the last price peak and compare it to now. If the same wallets that sold last time are still holding large positions, consider whether you want to be holding when they sell again. **When researching a token someone else recommended:** Don't take the chart or the community as your primary input. Open Bubblemaps first. If the on-chain reality matches the narrative, great. If it doesn't, you have information the recommender either doesn't have or chose not to share. --- ## Common Mistakes to Avoid **Ignoring gray bubbles.** Unconnected, unlabeled wallets are not automatically safe. Some sophisticated actors deliberately avoid on-chain patterns that trigger Bubblemaps' clustering. Gray doesn't mean innocent; it sometimes means unidentified. **Treating CEX wallets as red flags.** A large Binance wallet in the top holders is almost always a positive sign, not a negative one. It means real users are custodying the token on a major exchange. **Looking at one metric in isolation.** Bundle percentage alone doesn't tell the whole story. Concentration alone doesn't either. Read the map holistically: distribution shape, bundle data, historical trajectory, and deployer wallet behavior together give you a complete picture. **Only checking once.** Meme coin distributions can change dramatically within hours or even minutes. If you're active in a volatile token, check the map more than once. A cluster that looked stable yesterday might be distributing today. --- ## A Quick-Reference Summary Here is a condensed version of the full workflow: 1. Go to bubblemaps.io and launch the app 2. Select the correct chain and search by contract address 3. Look at the overall map shape before clicking anything 4. Note the dominant colors and cluster sizes 5. Click into the top holders and add up connected wallet percentages 6. Check wallet labels (CEX, LP, Deployer) 7. Watch for bundles in new tokens 8. Open the historical map at launch, at the last price peak, and today 9. Trace the deployer wallet and note what it holds or distributed 10. Make your decision based on the on-chain picture, not the chart alone --- ## Where to Go Next Once you're comfortable with the basics covered here, there's a lot more depth to explore. The [Intel Desk](https://intel.bubblemaps.io/?ref=blog.bubblemaps.io) is a good place to see how experienced analysts use Bubblemaps in real investigations, and the case studies on the Bubblemaps site show the tool applied to high-profile situations like the $HAWK token collapse and other notable events. The best way to get faster at reading maps is simply to open more of them. Look up tokens you already know well to build a baseline for what healthy looks like. Then look up tokens that turned out to be rugs (there's no shortage of historical examples) and study what the maps showed before the exit happened. That pattern recognition is what turns a two-minute check into a genuinely reliable research signal. --- *Continue reading:* [*How to Spot a Rug Pull Using Bubblemaps (Before It Happens)*](https://blog.bubblemaps.io/how-to-spot-a-rug-pull-using-bubblemaps-before-it-happens/)*, or* [*How to Analyze Meme Coin Holders with Bubblemaps*](https://blog.bubblemaps.io/how-to-analyze-meme-coin-holders-with-bubblemaps/)*.* ### How to Analyze Meme Coin Holders with Bubblemaps URL: https://blog.bubblemaps.io/how-to-analyze-meme-coin-holders-with-bubblemaps/ Last updated: 2026-03-25T18:13:39.000Z Memecoins move fast. A token can 10x in hours and collapse just as quickly, and the difference between riding that wave and getting wrecked often comes down to one thing: who is actually holding the supply. Bubblemaps answers that question visually and instantly. Instead of combing through raw wallet data on a block explorer, you get an interactive map of every significant holder, how they're connected, and how the distribution has shifted over time. This guide walks you through how to use it specifically for meme coin analysis, from the moment a token launches to the point where you're deciding whether to hold or exit. --- ## Why Meme Coins Require a Different Kind of Analysis Meme coins don't have fundamentals in the traditional sense. There's no revenue, no product roadmap, no earnings call to parse. What drives price is narrative, community momentum, and liquidity. But underneath all of that, the on-chain reality matters more than almost any other token category. Because meme coins launch fast and attract retail attention quickly, they're the preferred vehicle for insider exploitation. Bundled launches, coordinated wallet clusters, and stealth accumulation are endemic to the meme coin space. A token with a great ticker and a viral tweet can mask a distribution that's 60% controlled by five wallets. Bubblemaps cuts through that. It doesn't tell you whether a meme coin will pump. What it tells you is whether the pump, if it happens, will benefit you or the insiders who got in before you. --- ## Step 1: Open the Token and Read the Map at a Glance [Go to bubblemaps.io](https://v2.bubblemaps.io/?ref=blog.bubblemaps.io), select the chain (Solana, Ethereum, BNB, Base, etc.), and paste in the token contract address. The bubble map loads within seconds. Before you read any numbers, look at the shape of the map. A well-distributed token looks like a galaxy: many bubbles of varied sizes, loosely connected or unconnected, spread across the canvas. No single cluster dominates. The largest bubbles are typically CEX wallets, liquidity pools, or large retail holders. A suspicious token looks like a solar system or a tight cluster of bubbles. You'll see one bubble at the center with lines radiating out to many smaller ones, all the same color. That color coding is the key feature: Bubblemaps assigns the same color to wallets it has identified as likely controlled by the same entity. If half your map is one color, half the supply may be in one set of hands. Make this your first-pass filter. If the map looks concentrated before you've clicked anything, the token warrants much closer scrutiny before you put money in. --- ## Step 2: Check What Percentage Insiders Control Click into the top holder clusters and note the percentages. Bubblemaps shows each wallet's share of total supply alongside its address. Add up the percentages of any connected wallets (same color group) to get the true insider control figure. Here's what the numbers mean in practice for meme coins: **Under 15% in a single cluster:** Reasonably healthy. Even if this group sells, there's enough distributed supply that it won't crater the price entirely. **15 to 30% in a single cluster:** Elevated risk. This group has enough supply to significantly suppress price if they coordinate a sell. Watch their wallets closely before entering. **Over 30% in a single cluster:** High risk. A single coordinated exit by this group can drain most of the liquidity. Unless you have strong conviction and a clear exit strategy, this is a pass. **Over 50% in a single cluster:** Extreme risk. The token is effectively controlled by one entity. Any price action is at their discretion. This is the profile of a token designed to be rugged. These thresholds aren't hard rules. Context matters. A 25% cluster might be a known VC or a team wallet with a locked vesting schedule, which is very different from 25% held by anonymous wallets with no lock. Always cross-reference with what the project has publicly disclosed about its tokenomics. --- ## Step 3: Identify the Deployer Wallet and Trace Its Connections The deployer wallet is the address that launched the token contract. On Bubblemaps, you can often identify it through the cluster connections or by checking the wallet labels ("Deployer"/"Creator"). The deployer is important wallet to keep track on. Whatever tokens it still holds or distributed to connected wallets represents the token team's true position, regardless of what they've publicly stated. Look for: **Tokens still held by the deployer:** If the deployer wallet retains a significant share after launch, those tokens are overhang. They can be sold at any time. **Tokens sent from deployer to a network of wallets:** This is the classic distribution pattern before a coordinated dump. The deployer spreads supply across twenty addresses so no single wallet looks suspicious, then they all sell simultaneously. Bubblemaps connects these wallets visually, which makes the pattern immediately visible. **Deployer wallet age and history:** A wallet that was created hours before the token launch and has done nothing since is a red flag. A deployer with a longer history and diverse on-chain activity is a slightly better sign, though not conclusive. On Solana in particular, the deployer wallet tracing is critical because the chain's low fees make it cheap to operate dozens of wallets simultaneously. Many Solana meme coin rugs involve deployers managing 30 to 50 wallets, all of which Bubblemaps will group and highlight if they're behaviorally connected. --- ## Step 4: Run the Bundle Checker Bundling is one of the most common manipulation tactics in memecoin launches, especially on Solana. It refers to a coordinated buy where multiple wallets purchase the token in the same block or within the first few blocks of trading, before any public buyer has had a chance to enter. The effect is that one person, or a small group of insiders accumulates a large share of the supply at the lowest possible price, while public buyers see the chart already moving and chase the momentum. When insiders decide to sell, they exit into the retail liquidity that followed them in. Bubblemaps' bundle checker detects this pattern by analyzing launch-block transaction data and identifying wallets that coordinated their buys. Run it on any new token before buying. What you're looking for: **Bundled supply under 5%:** Low concern. Some wallets will always snipe a launch; this is within normal range. **Bundled supply between 5 and 15%:** Moderate concern. Worth tracking these wallets to see if they're holding or distributing. **Bundled supply over 15%:** Serious concern. A meaningful portion of the supply was coordinated at launch. These wallets have a significant cost advantage over any buyer who came after. **Bundled supply over 30%:** This token was effectively pre-bought by insiders before the public had access. The launch was structured to extract value from retail buyers. Avoid. The bundle checker result, combined with the top holder concentration, gives you a complete picture of whether a launch was fair or engineered. --- ## Step 5: Analyze the Real-Time Token Distribution Bubblemaps updates its data in near real time, which makes it useful not just for pre-investment research but for active monitoring of tokens you already hold. When you're watching a meme coin you're in, there are specific distribution signals that should prompt action: **A large cluster that's been stable suddenly starts to fragment:** Wallets that previously held their position are now splitting into smaller wallets and moving tokens. This is often a precursor to selling, as insiders distribute to fresh addresses before hitting exchanges. If you see this, watch the next few hours closely. **The top holder list is changing rapidly:** New wallets appearing in the top 20 while old ones shrink means active trading at scale. This isn't inherently bad, but combined with other signals, it can indicate a coordinated exit in progress. **Wallet connections are increasing:** More lines appearing between previously unconnected bubbles means Bubblemaps is detecting new behavioral links between wallets. Insiders sometimes consolidate before a dump. **The map is becoming less diverse over time:** If the distribution is concentrating rather than spreading, retail is buying while insiders are quietly selling to them. This is the soft rug pattern. Real-time monitoring is most useful during the first 24 to 72 hours of a meme coin's life, when distribution patterns are still forming and insider intentions are most readable. --- ## Step 6: Use the Historical Map to Understand What Already Happened The historical token holders map lets you scroll back to any point in the token's life and see what the distribution looked like then. For meme coin analysis, this is invaluable for understanding whether a token has already been partially exploited and what the remaining risk looks like. Use it to answer these questions: **Did insiders already sell a large portion?** If a cluster that held 40% at launch now holds 8%, those tokens have been distributed. The immediate dump risk from that cluster is reduced, though the tokens are now in unknown hands. **Did distribution get better or worse over time?** A token where the top 10 holders now hold a smaller combined percentage than they did at launch has seen genuine decentralization. A token where concentration has increased despite rising price has seen insiders accumulate into retail buying pressure. **Did something specific happen at a price peak?** Load the historical map from the point of the last major price top and check who sold. If a large cluster exited precisely at the peak, those wallets have demonstrated they will sell again at the next one. That's information you can use. **When did the deployer last move tokens?** If the deployer wallet moved tokens three days ago but nothing has happened since, something may be being prepared. Context in the historical map often explains current price action. --- ## Step 7: Compare Across Chains If you're analyzing the same token concept or team across multiple chains (which happens often with meme coin series or "bridged" tokens), Bubblemaps lets you pull up token maps on different chains side by side. The patterns to compare: **Is the deployer wallet on Chain B connected to the same clusters as on Chain A?** A team that launched a suspicious token on Ethereum and is now launching on BNB Chain will often reuse wallet infrastructure. Bubblemaps can surface these connections within a chain, and manual cross-referencing between chains is straightforward once you know the deployer addresses. **Is the distribution on the new chain already concentrated?** Some teams pre-position on a new chain before the public launch, using the reputation from a previous token to drive FOMO into a structure that's already insider-controlled. **Does the new token look like the old one at launch?** If a previous token showed heavy bundling and a tight cluster, and the new one from the same team has the same fingerprint on a new chain, the pattern is repeating. --- ## What to Look for in a Healthy Meme Coin Not every meme coin is a trap. Some have genuinely distributed supply and a community of real buyers. Here's what that looks like on Bubblemaps: **Many colors, many clusters:** A healthy distribution map looks chaotic in a good way. Multiple distinct clusters of different colors and sizes, many unconnected bubbles, and no single dominant entity. **CEX and DEX wallets among the top holders:** When centralized exchange wallets or major DEX liquidity pools appear in the top holders, it signals legitimate trading volume and third-party custody. These wallets are not insider positions. **Deployer wallet is empty or minimal:** A team that has genuinely distributed its tokens shows up as a deployer wallet with near-zero balance. Tokens went to the community, not to a network of insider addresses. **Bundle percentage is low:** Under 5% bundled supply at launch means the token opened fairly. Early buyers got in through normal trading, not through coordinated pre-buy. **Distribution is improving over time:** Each time you check the historical map at a later point, the top holder concentration should be trending downward as more wallets accumulate from the market. This is the natural pattern of a token gaining genuine adoption. --- ## Building a Meme Coin Checklist with Bubblemaps Before entering any meme coin position, run through this sequence: Open the bubble map and assess concentration at a glance. If the map looks dominated by a single color cluster, proceed with extreme caution. Check the top 20 holders and add up any connected wallets. Note the combined percentage. Anything above 25% in a single connected group deserves detailed investigation. Run the bundle checker. If bundled supply exceeds 15%, understand that those wallets have a structural cost advantage over you and will likely sell before or into your exit. Trace the deployer wallet. Note what it holds, where it sent tokens at launch, and whether any of those recipient wallets are still holding large positions. Check the historical map at two or three key dates: launch, the first major price peak, and the most recent date. The story those three snapshots tell is usually the whole story of the token. Make your decision based on what you see, not on the chart or the community sentiment. Both of those are downstream of the on-chain reality that Bubblemaps shows you directly. --- ## Meme Coins Move Fast: Timing Your Analysis One practical note on timing: meme coin analysis with Bubblemaps is most valuable in the first hour and the first 24 hours of a launch. After that, the distribution becomes harder to act on because the obvious insider wallets have often already moved. If you're the type of trader who enters meme coins early, make opening Bubblemaps the first step, not an afterthought. The bundle checker result and the initial distribution map take about two minutes to assess. Those two minutes can be the difference between entering a fair launch and entering a coordinated trap. If you're analyzing a token that's already been trading for days or weeks, the historical map is your most useful tool. It tells you not just where the supply is now but how it got there, and that trajectory is often the best predictor of what happens next. --- ## The Bottom Line Meme coins will always attract speculation, and there will always be teams willing to exploit that. Bubblemaps doesn't remove the risk from meme coin trading. What it does is make the on-chain reality visible before you commit capital. A two-minute analysis on Bubblemaps before entering a meme coin position is the simplest and most effective form of due diligence available in this space. The map doesn't lie. The wallets don't lie. The only question is whether you look before you buy. --- *Want to go further? Read our guide on* [*How to Spot a Rug Pull Using Bubblemaps (Before It Happens)*](https://blog.bubblemaps.io/how-to-spot-a-rug-pull-using-bubblemaps-before-it-happens/)*.* ### 'I didn't promote it, I merely shared it' URL: https://blog.bubblemaps.io/i-didnt-promote-it-i-merely-shared-it/ Last updated: 2026-03-30T19:12:11.000Z At Bubblemaps we believe that everything bad brings something good. And in this email, we'll start with some nice news, and continue with solid investigations of the bad. Let's dig in! ## NEW: Bubblemaps x Aptos💫 Say goodbye to insiders and bundlers on Aptos, Bubblemaps has landed. As always ready to help you spot whales, insiders, and wallet clusters in a single view, now on a new growing L1. [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/03/image-2.png)](https://v2.bubblemaps.io/aptos?ref=blog.bubblemaps.io) [Explore Aptos Bubbles](https://v2.bubblemaps.io/aptos?ref=blog.bubblemaps.io) --- ## The WAR-Token Migrated We initially [reported ](https://x.com/bubblemaps/status/2019476598718885904?ref=blog.bubblemaps.io)on the token $WAR in February. The promoters, the insiders, 100+ side wallets, and the ever-selling of a **70% bundle** they didn't want you knowing about. Here's an update for you, the token recently migrated to a new contract. Perhaps it was an attempt to clean up the huge orange elephant in the room? The ethos hasn't changed, we found that since migrating, the dev has sold another **$1,500,000 worth of $WAR**. The token is new, but will the past be forgotten? ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/03/image-1.png) [Read post](https://x.com/bubblemaps/status/2031049611952140601?s=20&ref=blog.bubblemaps.io) --- ## 'I didn't promote it, I merely shared it' - J. Milei In the never-ending scandal of Javier Milei's memecoin launch $LIBRA. New evidence has surfaced just a few days back, showing a **$5M deal** between Milei and Hayden Davis. Middleman Mauricio Novelli's phone has been searched and evidence collected. Argentina does not allow for a sitting president to make external profit, and doing so may lead to impeachment if found guilty. Read our initial thread on the matter from February last year, [here](https://x.com/bubblemaps/status/1891289507338580028?ref=blog.bubblemaps.io). ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/03/milei-em.png) Source: El Destape [Post](https://x.com/bubblemaps/status/2033593559274930267?s=20&ref=blog.bubblemaps.io) --- ## BonkFun Got Exploited Just a week ago, popular memecoin launchpad Bonkfun suffered an exploit where visitors lost a total of **$23k**. The team advise against interacting with the site until further, no additional announcement has been made since. The onchain sleuths of Bubblemaps identified 13 addresses linked to this exploit and we estimate that there were 35 victims that suffered losses before the Bonkfun-team managed to take the site down while investigating further. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/03/bonk-em.png) [Read more](https://x.com/bubblemaps/status/2032125157435953199?s=20&ref=blog.bubblemaps.io) --- Thank you for reading & stay safe, Bubblemaps Team ### How to Spot a Rug Pull Using Bubblemaps (Before It Happens) URL: https://blog.bubblemaps.io/how-to-spot-a-rug-pull-using-bubblemaps-before-it-happens/ Last updated: 2026-03-30T12:42:59.000Z Before you ape in, open Bubblemaps. It might just save your portfolio. Rug pulls don't happen by accident. They leave traces: on-chain, visible, and often hiding in plain sight. Bubblemaps is built to surface exactly those traces: coordinated wallet clusters, concentrated insider holdings, and the quiet buildup before a coordinated dump. This guide shows you how to read those signals and act on them before the exit liquidity is you. --- ## What Is a Rug Pull, Really? A rug pull is when insiders (developers, early investors, or coordinated wallets) dump their token holdings on retail buyers, collapsing the price and leaving latecomers with near-worthless bags. There are two main types: - **Hard rug**: Liquidity is withdrawn instantly. The pool drains, the chart goes to zero, and the team vanishes. Often executed via smart contract backdoors. - **Soft rug**: A slower bleed. Insiders sell steadily over days or weeks, gradually suppressing price while the project maintains a public-facing presence. Much harder to detect without on-chain tools. Both leave footprints. Bubblemaps lets you read them. --- ## Why Bubblemaps Is the Right Tool for This Most analytics tools show you *what* happened after the fact. Bubblemaps shows you *who holds what, and how they're connected* in real time, before anything happens. Its core feature is **wallet cluster detection**: it visualizes which wallets are likely controlled by the same entity, based on on-chain transaction patterns. Wallets that funded each other, transacted in suspicious synchrony, or share behavioral fingerprints are grouped into clusters and displayed as interconnected bubbles. This turns a list of anonymous addresses into a map of influence, making coordinated insider holdings immediately visible. --- ## Step 1: Check the Token Distribution Map The first thing to do when you open a token on Bubblemaps is look at the **distribution of supply**. A healthy token looks like a scatter. You'll see many mid-sized bubbles representing diverse holders: CEX wallets, liquidity pools, individual retail buyers, with no single cluster dominating the map. A dangerous token looks like a solar system. One massive cluster sits at the center, surrounded by smaller wallets that all trace back to it. Sometimes it's obvious. Sometimes the cluster is split across dozens of seemingly unrelated wallets, but Bubblemaps connects the dots. **Red flags to watch for:** - A single cluster controlling more than 20–30% of supply - Multiple mid-sized wallets that all funded from the same source wallet - A "decentralized" top holder list where 10 of the top 20 wallets are connected to each other - Wallets labeled as "team" or "dev" holding far more than disclosed If the top 10 wallets are all the same color on the map, meaning Bubblemaps has grouped them as likely controlled by the same entity, treat that as a serious warning sign. --- ## Step 2: Identify Insider Wallet Clusters Insider wallets don't always buy at launch. Some are pre-funded. Some receive tokens from the deployer wallet before the public sale. Some snipe the token within the first few blocks. Bubblemaps makes these patterns visible through **cluster detection**, which groups wallets by funding origin and behavioral similarity. Look for: - **Deployer-connected wallets**: Wallets that received tokens or ETH/SOL directly from the contract deployer. These are insiders by definition. - **Bundle wallets**: A set of wallets that all bought in the same block or within seconds of launch, often funded from the same source. This is known as "bundling," a coordinated snipe that accumulates large supply before anyone else can react. - **Interconnected top holders**: Open the top 10–20 holders. If multiple wallets are linked by colored lines in the bubble map, they're flagged as related. Even if each wallet holds only 2–3%, five connected wallets = 10–15% in insider hands. Checking bundles is a function (available in Bubblemaps) is specifically designed to detect launch-time coordinated buys. Run it on any new token. If a significant percentage of early supply was bundled by a small group of wallets, the project is either a rug or heavily insider-controlled, which amounts to the same risk. --- ## Step 3: Look for Abnormal Wallet Connections On a legitimate project, the token distribution reflects natural market behavior: some early buyers, some larger funds, some CEX wallets, and a long tail of retail. The connections between wallets are sparse and organic. On a suspicious project, the connection graph looks different. You'll see: - **Star patterns**: One central wallet connected to many smaller ones, suggesting a single operator managing multiple addresses - **Chain funding**: Wallet A funded Wallet B, which funded Wallet C, which now holds 4% of supply. A deliberate obfuscation trail. - **Mirrored behavior**: Multiple wallets buying and selling at exactly the same time, suggesting automated operation by a single actor When you see these patterns, you're likely looking at a single entity that has split its holdings across wallets to disguise concentration. The intent is almost always to avoid triggering alerts, and eventually to dump. --- ## Step 4: Track Whale Wallet Movements Rug pulls don't always happen in a single transaction. Soft rugs in particular involve gradual selling, small enough to avoid panic but large enough to slowly drain the price. Bubblemaps' **whale wallet tracker** lets you monitor the largest holders over time. Use it to watch for: - **Gradual position reduction**: A top holder who held 5% six weeks ago and now holds 1.5% has been selling. That's not necessarily a rug, but combined with other signals, it matters. - **Wallet-to-wallet transfers before selling**: Insiders sometimes shuffle tokens between their own wallets before selling, likely to obscure the origin. If a cluster of connected wallets is redistributing internally, watch the exits closely. - **Sudden wallet inactivity followed by a large transfer**: A wallet that sat dormant for weeks suddenly moves its entire balance to a new address, often a precursor to an exchange deposit and a dump. The **historical token holders map** is especially useful here. You can scroll back in time and see what the distribution looked like at launch versus today. A token that started concentrated and became *more* concentrated over time is a project where insiders are accumulating, not distributing. --- ## Step 5: Use the Token Supply Audit Before investing in any token, run a quick supply audit using Bubblemaps. This gives you a clear picture of: - What percentage of supply is in insider-connected wallets - Whether liquidity provider wallets hold a suspicious share - Whether the deployer wallet still holds tokens (and how many) - Whether any wallets are linked to known scam addresses Pay particular attention to the **deployer wallet**. If it's been emptied into anonymous wallets that are now sitting on large positions, that's a classic pre-dump setup. The deployer distributes supply to a network of addresses, waits for price to rise on retail FOMO, then coordinates a simultaneous dump. Bubblemaps visualizes the deployer-to-cluster flow in a way that raw blockchain explorers simply can't. What would take hours of manual tracing on Etherscan takes thirty seconds on Bubblemaps. --- ## Step 6: Cross-Reference with the Historical Map The **historical token holders map** is one of Bubblemaps' most underused features for rug detection. It lets you see how the distribution has changed over time, which tells you a story. Ask yourself: - Did a large cluster sell just before a price drop? That's insider selling on information. - Did new large wallets appear right before a positive announcement? That's front-running. - Did the top holders change dramatically overnight? That's either a coordinated exit or a wallet shuffle before a dump. Pattern recognition across time is what separates a legitimate project from a slow rug. A healthy token sees gradual diversification: early holders taking profits, new wallets entering. A rug sees the opposite: concentration increasing, or a steady bleed from a few large wallets that never seems to stop. --- ## Real Warning Signs: A Quick-Reference Checklist Use this before investing in any new token: **Distribution** - No single cluster controls more than 20% of supply - Top 20 wallets show few or no connections to each other - Deployer wallet has been emptied into clearly non-insider addresses (CEX, LP, etc.) **Insider detection** - No bundle activity detected at launch - No wallets connected to the deployer are still holding large positions - Top holders match the team's stated allocation (if public) **Behavioral signals** - No unusual wallet-to-wallet transfers in recent days - Large wallets have not been gradually reducing positions - No dormant wallets have recently reactivated **Historical check** - Distribution is more diversified now than at launch - No suspicious selling correlated with price drops or announcements - No known scam-linked addresses appear in the top holders If you're checking boxes on multiple items in the red column, walk away. The opportunity cost of missing a 5x is far lower than the loss of a full rug. --- ## Bubblemaps Across Different Chains Rug pulls aren't chain-specific. They happen on Solana, Ethereum, BNB Chain, Base, and Tron, and Bubblemaps covers all of them. A few chain-specific notes: - **Solana**: Rug pulls move fast here due to low fees and high-frequency trading bots. Using Bubblemaps to check for bundles is especially critical on Solana meme coins, where launch-block sniping is endemic. - **Ethereum**: Soft rugs are more common due to higher gas costs. Look for gradual selling over weeks rather than a single dump event. - **BNB Chain**: A historically high-risk chain for rug pulls. Deployer-connected wallets are often more elaborate here, with multiple hops designed to obscure origin. - **Base**: A newer chain with fast-growing meme coin activity. Supply concentration tends to be high on early-stage Base tokens, use the distribution map carefully. The interface is consistent across chains, once you know how to read a Bubblemaps visualization on Ethereum, you can apply the same logic everywhere. --- ## What Bubblemaps Can't Tell You No tool is perfect. Bubblemaps gives you on-chain data — but rug pulls can also involve: - **Smart contract backdoors**: Mint functions, transfer restrictions, or hidden admin keys that allow the deployer to drain or freeze funds. Bubblemaps won't show you this. Use a contract auditing tool like [Token Sniffer](https://tokensniffer.com/?ref=blog.bubblemaps.io) or [GoPlus](https://gopluslabs.io/?ref=blog.bubblemaps.io) alongside it. - **Off-chain coordination**: Fake influencer partnerships, paid shill campaigns, or coordinated social media manipulation. This is invisible to any on-chain tool. - **Locked liquidity that unlocks**: A token can show healthy on-chain distribution but have liquidity locked for only 30 days. Always verify the liquidity lock independently. Think of Bubblemaps as one layer of your DYOR stack, a crucial one, but not the only one. --- ## The Bottom Line Rug pulls succeed because retail buyers trust surface signals: a nice website, an active community, a rising chart. Insiders count on you not looking deeper. Bubblemaps removes that advantage. It takes the most important signal (who actually controls this token) and makes it visible in seconds. Clustered wallets, bundled launches, whale sell-offs, deployer-connected holders: all of it is there if you know where to look. The thirty seconds it takes to open a token on Bubblemaps before investing is the cheapest insurance in crypto. --- *Want to go deeper? Read our guides on* [*How to Analyze Meme Coin Holders with Bubblemaps*](https://v2.bubblemaps.io/?utm%5Fsource=blog&utm%5Fcampaign=kw&utm%5Fmedium=organic&utm%5Fcontent=&date=46100) *and* [*How to Use Bubblemaps: A Step-by-Step Tutorial for Beginners*](https://blog.bubblemaps.io/find-deeper-connections-between-wallets/)*.* ### A U.S. Senators' Growing Dislike of Insider Trading + More URL: https://blog.bubblemaps.io/a-u-s-senators-growing-dislike-of-insider-trading-more/ Last updated: 2026-03-30T19:15:16.000Z ## Where Do We Draw the Line Six suspected insiders made $1.2M betting on a US strike on Iran Most of these wallets: • were funded in the last 24h • specifically bet for February 28 • bought "yes" hours before the strike ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/03/insider_em.png) Our post got picked up and shared by U.S. Senator Chris Murphy, who was raising concerns surrounding war-related betting. See his post [here](https://x.com/ChrisMurphyCT/status/2027899652226326800?ref=blog.bubblemaps.io). [More Info](https://x.com/bubblemaps/status/2027718004193300791?ref=blog.bubblemaps.io) --- ## Clustered PIPPIN-Insiders A while back, we reported on $PIPPIN being heavily supply controlled, worth a staggering $380M back then - now we're back with an update. It dropped over 70% in a just few days ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/03/pippin-update_em.png) [View bubble map](https://v2.bubblemaps.io/map/N6e1eqFikXqES4beNKsd?ref=blog.bubblemaps.io) --- ## Investigation Insider Trading = Not Smart One week ago, ZachXBT published [an investigation](https://x.com/zachxbt/status/2027016064534757659?ref=blog.bubblemaps.io) surrounding an insider-trading ("WheresBroox") employee of Axiom. in the days and hours before ZachXBT published his, many where guessing who it might be, many began betting on prediction markets, hoping to get rewarded for their suspicions around different companies. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/03/image.png) One trader seemed suspiciously convinced of which company it was about, and managed to score $400K winnings using Polymarket. We looked further into it. We found a connection between WheresBroox and the #1 Polymarket trader who made $400k betting on the ZachXBT investigation. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/03/broox-update.png) Wallet 0x054e bet $212k on "Yes" for Axiom at $0.33 This wallet: \> Became this market's top holder \> Won $421k on this trade Note: This wallet also bought "No" shares, which is common amongst insiders to ward off detection. [Read Full Thread](https://x.com/bubblemaps/status/2027105956073771392?ref=blog.bubblemaps.io) --- Thank you for reading & stay safe, Bubblemaps Team ### The Bundle Avengers Are Working Hard URL: https://blog.bubblemaps.io/the-bundle-avengers-are-working-hard/ Last updated: 2026-02-18T19:44:25.000Z ## We Revealed His Past Rug Dev Career Based on our findings, the winner of the $1,000,000 X Article "Beaver" is a serial rugger who made $600k from memecoin pump & dumps. We found this by tracing Beavers' public wallet address, and ended up at the wallet that launched $SIAS, a token which: \- soared to $6M mcap \- dumped to 0 minutes later \- deleted all its social media Not only did he launch it, he also sniped it using several side wallets, and then rugged for $600k. Upon sharing this information on X, Beaver responded: "cry me a river also these arent even the top 5 greatest hits" ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/02/image-1.png) [Read our thread](https://x.com/bubblemaps/status/2021209399377990103?ref=blog.bubblemaps.io) --- ## Is Hayden Davis Back? Or did he never even leave? Either way, this time he's down $3,000,000 after trading [$PUMP](https://x.com/search?q=%24PUMP&src=cashtag%5Fclick&ref=blog.bubblemaps.io), [$TROVE](https://x.com/search?q=%24TROVE&src=cashtag%5Fclick&ref=blog.bubblemaps.io), [$PENGUIN](https://x.com/search?q=%24PENGUIN&src=cashtag%5Fclick&ref=blog.bubblemaps.io) and others. Last August, we uncovered how Hayden Davis made millions sniping [$YZY](https://x.com/search?q=%24YZY&src=cashtag%5Fclick&ref=blog.bubblemaps.io). His wallets went inactive after that, we recently found new active wallets in the same cluster. We spotted large transfers into a deposit address linked to Hayden Davis, leading us to 6 active wallets. The wallets were trading popular memecoins just 7 days ago. He lost on most of his trades, such as: \-$2.5M on $PUMP \-$100k on $PENGUIN \-$29k $KABUTO \-$1k $LOUD \-$1k $BAGWORK ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/02/hayden-em--1-.png) [Read full thread](https://x.com/bubblemaps/status/2023447666299203954?ref=blog.bubblemaps.io) --- ## Trove Issues Refunds - If You're a KOL Do you remember the catastrophic launch of $TROVE back in January, where ICO participants lost everything? Well, a while back we found out that the Trove founder is silently refunding the KOLs that promoted the Trove ICO. The ICO participants have still not received refunds, 1 month after their investment. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/02/trove-em--1-.png) [View in Intel Desk](https://intel.bubblemaps.io/cases/88/trove-launch-fallout?ref=blog.bubblemaps.io) --- ## The Bundle Avengers Are Back At It Market has been bleeding, and the same KOLs are still rugging you. We found that $WAR is 70% bundled using 100+ wallets. Read abut it in our [thread](https://x.com/bubblemaps/status/2019476598718885904?ref=blog.bubblemaps.io). Many buyers were trusting that the $WAR team won't dump it all. Well, the dev has begun selling off from the bundle. Read more [here](https://x.com/bubblemaps/status/2024174638746784017?ref=blog.bubblemaps.io). ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/02/image-2.png) --- Thanks for reading & stay safe, Bubblemaps Team ### Is $40 Million Ever Enough? URL: https://blog.bubblemaps.io/is-40-million-ever-enough/ Last updated: 2026-02-04T19:39:11.000Z A wild story about greed, a game-changing new feature for token discovery, and major partnership news. Let get into it! ## Psst... tried Bolts yet?⚡️ With Bolts, you can boost a token’s exposure on Bubblemaps. Make sure it gets the attention it deserves. Plus, use [$BMT](https://x.com/search?q=%24BMT&src=cashtag%5Fclick&ref=blog.bubblemaps.io) to get a nice discount! ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/02/patriot-em--1-.png) [Try it now](https://v2.bubblemaps.io/?ref=blog.bubblemaps.io) --- ## So $40M just isn't enough John Daghita (@lick), who stole $40M from the US government, launched $LICK on pumpfun while live streaming in his Telegram channel (now deleted). He held 40% of the supply, actively sending tokens out to numerous randomly selected persons that provided their address in the channel comment section. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/02/lick-em.png) The case of John "Lick" Daghita" originates from an in-depth investigation by [Zachxbt](https://x.com/zachxbt/status/2014685263327351116?ref=blog.bubblemaps.io) on January 23 and 25. [Follow the topic](https://x.com/bubblemaps/status/2016208192376914420?ref=blog.bubblemaps.io) --- ## Aster BMT listing BMT is now listed on Aster Trade it on Spot & Perpetuals and earn rewards in $ASTER and $BMT! ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/02/G_032t-bUAcKVOD.jpg) [More info](https://x.com/Aster%5FDEX/status/2016829623968157759?ref=blog.bubblemaps.io) --- ## The RIVER flows... ... right into whose pockets? 🧐 The below massive cluster of 2,000+ wallets is directly linked to the [$RIVER](https://x.com/search?q=%24RIVER&src=cashtag%5Fclick&ref=blog.bubblemaps.io) team. The team at RIVER raised $12M to build "the next $10B on-chain bank“. In October 2025, they launched [$RIVER](https://x.com/search?q=%24RIVER&src=cashtag%5Fclick&ref=blog.bubblemaps.io), this past week, the price unexpectedly went 20x. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/02/river-em.png) One month after launch, 7 addresses withdrew $230M [$RIVER](https://x.com/search?q=%24RIVER&src=cashtag%5Fclick&ref=blog.bubblemaps.io) from Bitget. One of the wallets, spread 400k $RIVER across hundreds of wallets. The wallet that funded this cluster is 0x365b, and it connects directly back to the $RIVER creator. ead our [full thread](https://x.com/bubblemaps/status/2016136431232827799?ref=blog.bubblemaps.io). ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/02/image.png) [View in Intel Desk](https://intel.bubblemaps.io/cases/87/unusual-onchain-activity-on-river?ref=blog.bubblemaps.io) --- Thanks for reading & stay safe out there, Team Bubblemaps ### This Escalated Quickly URL: https://blog.bubblemaps.io/this-escalated-quickly/ Last updated: 2026-01-22T19:00:52.000Z Markets have been choppy lately, but DeFi still did what it does best: made headlines. Let’s dig into a few. ## Trove Happened The token [$TROVE](https://x.com/search?q=%24TROVE&src=cashtag%5Fclick&ref=blog.bubblemaps.io) launched 2 days back and quickly dropped -90%. • The presale was at $20M FDV • It now trades around $2M FDV We found that one entity got 12% of [$TROVE](https://x.com/search?q=%24TROVE&src=cashtag%5Fclick&ref=blog.bubblemaps.io) supply. This was spread across 80 fresh wallets from ChangeHero with the same activity. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/trove-em.png) Among the top holders, 78 wallets show the same pattern • no prior on-chain activity • funded by ChangeHero (uncommon CEX) • funded in 3 tight time batches (forming time nodes) [Read more](https://x.com/bubblemaps/status/2013390040957886557?ref=blog.bubblemaps.io) --- ## Who Dumped? The top holder of [$WhiteWhale](https://x.com/search?q=%24WhiteWhale&src=cashtag%5Fclick&ref=blog.bubblemaps.io) sold $1.3M Causing a -60% price candle The wallet still holds 1% of the supply ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/Wwhale-em.png) [Read our thread](https://x.com/bubblemaps/status/2013305293300736107?ref=blog.bubblemaps.io) --- ## The Ex-Mayoral Rug Launched on January 12 by Eric Adams, the former mayor of New York. The team extracted over **$1M** by cycling USDC in and out of the liquidity pools. How? A wallet connected to the $NYC deployer created one-sided LP on Meteora. The same wallet then: • removed \~$2.5M USDC at the peak • added back \~$1.5M USDC after a -60% price drop ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/nyc-em.png) This series of events reminds us of the $LIBRA scandal where we saw similar tactics being used. Six hours post launch, the $NYC token released a statement claming the team had been "re-balancing" the liquidity pool. No further clarification has been provided since, the last X post was on January 14: an AI generated image. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/nyc2-em.png) [More details](https://x.com/bubblemaps/status/2010890093431832789?ref=blog.bubblemaps.io) --- ### More to see: The $RALPH dev exit [**here**](https://x.com/bubblemaps/status/2014282191979806817?ref=blog.bubblemaps.io) \- Unlucky $RNGR buyers [**here**](https://x.com/bubblemaps/status/2010783571309707527?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/ralph-rngr-em.png) --- Thanks for reading, remember to stay safe and [bubble it](https://v2.bubblemaps.io/?ref=blog.bubblemaps.io), *Team Bubblemaps* ### Big Transfers, Bigger Questions URL: https://blog.bubblemaps.io/big-transfers-bigger-questions/ Last updated: 2026-01-07T19:00:36.000Z Headlines tell one story. On-chain data tells another. Here are the movements, clusters, and supply events that caught our attention lately. But first, let's take a moment to look back at 2025, one of our favorite years. Let's re-live some of it, shall we? ⬇️ [Read 2025 Wrap-up](https://x.com/bubblemaps/status/2006351678266835245?ref=blog.bubblemaps.io) [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/G9f-MW0XIAAv4xh.png)](https://x.com/bubblemaps/status/2006351678266835245?ref=blog.bubblemaps.io) --- ## ParaFi sent \~$30M [$AAVE](https://x.com/search?q=%24AAVE&src=cashtag%5Fclick&ref=blog.bubblemaps.io) to Coinbase In the last weeks, headlines were made around the fight between Aave and Aave DAO about IP, code, and brand. In the midst of this crisis, ParaFi Capital sent \~$30M to Coinbase, that's 1% of the supply. It's unclear if this was done due to the recent governance drama or loss of confidence. The conflict has since cleared up after the governance vote ended in rejection. The $AAVE price has risen since, along with revenue sharing announcement. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/photo_2025-12-27_19-31-59.jpg) [View in Intel Desk](https://intel.bubblemaps.io/cases/85/aave-governance-dispute?ref=blog.bubblemaps.io) --- ## Expert Trader or Insider? We found a wallet that turned $60k into $2,500,000 And was the largest buyer BEFORE the [$WhiteWhale](https://x.com/search?q=%24WhiteWhale&src=cashtag%5Fclick&ref=blog.bubblemaps.io) CTO ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/whitew-jan.png) [Read more](https://x.com/bubblemaps/status/2008625493927751920?ref=blog.bubblemaps.io) --- ## Top 2025 Airdrop Bubbles A few days back, $LIT went live with a $275M airdrop. One of 2025's biggest airdrops, 25% of total supply. $30M was withdrawn from Lighter on that day, which is below average for a launch day. Below is the bubble map on the day of launch to see the airdrop and CEX clusters: ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/lit-jan.png) [View bubble map](https://v2.bubblemaps.io/map?address=0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2&chain=eth&ref=blog.bubblemaps.io) --- ## Heavily Bundled Promotion Once again, we witnessed WhaleInsider promote a bundled memecoin to his 600k X followers. Just before launch, 68 wallets were funded via ChangeNow The wallets: \- had no prior on-chain activity \- were funded within tight time windows \- received similar amounts of ETH \- sniped $ATLAS They now hold 47% of the supply worth $1M ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2026/01/atl-jan.png) [View on Bubblemaps](https://v2.bubblemaps.io/map/N1ls1K3RL2vW9DfS5sgY?ref=blog.bubblemaps.io) --- Want to dig deeper? Explore the full maps and wallet clusters directly on [Bubblemaps](https://v2.bubblemaps.io/?utm%5Fsource=email&utm%5Fcampaign=newsletter&utm%5Fmedium=em-organic&utm%5Fcontent=em%5Fjan&date=1070126). Stay bubbly, Team Bubblemaps ### This Changes Everything 👊 URL: https://blog.bubblemaps.io/this-changes-everything/ Last updated: 2025-12-11T19:15:50.000Z ## But first, say 'Hi' to Time Nodes🕓 We just released a new powerful feature, live on all our bubble maps. Truth is that bad actors are getting smarter and smarter. They avoid linking wallets, rotate through CEXs and bridges… all to break links on a bubble map. This is why we added Time Nodes - An automatic time analysis functionality, making the Bubblemaps engine more powerful than ever! ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/12/em-dec-2.png) [Announcement](https://x.com/bubblemaps/status/1998437534289043532?ref=blog.bubblemaps.io) --- ## Bye bye, Dubai! The team just got back from Binance Blockchain Week, Dubai. • Met hundreds of people • Shared exclusive merch at our booth • Hosted a panel on onchain data and AI • Spoke with Bloomberg, Fortune, and WSJ ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/12/G7pEYQlaAAAYa-i.png) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/12/G7pEXzZawAArJ1o.jpg) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/12/G7pEXPYbUAA4pd9.jpg) --- ## Who was the Sniper in $WET? HumidiFi is a major AMM on Solana, and they recently launched the [$WET](https://x.com/search?q=%24WET&src=cashtag%5Fclick&ref=blog.bubblemaps.io) presale via Jupiter. It sold out in just 2 seconds, but it quickly turned chaotic 👇 ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/12/image-1.png) Reports confirmed the presale was sybilled. HumidFi [acknowledged ](https://x.com/humidifi/status/1996789248905650653?ref=blog.bubblemaps.io)that a bot farm had sniped the sale. We calculated at least 1,100 out of 1,530 addresses came from one single entity... [Read more](https://x.com/bubblemaps/status/1996891901207949786?ref=blog.bubblemaps.io) --- ## Someone claimed 20% of $IRYS Using a cluster of *900* identical wallets funded just before launch ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/12/em-dec-2irys.png) Each wallet had no prior on-chain history, and received funds just a day prior to launch. Continue reading about $IRYS [here](https://x.com/bubblemaps/status/1994419558552416756?ref=blog.bubblemaps.io). [View Map](https://v2.bubblemaps.io/map/TUAcKI11XFMp2c9tTk25?ref=blog.bubblemaps.io) Ps. Using [Time Nodes](https://wiki.bubblemaps.io/bubblemaps-v2/time-nodes?ref=blog.bubblemaps.io) will help spotting more, similar scenarios! ### Live on Monad + Latest Insights URL: https://blog.bubblemaps.io/live-on-monad-latest-insights/ Last updated: 2025-11-27T19:04:29.000Z ## Hefty Price Tag of This One-man Airdrop aPriori is one of the biggest projects coming to Monad, they raised $30M from tier 1 VCs. They launched [$APR](https://x.com/search?q=%24APR&src=cashtag%5Fclick&ref=blog.bubblemaps.io) on October 23 on BNB Chain and quickly hit a $300M market cap. We found that 60% of the total airdrop was claimed by a single entity. Read full investigation [here](https://x.com/bubblemaps/status/1988260691955118423?ref=blog.bubblemaps.io). ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/em-nov-apr.png) [View in Intel Desk](https://intel.bubblemaps.io/cases/72/airdrop-concentration-in-apriori-launch?ref=blog.bubblemaps.io) --- ## NEW: 🔍Bubblemaps on Monad 💜 Bubblemaps is now live on [Monad](https://x.com/monad?ref=blog.bubblemaps.io) Users can investigate tokens, whales, and wallet clusters all in one view. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/image-1.png) [Try Monad Bubbles](V2.bubblemaps.io/monad) --- ## Bundled Supply is Not That $BULLISH We found that 70% of the supply is owned by fresh wallets funded from Binance. 💡 Block KOLs that promote fraudulent projects on social media. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/em-nov-bul.png) Between Sep 13 and Sep 24, 150+ wallets were funded from Binance in tight time windows. Each sent SOL to a fresh wallet, which then bought BULLISH in the first 30 minutes after launch (October 2). View [bubble map](https://v2.bubblemaps.io/map/k2pPIBZ2jhPEKUOoY7Wv?ref=blog.bubblemaps.io) [See in Intel Desk](https://intel.bubblemaps.io/cases/73/bundled-token-launches?ref=blog.bubblemaps.io) --- ### The Edel Finance Sniper We found that 30% of Edel was sniped, then hidden (attempted) behind a maze of wallets and liquidity positions. Read about it [**here**](https://x.com/bubblemaps/status/1993341538613837843?ref=blog.bubblemaps.io)**.** ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/tg-nov.png) --- ### X Introduced Accounts' Country of Origin We were curious: where are the X accounts of projects we have investigated coming from? \-turns out the United States is the top location for bundled tokens, representing over 50% of all our investigations! Below is a breakdown of the projects with the country of origin. [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/image-2.png)](https://x.com/bubblemaps/status/1994088979671732663?ref=blog.bubblemaps.io) --- Stay bubbly! ### Sybils, Exploits, & Fumbles URL: https://blog.bubblemaps.io/sybils-exploits-fumbles/ Last updated: 2025-11-12T19:30:39.000Z ### Sybil activity detected in the [$MEGA](https://x.com/search?q=%24MEGA&src=cashtag%5Fclick&ref=blog.bubblemaps.io) presale ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/em-nov.png) We found \~20 entities using multiple connected wallets to pledge more than the $186k limit. The MegaETH presale went live last week and was oversubscribed in minutes The rules were simple: • 1 wallet per user • Max bid of $186k • KYC required via Echo One example is wallet 0x9f5c \> Freshly funded via Kraken 1 day prior \> Dispersed funds to 3 brand new wallets \> Pledged $600k (3x the allowed allocation) using 4 addresses This happened despite Echo enforcing strict KYC for all its users. But a user could still make multiple pledges by using different ID cards – for example, from friends or family. [Full post](https://x.com/bubblemaps/status/1983223027417657490?ref=blog.bubblemaps.io) [Read part 2](https://x.com/bubblemaps/status/1983583805169655917?ref=blog.bubblemaps.io) [View in Intel Desk](https://intel.bubblemaps.io/cases/69/onchain-activity-around-megaeth-launch?ref=blog.bubblemaps.io) --- ### $30M Mistake - the $Giggle Sniper Story ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/em-nov--3-.png) A sniper scooped 20% of supply during the Giggle Academy launch. He dumped most of his tokens early, and before CZ’s shoutout, which made the token price go parabolic. By selling too soon, the sniper effectively fumbled \~$30M in potential gains. [View full thread](https://x.com/bubblemaps/status/1987941439754613072?ref=blog.bubblemaps.io) --- ### Uniswap whale selling $UNI as "UNIfication" hits ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/em-nov--2-.png) A Uniswap whale moved $75M $UNI, then another $15M $UNI, to Coinbase. This comes right as Uniswap launched its major marketing and technical push, “UNIfication,” which significantly increased $UNI price. The whale’s identity remains unknown, but we’re tracking his on-chain moves closely. [Read full thread](https://x.com/bubblemaps/status/1988221631563788699?ref=blog.bubblemaps.io) --- ### The $100M Balancer Exploit On the 3rd of November, an attacker drained Balancer's core vaults via unauthorized withdrawals. \~ 7,800 [$WETH](https://x.com/search?q=%24WETH&src=cashtag%5Fclick&ref=blog.bubblemaps.io) ($28M) \~ 6,300 [$osETH](https://x.com/search?q=%24osETH&src=cashtag%5Fclick&ref=blog.bubblemaps.io) ($25M) \~ 5,400 [$wstETH](https://x.com/search?q=%24wstETH&src=cashtag%5Fclick&ref=blog.bubblemaps.io) ($20M) [Our post](https://x.com/bubblemaps/status/1985288263566004545?ref=blog.bubblemaps.io) [View in Intel Desk](https://intel.bubblemaps.io/cases/71/balancer-hack?ref=blog.bubblemaps.io) --- ### JellyJelly Soars Amid Market Drawdown The mostly forgotten meme [$JELLYJELLY](https://x.com/search?q=%24JELLYJELLY&src=cashtag%5Fclick&ref=blog.bubblemaps.io) soared to $400M mcap after 7 wallets bought 20% of the supply on Gate and Bitget. These wallets had no prior onchain activity and a case is now open in Intel Desk. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/em-nov--1-.png) [Follow the case](https://v2.bubblemaps.io/map/w9pwZnzyV6Vu4IgbJr0j?ref=blog.bubblemaps.io) --- ### Binance Integrates Bubblemaps This integration will allow millions of Binance Web3 Wallet users to utilize Bubblemaps right where it's needed. [Announcement](https://x.com/bubblemaps/status/1983541924729606489?ref=blog.bubblemaps.io) \- [Read more](https://cointelegraph.com/news/binance-wallet-bubblemaps-insider-crypto-trading?ref=blog.bubblemaps.io) --- ### Intel Desk Top Contributors Congrats to the top 10 Intel Desk contributors! Anyone can contribute to Intel Desk, just post insights on X about the most voted cases. Last month’s cases included: • Aster price surge • Friday 10th global price drop • Ocean Protocol and FET dispute • James Wynn’s bundle of memecoins ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/11/image.png) Read more about Intel Desk rewards [here](https://x.com/bubblemaps/status/1982839820922868155?ref=blog.bubblemaps.io). Stay bubbly ### From CEX Liquidations to DEX "Liquidations" URL: https://blog.bubblemaps.io/from-cex-liquidations-to-dex-liquidations/ Last updated: 2025-10-22T18:32:45.000Z ### Ocean Protocol: Where Did $100 Million Go? ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/ocefet-em.png) In March 2024, Ocean Protocol, Fetch AI, and SingularityNET joined forces under the ASI alliance. Once separate projects, they merged under a single token: [$FET](https://x.com/search?q=%24FET&src=cashtag%5Fclick&ref=blog.bubblemaps.io). That meant [$OCEAN](https://x.com/search?q=%24OCEAN&src=cashtag%5Fclick&ref=blog.bubblemaps.io) could then be converted to $FET at a fixed rate Despite the merger, Ocean Protocol team kept a large amount of $OCEAN in their wallets – supposedly for “community incentives” and “data farming”. However, on July 1st, an Ocean Protocol team wallet (0x4D9B): \> converted 661M of $OCEAN into 286M $FET (\~$191M) \> sent 90M $FET to an OTC provider: GSR Markets On August 31, this team wallet split the remaining 196M $FET across 30 fresh addresses. By October 14, nearly all of them had sent the funds to Binance or an OTC provider. Read our [**full thread here**](https://x.com/bubblemaps/status/1980601840388723064?ref=blog.bubblemaps.io). [View in Intel Desk](https://intel.bubblemaps.io/cases/67/ocean-protocol-fet-dump?ref=blog.bubblemaps.io) --- ### Unpacking the $19B Crash On the weekend of October 10, we witnessed the worst liquidation event in the history of crypto. An estimated $19B+ in leveraged positions got wiped out in the span of hours. Blame and theories were thrown around, and there is still not a definitive answer to it. We have gathered multiple opinions and theories related to the event. [View in Intel Desk](https://intel.bubblemaps.io/cases/64/systemic-price-dump?ref=blog.bubblemaps.io) --- ### COAI: One Wealthy Entity ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/coai-em.png) One entity controls HALF of the top earning [$COAI](https://x.com/search?q=%24COAI&src=cashtag%5Fclick&ref=blog.bubblemaps.io) wallets. Total profit: $13M ChainOpera is one of the biggest projects on BNB Chain, and according to DappBay: \> 100k users \> $20B FDV Six months ago, 60 wallets showed common behavior: \> funded from Binance with 1 BNB \> funded on March 25 at \~11am UTC \> all traded on Binance alpha with thousands of automated txs These 60 wallets are also the most profitable ones. 😳 ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/image-3.png) [Read Full Thread](https://x.com/bubblemaps/status/1978865917552660795?ref=blog.bubblemaps.io) --- ## ✨NEW: Website Revamp We just refreshed our website! What do you think? Check it out [here](https://bubblemaps.io/?ref=blog.bubblemaps.io). ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/4-MPFem--5-.png) ### Bubblemaps Wrap-Up: Seoul, Scandals & Memecoin Szn URL: https://blog.bubblemaps.io/bubblemaps-wrap-up-seoul-scandals-memecoin-szn/ Last updated: 2025-10-20T12:16:36.000Z ## Seoul, that’s a wrap! Our week in Korea was unforgettable. We hosted lunches with top creators and had meetings with BNB Chain builders, Aster, and Bithumb, and had thousands of visitors at our KBW booth. Seoul, thanks for the love, we’re just getting started. [More of our Korea trip](https://x.com/bubblemaps/status/1972255107736850779?ref=blog.bubblemaps.io) --- ## New cases in Intel Desk As the onchain volume increases, so do the cases. Below we have gathered some recent cases from Intel Desk. Shall we dig in? --- ### BNB Chain's X Got Compromised An intruder exploited BNB Chain’s X account and used it to post a link to a new memecoin: $4. By the time the account was recovered, the intruder had already sold their tokens, but the price started climbing anyway, sparking what many called a “revenge pump.” CZ later acknowledged the token from his own account while explaining the exploit, but not before one trader bought in, before his tweet. We analyzed the wallet activity, traced the transactions, and shared the full story. [See the full case](https://intel.bubblemaps.io/cases/61/memecoin-4-and-bnbchain-hack-on-x?ref=blog.bubblemaps.io) --- ### Melania Trump Made an Appearance ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/image-1.png) After $10M of team wallet sales and 10 months of silence, Melania resurfaced with an AI video. Still no answers for the community. [Read more](https://x.com/bubblemaps/status/1973679683662458999?ref=blog.bubblemaps.io) --- ### Pepe in Yellow & Supply Controlled - $YEPE We discovered that another bundled memecoin was promoted by the KOL James Wynn, insiders hold 60% of the supply. He has previously been involved with numerous memecoins where the supply was bundled and sold by insiders. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/mcszndune-em--1-.png) [See the full case](https://intel.bubblemaps.io/cases/63/james-wynns-bundle-memecoins?ref=blog.bubblemaps.io) --- ### $PALU A few days ago, a memecoin inspired by CZ was created, and after getting attention from him on X, we found that a wallet bought $100K just before CZ’s tweet. Now it’s worth over $1M. [Read more](https://x.com/bubblemaps/status/1975476747090207179?ref=blog.bubblemaps.io) --- ## BNB szn is in full swing ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/mcszndune-em.png) The big upswing in volume on BSC keeps us busy. There are many questionable tokens with predatory supply and intent. However, many traders have also found success. We checked the successful traders of the most popular memecoins. We found the following: \-100K+ traders joined the memecoin wave \-70% are in profit \-1 made $10M+, 40 made $1M+, 900 made $100K+ [Read full thread](https://x.com/bubblemaps/status/1975619922874220752?ref=blog.bubblemaps.io) --- ## Let's Investigate Together - Try Intel Desk Open your own case, vote for investigations that matter, and follow sleuths uncovering the truth on-chain. [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/10/4-MPFem--2-.png)](https://intel.bubblemaps.io/?ref=blog.bubblemaps.io) [Get started with Intel Desk](https://intel.bubblemaps.io/?ref=blog.bubblemaps.io) See you in Intel Desk! Stay bubbly, Cecilia, Bubblemaps ### Intel Desk: The Wikipedia of Crypto Investigations URL: https://blog.bubblemaps.io/intel-desk-the-wikipedia-of-crypto-investigations/ Last updated: 2025-10-20T12:16:26.000Z Crypto moves fast. Scams, exploits, and shady moves are often forgotten after a week, buried under endless X threads. Intel Desk fixes that. Think of it as the Wikipedia of crypto investigations. A complete collection of all scams, rugs, exploits, and more! --- ## Powered by $BMT BMT creates a feedback loop between the crowd and the investigators. The community highlights what matters. Mappers follow that signal, knowing their work will be seen, valued, and rewarded accordingly. [Try now](https://intel.bubblemaps.io/?ref=blog.bubblemaps.io) --- ## Vote, Rank, Earn **Vote on cases**: Use your BMT to vote for the cases you care about. You’re not spending your tokens, just allocating them. Your vote determines the case multiplier, which boosts the impact of contributors working on that case. **Climb the leader board:** Contributors earn points when their tweets are featured. At the end of each season, top Mappers are rewarded based on their total points. **Get visibility:** The more a case is supported by BMT votes, the more attention it gets on the platform and across the ecosystem. [View Announcement >](https://x.com/bubblemaps/status/1970504379922059453?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/image--10--1.png) ## Incentives To encourage participation we have created a system that covers our three main areas. Covering start to finish of each Intel Desk-case: 1. **Proposers** Users who submit proposals earn $BMT rewards if their cases are selected. The more votes their proposal gets, the greater the rewards. 2. **Voters** Voting on cases gives users early access to investigation insights, offering a strategic advantage. 3. **Contributors** Lastly, we’ll reward onchain sleuths who actively assist in tackling community-driven investigations. While we’ll lead the effort, building a strong, collaborative network will be key. --- ## The Future of Investigations Starts Now ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/ID_gif_em--2-.gif) **Be a part of the change.** [Join now](https://intel.bubblemaps.io/?ref=blog.bubblemaps.io) ### Is This a Loophole in the Law? URL: https://blog.bubblemaps.io/is-this-a-loophole-in-the-law/ Last updated: 2025-09-18T10:58:18.000Z ## Unknown Entity Owns Over 1% $MYX We traced 100 freshly funded addresses that all showed the exact same on-chain activity. MYX Finance seemed to jump from being relatively unknown to suddenly well-known. When we looked at the bubble map, one thing stood out in particular: the green cluster. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/image-3.png) And nobody was talking about it. These 100 addresses are airdrop recipients, which were freshly funded using OKX. \- All transfers occurred on 19 April at \~6:50am \- All received similar amounts of BNB 👇 ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/MYX-100-airdrop-em.gif) In total, these addresses were eligible to 9.8M MYX and claimed $170 million in total. [Read the full thread >](https://x.com/bubblemaps/status/1965434434020409719?ref=blog.bubblemaps.io) ### The Team's Response? Soon after we posted our findings, the team responded to us: ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/image-4.png) 👉 Read our response [HERE](https://x.com/bubblemaps/status/1965479082256466347?ref=blog.bubblemaps.io). --- ### One entity claimed $4M from the [$AVNT](https://x.com/search?q=%24AVNT&src=cashtag%5Fclick&ref=blog.bubblemaps.io) airdrop This sybil attack was coordinated, and spread across 300+ addresses [$AVNT](https://x.com/search?q=%24AVNT&src=cashtag%5Fclick&ref=blog.bubblemaps.io) made headlines last week after a 12.5% airdrop Some users walked away with 6 figures – but one entity may have taken much more. Multiple airdrop recipients show clear signs of sybil activity. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/avnt_em.png) [Read the details >](https://x.com/bubblemaps/status/1967649939825234347?ref=blog.bubblemaps.io) --- ## Justin Sun got Blacklisted On Sep 3\. we first reported on Mr. Sun having transferred a portion of his $WLFI tokens to HTX exchange. Just one day after, the team at World Liberty Finance had him blacklisted, stating he's "*suspected of misappropriation of other holders’ funds', under thorough internal review.*" [Our post](https://x.com/bubblemaps/status/1963660168522248665?ref=blog.bubblemaps.io) \- [Blacklist tx ](https://etherscan.io/tx/0x0230880850ae1daebdb1a9984f0f6b1601390bbe4738152556738aa901862d74?ref=blog.bubblemaps.io#eventlog) --- ## James Wynn On Friday last week, Mr. Wynn began promoting the memecoin $WIFE, initially claiming he had already bought the token because he liked the narrative. Shortly after, 10% of the supply was airdropped to his public wallet. He did not seem to mind the fact that the token was heavily supply controlled. 62% of all supply in one single cluster. 🤔 [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/JW-WIFE-em.png)](https://x.com/bubblemaps/status/1963938713396007277?ref=blog.bubblemaps.io) Left: bubble map of $WIFE with James Wynn's public wallet marked. Right: James Wynn's official Twitter/X account posting about $WIFE token. [Read more >](https://x.com/bubblemaps/status/1963938713396007277?ref=blog.bubblemaps.io) --- ### NEW: Bubblemaps V2 Now on Coingecko Quick and easy research of any token! Now available on Coingecko token pages under the 'holders'-tab. [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/Live-on-GeekoTerminal.png)](https://x.com/coingecko/status/1965755066289406270?ref=blog.bubblemaps.io) --- Stay bubbly, Bubblemaps ### On-Chain Analytics for Beginners: A Data-Driven Guide URL: https://blog.bubblemaps.io/on-chain-analytics-for-beginners-a-data-driven-guide/ Last updated: 2026-03-30T19:11:35.000Z Crypto markets thrive on on-chain transparency. Every transaction, wallet, and contract interaction is recorded on a blockchain and available for anyone to examine. This is what makes on-chain analytics unique: it gives you direct access to the data driving price action. For beginners, on-chain analytics is a way to move beyond hype and speculation. For advanced users, it provides measurable signals of network strength, liquidity pressure, and insider behavior. The challenge is that raw data can be overwhelming. That’s where tools like Bubblemaps step in, transforming numbers into visuals that make distribution and wallet relationships immediately clear. ## Understanding On-Chain Data On-chain data refers to everything stored natively on a blockchain. Unlike off-chain data (social sentiment, order books, or exchange announcements), it is transparent and verifiable. The main categories are: ### Transaction Data This data shows how tokens move and whether whales are accumulating or distributing. - Sender and recipient addresses - Amounts transferred - Wallet balances ### Block Data Block data reveals how secure and active the network is. - Block rewards - Validator or miner details - Timestamps and fees ### Smart-Contract Data Smart contracts govern issuance, vesting, staking, and swaps. Reading them uncovers how a token is programmed to behave. - Code logic - State variables - Events and logs ## Key Metrics for Beginners (and Advanced Readers) On-chain metrics matter only if you understand what they reveal about risk and opportunity. Here are the most important ones for evaluating token distribution of crypto projects: ### Wallet Activity Large wallets can move markets. When they quietly accumulate, it can signal confidence. When they start distributing, it often precedes sell pressure. With on-chain data analysis visualized through Bubblemaps, these shifts stand out as bubble sizes grow or shrink and as clusters of whales move in sync. ### Active and New Addresses Growth in active addresses usually reflects adoption, while declines show fading traction. A web3 analytics platform like Bubblemaps helps you see whether new participants are joining broadly or whether activity is still dominated by a handful of wallets. ### Transaction Volume Spikes in transaction volume can indicate rising speculation or genuine usage. Visualization of blockchain flows makes it easier to distinguish between organic growth and wash trading. ### Supply Distribution Evenly distributed supply supports decentralization; concentration in a few wallets signals vulnerability. Bubblemaps makes this visible at a glance by showing whether bubbles are widely spread or tightly interconnected. ### Exchange Balances Tokens flowing into exchanges often foreshadow selling pressure, while outflows can point to long-term accumulation. By pairing exchange metrics with wallet maps, you can visualize blockchain movements and trace which holders are actually moving assets. ### Total Value Locked (TVL) Rising TVL in DeFi protocols reflects growing trust, but the type of liquidity matters. When you visualize blockchain data, you can see whether TVL is supported by many independent participants or a few oversized wallets that could exit quickly. # Visualizing Blockchain Data with Bubblemaps This is where on-chain analysis becomes actionable. Bubblemaps lets you see wallet structures in a way that raw numbers never could. ### How Bubblemaps Works - Bubbles = wallets. The bigger the bubble, the more tokens it holds. - Lines = transactions. They show who funded whom. - Clusters = behavior. Interconnected bubbles reveal coordination. ### What You Can Do With This Data - Check distribution before investing: If you see a few giant bubbles, think carefully about entering. - Spot insider coordination: If large holders are linked and move together, it often precedes liquidity pulls. - Track decentralization: Healthy projects show many mid-sized bubbles with fewer links. - Reveal hidden ties: Magic Nodes uncovers wallets that appear separate but are secretly connected. - Monitor shifts over time: Time Travel lets you replay distribution before and after key events like listings, unlocks, or rugpulls. ### Case Study: $LIBRA Collapse In February 2025, Argentina’s President Javier Milei endorsed $LIBRA, a political token that quickly reached a $4.5B market cap. Behind the scenes, wallets connected to strategist Hayden Davis tightly controlled supply. - Bubblemaps showed that 82% of the supply sat in clustered wallets tied to insiders . - During the crash, more than $87M was pulled from liquidity pools, while insiders shifted funds across connected wallets . - Instead of selling openly, developers re-routed liquidity into one-sided pools, leaving retail traders exposed . For retail investors, this case shows why visualization matters. Numbers on a dashboard may show high volume and rising TVL, but only Bubblemaps revealed that the project was structurally controlled by a handful of insiders. That early warning could have saved millions. ## Choosing Web3 Analytics Tools Each tool provides a different lens into the market: - Glassnode: Deep metrics and historical datasets. - Dune Analytics: Custom queries and dashboards. - Nansen: Whale tracking with wallet labels and alerts. - Arkham: Address identification and entity mapping. - CoinMetrics: Long-term, institutional-grade datasets. - IntoTheBlock: Easy-to-read visualizations. - CryptoQuant: Exchange flows, miner behavior, derivatives positioning. **Why pair them with Bubblemaps?** Numbers tell you what is happening. Bubblemaps shows you who is behind it. Together, they provide the most complete picture of token health and market risk. ## Turning Data Into Decisions On-chain analytics gives every investor a way to look beneath the surface of the market. By studying wallet activity, supply concentration, exchange flows, and liquidity depth, you can identify where risk is bundled and where networks are truly decentralized. Dashboards like Glassnode, Nansen, or Dune deliver the raw metrics, while visualization of blockchain data makes those metrics easier to interpret. When you combine numerical signals with visual maps of token distribution with Bubblemaps, patterns such as insider clusters, coordinated transfers, or healthy decentralization become clear. For retail users, this means fewer blind spots when deciding whether to buy or hold. For advanced users, it means stronger conviction backed by both quantitative analysis and direct visualization. Together, this layered approach turns on-chain data analysis into a practical edge in token distribution crypto markets. *Written by:* [*Uddalak Das*](https://x.com/ninja%5Fwriter21?ref=blog.bubblemaps.io) ### Is Crime Legal Now? URL: https://blog.bubblemaps.io/is-crime-legal-now/ Last updated: 2025-09-03T20:02:19.000Z ### Justin Sun is 10x on [$WLFI](https://x.com/search?q=%24WLFI&src=cashtag%5Fclick&ref=blog.bubblemaps.io) Presale After having bought for $30 million in November 2024, and $45 million in January 2025, Mr. Sun is currently 10x on this investment. At current prices, this is **worth \~$750M.** [View Post >](https://x.com/bubblemaps/status/1962574727882645582?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/jswlfi.png) The bubble map of $WLFI showing Justin Sun's wallet. *UPDATE*: Today September 3, Justin Sun moved $1 million worth (4.9 million tokens to a CEX. [Post](https://x.com/bubblemaps/status/1963176218590847401?ref=blog.bubblemaps.io) --- ### So, Kanye West Launched a Token After witnessing Kanye West's $YZY launch, we grew curious about just how many traders lost their money’s worth once investing in the much-hyped token. Within an hour of the announcement, $YZY dropped significantly in value and has continued trending downwards ever since. Across more than 70,000 wallets that traded $YZY, the majority ended up losing money: - 51,862 lost $1–$1k, - 5,269 lost $1k–$10k, - 1,025 lost $10k–$100k, - 108 lost $100k–$1M, - 3 lost $1M+, Meanwhile, 11 wallets made over $1 million each ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/image.png) Total P&L of all $YZY token traders. *EXTRA*: The first trader of $YZY is the same trader that made **$100 million** on **$TRUMP** in January this year. [*Read about Naseem >*](https://x.com/bubblemaps/status/1958604074640695424?ref=blog.bubblemaps.io) --- ### Hayden Davis: a Day After Judge Orders $LIBRA Money to be Unfrozen ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/image-2.png) On August 20, a [**judge unfroze $57 million of USDC**](https://x.com/bubblemaps/status/1958282117496152304?ref=blog.bubblemaps.io) from the [**$LIBRA collapse**](https://x.com/bubblemaps/status/1891289507338580028?ref=blog.bubblemaps.io) The day after Hayden Davis (Kelsier) sniped $YZY and **made $12 million.** While we can’t confirm if Hayden (Kelsier) had insider info or a direct link to the YZY team, we can confirm his 14 snipes: \> Made $12M in profits \> Bought as early as 1:54 AM UTC, one minute after the announcement ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/09/image-1.png) [Read Post >](https://x.com/bubblemaps/status/1960011376497131537?ref=blog.bubblemaps.io) ### How to Read Blockchain Data Like a Pro: A Beginner’s Guide URL: https://blog.bubblemaps.io/how-to-read-blockchain-data-like-a-pro-a-beginners-guide/ Last updated: 2026-03-30T18:57:18.000Z We provide concrete steps, checklists, and workflows that help you detect concentration risk, trace flows, and validate projects with on-chain analytics. For both beginners and advanced users, on-chain data analysis is the most direct way to measure token distribution, track liquidity, and confirm where power sits in a network. ## 1\. Environment and Tooling On-chain data analysis is clearer when your environment is organized. Set up a consistent toolkit and a repeatable workflow. ### Choose your base explorers - Etherscan, Basescan, Arbiscan, Solscan, and other chain explorers for raw transactions. - Token scanners for supply, holders, and contract metadata. - A web3 analytics platform that visualizes token distribution and wallet clusters. ### Prepare a research log - Table with columns: date, question, hypothesis, evidence (tx links), interpretation, risk, follow up. - Save queries and links for reproducibility. - Record assumptions explicitly and update when evidence changes. ### Safeguards and hygiene - Confirm the correct chain and contract address. - Bookmark verified contracts to avoid lookalikes. - Track time zones and absolute timestamps to avoid confusion. ## 2\. Reading Transactions Step by Step Transactions are the atomic units of blockchains. Reading them carefully is the first skill to master. ### Anatomy of a transaction - Hash, block number, timestamp. - From, to, and value in native units. - Gas limit, gas used, and gas price. - Status and error messages. ### Token transfers and logs - Inspect logs for Transfer events on ERC-20 or SPL tokens. - Note from, to, and value fields. Convert amounts using decimals from the token contract. - Capture Approval events. Large approvals to DEX routers often precede swaps. ### Contract calls and method decoding - Use the decoded input tab to identify functions such as swapExactTokensForETH, addLiquidity, stake, or claim. - Read output logs to confirm what was executed. - Distinguish between router contracts and pool contracts to avoid mislabeling counterparties. ### Pattern recognition - Sequence analysis: several small approvals followed by a large swap indicate staged distribution. - Time clustering: bursts of similar swaps around announcements reveal coordination. - Bridge usage: large transfers into bridge contracts often precede cross-chain moves. ### Red flag checklist - Approvals to unknown spenders with very high allowances. - Swaps routed through private pools or obscure routers. - Frequent failed transactions that resemble sniping or frontrunning attempts. ## 3\. Interpreting Wallet Behavior Wallets reveal intent over time. The goal is to classify entities and detect coordination. ### Classify the wallet - Exchange deposit or hot wallet: many small inbound deposits and large periodic merges. - Team or deployer: receives tokens from the contract or treasury, funds multiple related wallets. - Market maker: frequent interactions with pools and routers, rebalancing patterns. - Retail cluster: sparse activity with small, varied counterparties. ### Trace history and flows - Build a ledger of inflows and outflows by token and period. - Tag recurring counterparties and note bridges and custodians. - Compare behavior before and after listings or unlocks. ### Detect accumulation and distribution - Rising net balance across wallets signals accumulation. - Transfers to exchange deposit addresses signal distribution. - Repeated routing through one intermediary confirms a coordinated cluster. ### Validate labels - Cross reference explorer labels with your own heuristics. - Beware of shared exchange addresses that make individuals look like clusters. ## 4\. Understanding Blocks and Network State Blocks show demand for blockspace and execution health. ### Read block metadata - Timestamp and block interval indicate throughput. - Gas used and base fee reflect demand. - Miner or validator identity matters for incentives and MEV patterns. ### Interpret spikes and slowdowns - Fee spikes align with mints, airdrops, or narrative rotations. - Sustained high gas costs push out smaller actors. ### Extract signals - Rising fees with flat user counts reveal bot congestion rather than adoption. - Falling fees with rising transactions confirm efficiency gains. ## 5\. Reading Smart Contracts Without Coding Audit contract properties with explorers and a checklist. ### Verify the right implementation - Check if the token uses a proxy pattern. Look for implementation slots or EIP-1967 storage. - Open the implementation contract and confirm the verified source and compiler settings. ### Owner roles and permissions - Identify owner, admin, or AccessControl roles. - Look for functions that alter balances: mint, burn, pause, blacklist, setFees, updateRouter. - Confirm if ownership is renounced or time-locked. Note timelock parameters. ### Supply schedule and vesting - Read vesting contracts for cliffs, linear release rates, and beneficiary lists. - Note if team or investor tokens are locked in reputable lockers and for how long. ### Liquidity controls - For AMM tokens, identify whether LP tokens are locked and until when. - On concentrated liquidity AMMs, inspect position ranges to see if liquidity is narrow and easy to pull. ### Event map - Map key events: Transfer, Mint, Burn, Sync (AMMs), Deposit and Withdraw (staking). - Use events to reconstruct state changes when storage reads are not trivial. ## 6\. Visualizing Blockchain Data in Practice with Bubblemaps Bubblemaps transforms raw token holder data into visual clusters. It is purpose-built for detecting wallet concentration, coordination, and distribution risk. For readers new to visualization of blockchain data, Bubblemaps simplifies token distribution analysis into patterns you can see at a glance. ### How Bubblemaps works - Search for a token by name or contract and select the chain. - The platform plots the top 250 holders as bubbles. Larger bubbles hold more tokens. - Links between bubbles reflect transfers. Dense links form clusters worth investigating. ### Bubbles and holders - Each bubble is a top holder. Hidden bubbles often represent exchanges or contracts. You can reveal them when needed. - Supernodes represent wallets with extreme volume, such as exchange hot wallets. They are labeled to prevent distortion. - Clicking a bubble reveals % supply held, balance, USD value, and cluster data. ### Links and transfers - A link means a transfer occurred between two holders. In V2, these links can span multiple tokens or chains. - You can inspect IN/OUT to see direction, token, and date of last transfer. - Use the Transfers & Tokens menu to filter by asset or value to focus on significant flows. ### Magic Nodes - Default views only show current holders. Magic Nodes adds non-holder addresses that still connect top holders. - This uncovers hidden clusters, such as several whales receiving funds from the same wallet. - Example: in $SHIB, Magic Nodes revealed connections between holders through a drained intermediary address, showing coordinated distribution. ### Time Travel - Token distributions shift over time. Time Travel lets you rewind to any prior date to view past distributions. - This is vital for launches, unlocks, and listings. You can confirm whether early supply was concentrated among insiders. - Example: $NEIRO launch maps showed heavy early clustering, later dispersed. ### Adding and importing addresses - Paste addresses manually into the Address List. - Use Show All Transfers to surface connections beyond the map and filter by direction, token, or value. - Import bulk addresses from clipboard or CSV exports to scale research. ### Scaling, sharing, and exporting - Increase holder view to top 500 or 1,000 where available. - Share exact map states with permalink, including filters and timeframes. - Export addresses to spreadsheets for further tracing or monitoring. ### Premium features - Bubblemaps V2 is free and includes Magic Nodes, Time Travel, and refresh within \~6 hours. - Premium options for $BMT holders include P&L computation, cross-chain analytics, AI cluster models, and expanded holder sets. ### Workflow integration - Spot a suspicious transaction on Etherscan. - Locate the wallet in Bubblemaps. - Toggle Magic Nodes to reveal intermediaries. - Use Time Travel to compare current and past supply control. - Export clusters and set alerts with your monitoring tools. ## 7\. Liquidity and Market Microstructure Liquidity determines how easily tokens can be traded without moving the price. Reading liquidity data shows how robust a market is and how vulnerable it may be to manipulation. In many cases, weak liquidity combined with concentrated token distribution crypto projects signals fragility. ### Pools and reserves - Open the token’s pools on DEX explorers. - Record reserve balances for both the token and its pair ($ETH, $USDC, etc.). - Check how many pools exist. Reliance on one pool increases fragility. ### Effective depth and slippage - Use swap simulators to measure slippage on different trade sizes. - Compare across pools. A token with only one deep pool is more exposed to sudden liquidity removal. ### Liquidity ownership and locks - Identify the wallets holding LP tokens. If team wallets dominate, they can pull liquidity. - Inspect lock contracts. Note durations and percentages. - On concentrated AMMs, read tick ranges to see if liquidity is narrow and easy to withdraw. ### Exchange flows - Track CEX deposit addresses for large inbound spikes. Rising deposits often precede selling. - Distinguish organic flows from exchange reshuffling by analyzing timing and sizes. ### Why it matters Liquidity is the difference between orderly trading and catastrophic slippage. Mapping who owns it and how it is positioned is central to on-chain analysis and complements visualization of blockchain data for a fuller view. ## 8\. Building a Data Narrative Professional readers do not stop at raw numbers. They build narratives that explain behavior, predict risks, and can be tested. ### Start with a hypothesis Formulate a clear statement. Example: “$TOKEN’s rally is driven by insiders preparing to distribute.” ### Collect evidence across layers - Transactions: large approvals or swaps into stablecoins. - Wallets: clusters that accumulated now moving to exchanges. - Blocks: fee spikes coinciding with major transfers. - Contracts: vesting unlocks visible in schedules. - Bubble maps: clusters showing coordination and token distribution. - Liquidity: shallow pools with unlockable LP tokens. ### Score and interpret - Rank evidence by strength and reliability. - Consider alternative explanations such as market makers rebalancing. - Mark what new evidence would strengthen or falsify the hypothesis. ### Present the story - Create a report with transaction links, bubble map exports, liquidity screenshots. - Use visuals to make distribution patterns clear. - Share confidence level and risk assessment. ## 9\. Practical Playbooks Turn these processes into repeatable checklists. ### Before entering a position - Verify contract ownership and sensitive functions. - Inspect vesting schedules and token release mechanics. - Map token distribution with a bubble map. Flag oversized or linked holders. - Measure liquidity depth, ownership, and lock status. - Check exchange balances and flows with web3 analytics tools. ### After listings or catalysts - Re-run the bubble map to see changes in top holders. - Monitor Magic Nodes to reveal intermediaries. - Compare liquidity depth before and after pumps. - Track whale deposits into exchanges. ### Ongoing monitoring cadence - Daily: exchange flows, whale transfers, LP changes. - Weekly: distribution changes, cluster formation or dissolution. - Event-driven: airdrops, unlocks, governance votes, listings. ### Investigator workflow - Start with explorer scans to tag deployer, treasury, and top wallets. - Import addresses into bubble maps to visualize relationships. - Toggle Magic Nodes and Time Travel to detect coordination or changes over time. - Export addresses and build alerts in your web3 analytics platform. ## 10\. Common Pitfalls, Limits, and Validation Even experienced analysts encounter traps. Recognize them and validate carefully. ### Data freshness - Confirm refresh time of visualization tools. - Validate explorer data against multiple sources such as Etherscan, Solscan, or Nansen. - Cross-check with web3 analytics tools for consistency. ### Cross-chain confusion - Tokens bridged to multiple chains create noise. Confirm contract addresses on each chain. - Watch for wrapped tokens inflating holder counts. ### Labeling risk - Labels are helpful but imperfect. Validate clusters through repeated fund flow patterns. - Supernodes, custodians, and exchanges can blur distinctions. ### Narrative bias - Do not force a story. Seek disconfirming evidence. - Separate facts, inferences, and hypotheses clearly in your notes. ## From Analysis to Action Reading blockchain data like a pro means connecting explorers, analytics tools, and Bubblemaps into a single workflow. Start by using explorers to confirm raw transactions. Add web3 analytics tools to widen your view. Then move into Bubblemaps to visualize token distribution and wallet clusters so you can see who actually controls flows. Professional analysis is built on evidence and narrative. Document your findings, attach transactions and maps, and state the risks along with other possible explanations. Treat each investigation as a hypothesis you can test. With repetition you will learn to read the chain with clarity and precision, turning raw data into a verifiable story of control and risk. This guide gives you the foundation. The next step is yours: pick a token today and walk through the process end to end. --- *Written by:* [*Uddalak Das*](https://x.com/ninja%5Fwriter21?ref=blog.bubblemaps.io) ### Here comes a TON of clarity URL: https://blog.bubblemaps.io/here-comes-a-ton-of-clarity/ Last updated: 2025-09-03T19:41:06.000Z Hey you, Not sure you noticed, but the TON blockchain has been building momentum behind the scenes, and we didn’t want to wait any longer to bring you some *much needed bubble maps*. One click for instant clarity on any TON token you want. ([Read the full announcement](https://x.com/bubblemaps/status/1935653927174709483?ref=blog.bubblemaps.io)) [Try Bubblemaps on TON >](V2.bubblemaps.io/ton) --- ## **New: Use Bubblemaps V2 on Jupiter** ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/06/Liveon-Jupiter.png) All token pages on Jupiter Exchange are now empowered through the latest Bubblemaps V2 addition. ([Read the full announcement](https://x.com/bubblemaps/status/1936087284362711251?ref=blog.bubblemaps.io)) 📝 Advanced labeling ⏩ Real-time data updates ✨ Magic Nodes to reveal hidden clusters [Try Bubblemaps on Jupiter >](https://jup.ag/pro?ref=blog.bubblemaps.io) --- ### The Bubble Wrap How Magic Nodes reveals the wallets you were never meant to find 👇 ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/06/f7a76e3f-f6ac-431f-a1e4-8a083d945f2c-ezgif.com-video-to-gif-converter.gif) GIF: Magic Nodes in action. --- **Every day**, thousands of traders lose money due to secret supply they weren't aware of. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/06/ChatGPT-Image-Jun-18--2025--02_01_20-PM.png) --- **💡 *Gecko Terminal* *: Tips on DYOR through Bubblemaps*** [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/06/tweet_1935196506732339390_20250621_193224_via_10015_io.png)](https://x.com/GeckoTerminal/status/1935196506732339390?ref=blog.bubblemaps.io) Click the image to read the full thread. --- *Remember to use Magic Nodes, they are there to help you* 👷‍♂️ ### Sonic is LIVE on Bubblemaps V2 URL: https://blog.bubblemaps.io/sonic-is-live-on-bubblemaps-v2/ Last updated: 2025-06-20T11:34:59.000Z Hey anon, It's time for you to seek the truth behind Sonic tokens. Why did it die, why did it rise? How does the contract interact with the holders? With Bubblemaps V2, you'll discover more about its holders than you can imagine. Read the announcement[**here**](https://x.com/bubblemaps/status/1929857985120993387?ref=blog.bubblemaps.io). [Sonic on Bubblemaps V2 »](https://v2.bubblemaps.io/sonic?ref=blog.bubblemaps.io) ## Dig deeper with Magic Nodes✨ Do the holders know each other? Are they hiding behind Magic Nodes? Wouldn't be the first time and we have certainly seen it before! You tell us! ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/06/chrome_891o7AGglG.png) ## What's in the past... ⏱️ …sometimes, stays in the way, or it doesn't. The supply of a token is often on the move, and so is its bubble map. That's why the history of a token is important. Have you ever wondered how a tokens launch went down? It's time you found out with a quick click 👆 ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/06/launch-date1.png) [Sonic on Bubblemaps V2 »](https://v2.bubblemaps.io/sonic?ref=blog.bubblemaps.io) --- ## Last shot at 500,000 $BMT Don't miss out on the two-day $BMT Trading Competition in collaboration with Bithumb. Rewards: 500,000 $BMT will be sent out for eligible winners on **June 27.** *Event ends today at 2 PM UTC.* [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/06/GtOqKhQaIAA2WA7.jpg)](https://m-feed.bithumb.com/notice/1648795?ref=blog.bubblemaps.io) [Join Competition »](https://m-feed.bithumb.com/notice/1648795?ref=blog.bubblemaps.io) ## Bubblemaps V2 is now on Dexscreener In case you missed it, you are now able to enjoy our V2 directly on Dexscreener. Magic Nodes, Real-time data, Historical mode all by your side. Check it out 👇 [Bubblemaps V2 on Dexscreener »](https://x.com/bubblemaps/status/1929857985120993387?ref=blog.bubblemaps.io) --- Until next time, stay bubbly ### Public Access is Here👑 URL: https://blog.bubblemaps.io/public-access-is-here/ Last updated: 2025-06-20T11:31:33.000Z Hey you, in case you missed the news, Bubblemaps V2 has just exited the private Beta-phase and is now fully accessible to everyone, everywhere. V2 gives you THE edge like no other It's all **FREE**: historical maps, fresh maps, secret wallets, and all super-speedy! [Explore Bubblemaps V2 »](https://v2.bubblemaps.io/?ref=blog.bubblemaps.io) **Solana showed us that transparency isn’t optional anymore—it’s expected. With V2, we’re scaling real-time visibility across all major chains. Just as DeFi unlocked capital, InfoFi unlocks intelligence. Bubblemaps is the portal.* \- Nicolas Vaiman, CEO of Bubblemaps --- ### Need A Quick Recap? Here's how to use Bubblemaps V2 to your advantage ⤵️ ... and just like that, you're ready to go --- ## Got what it takes? Take your shot 🎓 ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/06/GsGuMDUXMAAbPa_.png) In collaboration with Binance Academy, you can now participate in Bubblemaps Learn & Earn. In a few minutes, you can master Bubblemaps and get rewarded for it. You're one quiz away 🤓 [Count me in!](https://academy.binance.com/en/learn-and-earn/course/what-is-bubblemaps-bmt-BN1132234319531089921?ref=blog.bubblemaps.io) --- ### Read more about Bubblemaps ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/06/ctcoverimage.png) #### Bubblemaps launches ‘Time Travel’ tool for insider activity, rug pulls Bubblemaps aims to offer forensic-grade analytics tools for Web3 users to help navigate the rise of insider scams and rug pulls in the crypto industry. [Read on Cointelegraph »](https://cointelegraph.com/news/bubblemaps-time-travel-for-insider-activity-rug-pulls?ref=blog.bubblemaps.io) Until next time, stay bubbly ### Bubblemaps V2 is LIVE on BNB Chain URL: https://blog.bubblemaps.io/bubblemaps-v2-is-live-on-bnb-chain/ Last updated: 2025-06-20T11:34:04.000Z Hi there, The time has come for one of our most requested chains to be deployed on [Bubblemaps V2](https://v2.bubblemaps.io/bsc?ref=blog.bubblemaps.io)! We're stoked to have opened the doors for our newest chain expansion - BNB Chain. Joining our current analytics suite alongside Ethereum, Solana, Base, Tron, and Apechain. We're now ready to reveal snipers, whales, and insiders in seconds, this time on BNB Chain👇 ### 🧩 Track Key Players Visualize token distributions and wallet connections. ### ⏪ Start Time-Travelling Explore historical holder data since launch. ### ✨ Magic Nodes Uncover hidden clusters with one click. [Explore BNB Chain on V2 Now!](https://v2.bubblemaps.io/bsc?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/05/x.png) #### Why Bubblemaps’ Expansion to BNB Chain Could Change Onchain Investigations Decentralized finance thrives on openness, yet visibility does not always mean clarity. While blockchains are public, interpreting wallet behavior, token flows, and market manipulation remains difficult for most users. Bubblemaps believes visualization can bridge this gap. [Read Article](https://hackernoon.com/why-bubblemaps-expansion-to-bnb-chain-could-change-onchain-investigations?ref=blog.bubblemaps.io) --- ## Join the Binance Trading Challenge We welcome you to participate in our Binance Futures Trading Challenge and Secure a Share of the Rewards Pool 🏆 *The challenge concludes on May 28.* [Join Here](https://www.binance.com/en/activity/trading-competition/bmt-challenge?ref=blog.bubblemaps.io) [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/05/GrD_F0ybMAAF4yd.jpg)](https://www.binance.com/en/activity/trading-competition/bmt-challenge?ref=blog.bubblemaps.io) --- ### NEW: Join the Bybit Token Splash By participating in our Token Splash on Bybit, you can win a share of the 1,400,000 $BMT prize pool. The event runs until June 5 at 09:00 UTC. [Join Here](https://www.bybit.com/en/trade/spot/token-splash/detail?code=20250522073005&ref=blog.bubblemaps.io) [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/05/GrkLA2fWEAAq9h2.jpg)](https://www.bybit.com/en/trade/spot/token-splash/detail?code=20250522073005&ref=blog.bubblemaps.io) --- ### A Bright Future Ahead [![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/05/image.png)](https://x.com/Nickybubbly/status/1927041452564942978?ref=blog.bubblemaps.io) Until next time, stay bubbly ✨ ### Huge sell-offs on $MELANIA URL: https://blog.bubblemaps.io/huge-sell-offs-on-melania/ Last updated: 2025-04-10T18:19:25.000Z Last week, [we reported](https://x.com/bubblemaps/status/1905600617612968258?ref=blog.bubblemaps.io) that $2M of $MELANIA community funds were sold through single-sided liquidity. We expected a response from the team or Hayden Davis — but none came. Instead, 50M MELANIA (\~$30M) were moved from the community funds to wallet Cq2Tj6, then split across multiple addresses: • Two new **$6M positions** were opened • **Over $3M** was sent to exchanges • **$500K** has already been **sold** ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/04/image-1.png) No one from the MELANIA team has addressed this. Not the movements. Not the selling. Nothing. If it’s the team behind it, why would they stay silent? And if it’s Hayden Davis, why hasn’t anyone stepped in? ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/04/image-2.png) Remember that team wallets hold 92% of the supply, meaning the damage isn't fully done just yet. We’ll keep monitoring and share any new updates, here are all updates and findings on the Hayden Davis and $MELANIA case we have shared so far: [January 19](https://x.com/bubblemaps/status/1881094639765381586?ref=blog.bubblemaps.io): Discovery and tokenomics mismatch alert. [February 17 ](https://x.com/bubblemaps/status/1891289507338580028?ref=blog.bubblemaps.io)(1): Onchain evidence of $LIBRA and $MELANIA by same team. [February 17](https://x.com/bubblemaps/status/1891376929107763558?ref=blog.bubblemaps.io) (2): Hayden admits being part of $MELANIA [March 15](https://x.com/bubblemaps/status/1900928487365427562?ref=blog.bubblemaps.io): New Davis launch of $WOLF [March 28](https://x.com/bubblemaps/status/1905600838875103557?ref=blog.bubblemaps.io): Continued $MELANIA sells & liquidity extraction. [April 7 Update](https://x.com/bubblemaps/status/1909304949160165530?ref=blog.bubblemaps.io) ### How Hayden Davis Rugged $LIBRA for $100M With President Milei URL: https://blog.bubblemaps.io/how-hayden-davis-rugged-libra-for-100m-with-president-milei/ Last updated: 2025-03-30T12:03:16.000Z It began with Donald Trump’s $TRUMP, which launched in mid-January. It quickly surged to an all-time high of $75.35, backed by $19 billion in trading volume. Just days later, Melania Trump followed with $MELANIA, President Touadéra of the Central African Republic released $CAR and finally, Argentina’s President Javier Milei announced $LIBRA. At first glance, these tokens looked like harmless political spin-offs. But data showed: - Wallets linked across all three tokens. - Sniper bots extracting early profits. - Tightly clustered supply held by insiders. By the time the dust settled on $LIBRA, $100M had been pulled from liquidity pools and all trails led back to Hayden Davis. This report breaks down what happened – how the tokens were structured, who profited, and why user funds remain unreturned. ## Trump and Melania Tokens Were the Warning Signs On January 18, 2025, Donald Trump released his own memecoin — $TRUMP. It started trading at just a few cents and exploded to an all-time high of $75.35 in days, with over $19 billion in volume. Some argue that this moment — or maybe the rise of tools like Pump.fun — marked the beginning of the presidential meme coin boom. But there’s no doubt that Trump, arguably the most powerful man in the world, opened the floodgates. Just a day later, on January 19, Melania Trump launched her own token, $MELANIA. It closely mirrored the structure of $TRUMP — but with even fewer safeguards. $MELANIA was seen as a blatant cash grab. At launch, 82% of the supply sat in one cluster of wallets and a presale wallet holding 10% dumped most of its allocation immediately. This was followed by President Touadéra of the Central African Republic releasing $CAR, an 'experiment'. Then came $LIBRA, which took this model to a much larger scale. ## The Rugpull That Shook a Presidency On February 14, 2025, Argentina’s President Javier Milei publicly endorsed $LIBRA, a so-called national digital initiative aimed at boosting the local economy and supporting small businesses. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/03/image-2.png) The catch was that [82% of $LIBRA was unlocked](https://x.com/bubblemaps/status/1890531084221182326?ref=blog.bubblemaps.io), which means they could sell anytime. Despite the risks, the token surged to a $4.5 billion market cap and liquidity pools made over $25M in fees in an hour. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXeXnqGltaWoApLHIrJu5kfbL7cNBPOh9rh1AbuhMAvgeFQ31otQ980YzjGisoQADd59bBHP7xVkqTeTGXbHrv2qPjTT6nFHgkjCzWeH2cpykZPSBlAD0Etr9P78jcoFPRscS3enKQ?key=c0mJKLbJibUhkJtAbyfgrxik) Then, it imploded. [Over $87M was pulled from liquidity pools,](https://x.com/bubblemaps/status/1890567816752873794?ref=blog.bubblemaps.io) but instead of selling on the market, the devs were [adding one-sided liquidity pools on Meteora](https://solscan.io/account/jwudCiJ5QUUmfxPXN41jaqYKnSc3UmKo5RoRGkZzomN?ref=blog.bubblemaps.io#defiactivities) with only LIBRA — while removing USDC and SOL. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/03/image-1.png) The token lost more than 95% of its value over time. President Milei quietly deleted his tweet, later issuing a statement admitting he had shared the information without verifying the project’s details. It all collapsed. But behind it all was a familiar name: Hayden Davis, a launch strategist, and the suspected architect of several pump-and-dump-style launches. $LIBRA wasn’t his first. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXfJUZcz8AQVDXA3CGWMfYCm64kAAmnUdu9frhu_bLbZWJnp15xg4-9CJwTVNB_9M2H4b0zZpuLj677cTJIPga0hNwroqpDrYV1mmBctGQbNAzbdIpUE90GxaOW9aZ3tZZxnSDzu?key=c0mJKLbJibUhkJtAbyfgrxik) At the bottom of the project’s website, a disclaimer read, “Private Initiative project Developed by KIP Network Inc © 2025”, which linked it to KIP Protocol, a Web3 framework for AI governance, backed by Animoca Brands. ## What Happened to $LIBRA’s Liquidity? The majority of the funds were pulled from liquidity pools during the height of the sell-off and moved across a series of wallets in a pattern designed to obscure origin and control. Davis initially stated that the funds were being “safeguarded” for redistribution, no clear plan has been provided to date — and a large portion of the original funds remains in wallets under his control. According to the latest analysis, Davis and connected wallets still hold $93.7M worth of assets, down from a $107M peak, broken down as follows: #### USDC Holdings - [$44.59M](https://solscan.io/account/61yKS9bjxWdqNgAHt439DfoNfwK3uKPAJGWAsFkC5M4C?ref=blog.bubblemaps.io) - [$13.06M](https://solscan.io/account/DefcyKc4yAjRsCLZjdxWuSUzVohXtLna9g22y3pBCm2z?ref=blog.bubblemaps.io) #### SOL Holdings - [148,343 SOL (\~$21.37M)](https://solscan.io/account/B9KTwxhc9e6qrjw5nfmhgcN38oKFTBtnef8AwaTPVQ6q?ref=blog.bubblemaps.io) - [69,275 SOL (\~$9.98M)](https://solscan.io/account/FTjLYkNARZHnqekpKj5mHzbJx7EqW1fSr15Ec4oijBUQ?ref=blog.bubblemaps.io) - [32,045 SOL (\~$4.61M)](https://solscan.io/account/CpxV2iKkA8DT8d2dWMLanF6PAJVvTp1qJXEN5QmqsRPS?ref=blog.bubblemaps.io) Despite Davis’s public statements, there has been no public disclosure, no audit, and no explanation as to when the funds will be given back to investors. ## Political Repercussions For Milei The $LIBRA collapse triggered immediate political fallout in Argentina, including reports of [impeachment calls](https://edition.cnn.com/2025/02/16/americas/argentina-milei-libra-cryptocurrency-impeachment-calls-intl-latam/index.html?ref=blog.bubblemaps.io). The government responded with two actions: ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXePee1WPgY8msi70wO7iy0LXXC69jJOPPlNCG5hMfC4T_n2-ZdTkcaO09k-E8jkVDV-FJoIJuVm82eRhcO_9-VOZOan--j90hz6gATqFAUO0QzCtbX1pS43_3EpP6IWS45awQ7hjQ?key=c0mJKLbJibUhkJtAbyfgrxik) - The Anti-Corruption Bureau was tasked with investigating any misconduct by national officials, including Milei. - A new unit under the Presidency, the Unit for Investigation Tasks, was created to examine the $LIBRA project. No findings have been published so far. But politically, the damage was already done. ## Interview Between Hayden Davis and Coffeezilla Watch it here: [the LIBRA interview](https://youtu.be/EqizJTbxAEM?si=KmVL11R2BoBj-Db-&ref=blog.bubblemaps.io) To get clarity on the $LIBRA collapse, Coffeezilla conducted[ a one-hour interview with Hayden Davis](https://youtu.be/EqizJTbxAEM?si=KmVL11R2BoBj-Db-&ref=blog.bubblemaps.io). It was the only public conversation Davis had since the fallout and offers a firsthand look into the decision-making behind the launch and why the funds remain locked in his wallet. Below are some of the confessions and arguments he made. ### Davis Admits to Controlling the $100M Davis confirmed he pulled the $100M from liquidity pools, claiming it was to “protect the project” from sniper bots and ensure stability ahead of planned marketing pushes. The plan, according to him, was to re-inject the funds after another round of support from Argentine President Javier Milei. That never happened. He maintains he hasn’t profited from the event and says the funds are still under his custody. He insisted*, “It’s not a rug. It’s a plan gone miserably wrong.”* Davis claims he was never the deployer or long-term owner of the project. The responsibility for treasury and post-launch governance, he says, was meant to lie with the KIP protocol — not him. ### Internal Sniping Confirmed Davis admitted that wallets tied to the project sniped $LIBRA at launch by taking early positions before the public could. His justification was that it was defensive, meant to counteract external bots that typically dump early and damage price action. He stated that the funds used for these snipes were project treasury, not personal wallets — though tracing those distinctions on-chain is difficult. Regardless of intent, the sniping gave insiders an unfair entry advantage over retail traders. ### Dave Portnoy Was Refunded Davis confirmed that Dave Portnoy, the American businessman and owner of Barstool Sports, was privately refunded $5M after losing it on $LIBRA. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXeWFDMrWgCbadwHxkF0SBUkJv2A7HxgIc27-RD5KDLwYZsJC6rhwZnJgO6qu1b3U-DYjPM1V_J9G3DpMZi03zngTSC0-Tu0tnMx4P1dFxU1vz_194D8FtLhGFrRUiKMj8yRQAuKEw?key=c0mJKLbJibUhkJtAbyfgrxik) Portnoy had prior knowledge of the project but claimed he didn’t buy early. Davis said the refund was a mistake, made under the assumption the project would continue growing with Milei’s support. The refund originated from a wallet later linked to project sniping, which raised further concerns about the blurred lines between personal funds, treasury, and insider coordination. ### Milei’s Involvement and Political Reversal Davis claimed President Milei not only knew about $LIBRA but also supported it as an early experiment in tokenized public finance. According to Davis, there were plans to expand on-chain infrastructure across Argentina using the token as a pilot. After the crash, Milei deleted his post and cut communication with the team. Davis has received no guidance since, despite holding the $100M. ### Four Options Proposed Davis outlined four paths he’s considering for the remaining funds: - Donate the funds to a nonprofit in Argentina — unlikely to restore investor confidence. - Refund investors based on on-chain losses — requires heavy analysis and leaves Davis exposed to backlash if it's imperfect. - Re-inject liquidity into the chart — his initial plan, but one that would reward insiders again and potentially trigger more trading manipulation. - Wait for government guidance — no progress on this front. He initially favored reinjecting the funds to push the market cap back to $2.5-3B, but Coffeezilla pointed out that this would create a new wave of insider opportunities and further hurt credibility. ### Davis on Meme Coin Launches Davis positioned himself as someone trying to solve problems like launching tokens in a market dominated by sniping, alpha leaks, and insider control. He claimed: - Every major meme coin is subject to sniper activity. - Most launches involve insiders to some degree. - Retail participants are at a structural disadvantage no matter the format. ## What We Found After the Interview While Hayden Davis publicly defended his role in the $LIBRA collapse during his interview with Coffeezilla, our on-chain investigations at Bubblemaps told a different story. Following the interview, we traced wallet activity across multiple blockchains and uncovered clear evidence tying together $LIBRA, $MELANIA, and several other short-lived meme coins — all pointing back to the same wallet cluster. ### Tracing the Wallets Our investigation began with $MELANIA. A sniper wallet, [P5tb4, extracted over $2.4M from the launch. ](https://solscan.io/account/P5tb4T6SBVQaM3BAoGfpVudLtTdecqjsh4KV9ESAhKg?token%5Faddress=EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v&ref=blog.bubblemaps.io#transfers) That wallet then routed its [profits to 0xcEA](https://snowtrace.io/address/0xcEAeFb5BEC983Fd10e324d7e6F5457507BA006e2/tokentxns?page=2&nexttoken=GHeGvPH6qQZEN4BkSQYnJfwtEyPJAqzmb14kPf9oWsF92xP3ULy6IUtWQu%5Fi3VcuPiZuwNx76nvotIjYzhMibFkTHiJKn9cJAwiwKfBcT-jvdqnVrj0PULl-J6U-g0m7pLRTwnjYlFEdpJTjM8jsPggXaK8g9G%5F%5FZuzuRQpoFpDP9k75DL4mEVxfhMiB2uEZvHexgcI1WlkGDxJkk7KD8pzLgA&tokenaddresses=0xB97EF9Ef8734C71904D8002F8b6Bc66Dd9c48a6E×tampfrom=2025-01-20T00%3A00%3A39×tampto=2025-01-21T00%3A00%3A39&ref=blog.bubblemaps.io), which we linked directly to the creator of $MELANIA. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXeYT4eNJ_wPjJ9EzKfEmnM7CFcffOR7q22rT9kamIKUfjpg9fC6g1U7zuvSDeNH3A2FwEQ73ItrcIngSFrF6eqqbzGINk51KpID5N_Tdx2U7NLiTZP-_cYgNuhNLf5YNNw7jJ8l?key=c0mJKLbJibUhkJtAbyfgrxik) ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdT1fk-75SyF7hoK_o-g1pv6fMm7fnra0sgaflLZW2jL87Cqayzm06oKoVsePguQcNj2q8YsXnZ-WHc9TU02k5lv502ThBQixwc893tuSJ4OexrPbGmoQU8G10kyeRNuWc7bijs?key=c0mJKLbJibUhkJtAbyfgrxik) 0xcEA later funded DEfcyK, the creator of $LIBRA, the same wallet that removed $87M in USDC and SOL from its liquidity pools. But it didn’t end there: - 0xcEA also sniped $LIBRA using multiple wallets funded via CCTP. - That sniping activity alone brought in another $6M in profit. - Both $MELANIA and $LIBRA followed the same sniper setups, early bundling, liquidity extraction, and near-identical wallet behaviors. The below chart shows the movement of funds between different wallets, all possibly controlled by Hayden Davis. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXfYjIAGVajFPXs-ddxD010KCqYsruzKyXpzcKV1A9GMEbLtsI3aqOMUkeuSyKQjLvylGqIKPNntesdJs53pJP1F4sOuu_wSt72UmxkjDV2GbJKfjQ6k_7E8FhBuNaeqjvcS19FGoA?key=c0mJKLbJibUhkJtAbyfgrxik) ### Broader Pattern of Rugpulls We expanded the investigation and found that this wallet cluster wasn’t just tied to MELANIA and LIBRA. We identified [similar launch behavior in other tokens](https://x.com/bubblemaps/status/1885657037582795085?ref=blog.bubblemaps.io), including: - $TRUST - $KACY - $VIBES - $HOOD Each showed clear signs of insider pre-funding, tightly bundled supply, and sniper-led price manipulation. Here’s a screenshot of $HOOD below. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXfMlZmD2vsGMe6OLoojxCV41LeM525jiyA7rkxUnjs_eMoN3uzMxQGKhTnI-6Ji_e6TcFVzzJl5GUsypuRjSsx-2FW40a4UYGnD0Cnj-6RD-eHLuBSPeLblV1dmnzViMwnpFnNFGQ?key=c0mJKLbJibUhkJtAbyfgrxik) ### He Did It Again: $WOLF Despite the mounting legal and public pressure, [Davis returned with yet another token: $WOLF.](https://v2.bubblemaps.io/map/TxtiUGMPmlZ8WutSW0Hn?%5F%5Fcf%5Fchl%5Frt%5Ftk=OOivdP7%5FMVhLN6UWbwIMxQCEhWYPvPwXWUddTvaHAW8-1742911135-1.0.1.1-..mgt0agGi6YbgeRpY4W3f6NwnS9Zfn9e%5FtIeAB.Eig&ref=blog.bubblemaps.io) ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdONUm2QcbrhoxTm_45F94zrA9y-FYAtSbZn3Ttq221NQyZlW1UCBXaKgx2r7rwM9vkHNrHAeY6ctgci0iVeD5Ioq-IYncgePreTD1ZjApHZTihKvKOEeRaXTfpL-qUMLbIWnjw?key=c0mJKLbJibUhkJtAbyfgrxik) Launched on March 8 and promoted by WallStreetBets, $WOLF reached a $40M market cap before an abrupt crash. As usual, the token’s supply was tightly bundled (82%) and the same sniping pattern reappeared. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXds2jjqp-qfU4d1GxmKW-D1uqWa5oMvN-ZgjcrL9SeQKjQmH3XlOGpJ60rqKseVkii4GiFvBvrPOq_e6gimw0ALShefVQAwCFxcv5t55iChh8XXS4F_IWI1hZtFbUA_X491vM2Q?key=c0mJKLbJibUhkJtAbyfgrxik) We traced the deployer wallet (6MsuHd) through 17 addresses and five cross-chain transfers. All paths led back — once again — to 0xcEA, the same wallet used in MELANIA and LIBRA. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXe-zac9sPXr8k2Z92G1mtMMfvPbS3dPmpFCACfUX4RUczHz1JOu6C9YWLyyI2Z4mSZrE0GHhefrlrY9cExxykDcdJLIDIcLoYDHga9xyV6ZSPNQHwjxAEa0laya7BQg3Ab3yVIuhQ?key=c0mJKLbJibUhkJtAbyfgrxik) This time, Davis attempted to cover his tracks by pre-funding wallets months in advance and scattering flows across chains. But the pattern didn’t change, and neither did the outcome. ### Pattern of Deception Davis framed himself as a strategist caught in a political and technical disaster. But the data shows repeat behavior of tightly controlled launches, insider sniping, multi-million-dollar extractions, and no clear intent to build sustainable projects. What began as speculation has now become a documented pattern, visible on-chain. And with every new token, whether it’s $LIBRA, $MELANIA, or $WOLF, the evidence becomes harder to ignore. What makes this even more serious is that on March 13, Argentinian lawyer Gregorio Dalbón filed for an Interpol Red Notice against Hayden Davis. This makes him an international criminal, not just a rugpuller anymore. ### Here’s How to Detect Patterns with Bubblemaps - Visit Bubblemaps.io: Log in with a Web3 wallet or explore without logging in for a quick overview. (Log in with an email address if you're using V2) - Search for a Token: Use the search bar to find any token by name, address, or symbol. - Select the Blockchain: Choose the correct blockchain network (e.g., Ethereum, Base, etc.) to get accurate token mapping. - Analyze Wallets: View the map of wallet clusters, and click on individual bubbles for wallet details and transaction histories. ### It's Official — $BMT URL: https://blog.bubblemaps.io/its-official-bmt/ Last updated: 2025-03-25T11:39:55.000Z In case you missed it, we wanted to let you know that we recently launched the much-anticipated Bubblemaps Token—$BMT. It's available on two chains - BNB Chain and Solana. ## Bubblemaps x Binance Wallet ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/03/BinancewalletIDO.jpg) We launched through [Binance Wallet IDO](https://www.binance.com/en/events/bubblemaps-tge-rules?ref=blog.bubblemaps.io) which was quickly filled and **13,500% oversubscribed**, did you join it? ## Force behind upcoming Intel Desk ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/03/image.png) As you know, we recently shared about the Intel Desk and how it works in short. [Read it here](https://x.com/bubblemaps/status/1899400341344432600?ref=blog.bubblemaps.io) in case you missed it. The Intel Desk will empower users through $BMT. Call for the next investigations to be made using your tokens to submit or vote, for the cases that matter to you. ### Get your $BMT at any of the following: ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/03/available-on-exchanges-2.png) We've worked hard to ensure our token is widely available, making it easily accessible for you across multiple exchanges. [Trade $BMT Now](https://www.binance.com/en/trade/BMT%5FUSDT?ref=blog.bubblemaps.io) **BNB Chain**: 0x7d814b9eD370Ec0a502EdC3267393bF62d891B62 **Solana**: FQgtfugBdpFN7PZ6NdPrZpVLDBrPGxXesi4gVu3vErhY ### Omnichain with LayerZero ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/03/GltvKkZWQAArMAJ.png) We are working closely with the team at LayerZero to allow for BMT to be on two chains. Having a token on BNB Chain, where our journey began, and on Solana, where our users are, creates the perfect balance for growth. This setup gives us the best of both worlds, and we can’t wait to see what’s next. More info [here](https://wiki.bubblemaps.io/bmt/cross-chain?ref=blog.bubblemaps.io). ### Recent Work ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/03/guru-x-ploit.png) #### The Kaito, WatcherGuru, and Tier1k hacker the same person? We found evidence of the same person being behind them all. Read our thread for more info [Read It](https://x.com/bubblemaps/status/1903111304178507904?ref=blog.bubblemaps.io) ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/03/wolf-davis.png) #### What Is Hayden Davis Up To Nowadays? Now on an Interpol notice, the creator of LIBRA and MELANIA tried his best to hide it [Read It](https://x.com/bubblemaps/status/1900928487365427562?ref=blog.bubblemaps.io) ### Behind the AI Narrative: Who Owns the Tokens and Why Does It Matter? URL: https://blog.bubblemaps.io/behind-the-ai-narrative-who-owns-the-tokens-and-why-does-it-matter/ Last updated: 2025-02-06T20:51:16.000Z With [$42.6 Billion](https://www.coingecko.com/en/categories/artificial-intelligence?ref=blog.bubblemaps.io) Market Cap., AI tokens are everywhere right now — with bold promises and big dreams. But before you put your money in, ask: who actually owns these tokens? This matters more than you might think. When a few wallets hold most of the supply, they can manipulate prices, control governance, and put your investment at risk. On the flip side, projects with decentralized ownership are often more stable, transparent, and community-focused. In this article, we’ll explore the top AI tokens, analyze how their supply is distributed, and explain what it all means for you. ## Why Token Distribution Matters In crypto, token distribution is more than a technical detail. It shows how decentralized (or centralized) a project really is. Here’s why this matters: - Fair Governance: Decentralized tokens let the community vote on important decisions. If a few wallets hold most of the supply, they can make one-sided decisions. - Market Stability: A well-distributed token supply is less prone to price manipulation. When large holders (whales) sell off their tokens, it can crash the market. - Investor Confidence: Tokens with balanced ownership attract more trust. If most of the supply is held by just a few wallets, people are less likely to trust the project. Pro Tip: [Bubblemaps](https://bubblemaps.io/?ref=blog.bubblemaps.io) make it easier to see these patterns. By visualizing token distribution, we help investors identify clusters of concentrated ownership and assess risks. The takeaway? Before you invest, you need to know who holds the power. ## The Top AI Tokens and Their Ownership Let’s take a closer look at some of the leading AI tokens. Understanding how their supply is distributed will help you see the risks and opportunities behind the hype. ### 1\. $AIXBT $AIXBT is the token for an AI-driven analytics platform, aixbt terminal, that helps crypto investors make smarter decisions. It tracks on-chain activity and analyzes projects, acting like an AI research assistant. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcVj6Sw3vtwMs26ckeBXfNwrU0c41gds4K_oC2fWiUo1n079Ozfb9GCPh_V7i6ZwVqd0tCBbUYfg-1gJl5YfHRwSgH833KrfgRm8mPqqKBr6QDlpEXZu21xNoN7WA5MKB_aa2FQ?key=Te29RRDWekpgIB0riRkx7oEH) - The token’s supply is split into four main clusters, each holding about 4%. - One of these clusters is tied to Wintermute, a trusted market maker. - With no single wallet dominating the supply, $AIXBT looks decentralized and stable. ### 2\. $AI16Z $AI16Z is a parody of a16z, the American VC led by Marc Andreessen and Ben Horowitz. Launched on October 25, 2024, it gained traction with ElizaOS, an open-source framework for creating customizable AI agents, making it a standout in the AI Agent space on Solana. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXeJr9h_sSCVnjuiFfFOSN37Z4LkdkoG1y-enmBgvELoaO4GFpmbsxc4acetnTF-A5Gw0_FocvM6VUl3towqpvGb-ePOcimUU3KzCmSNE7G27lgHzc3aNzgS0xoTrrzHG5xaHJdjXg?key=Te29RRDWekpgIB0riRkx7oEH) - Despite a new concept and strong narrative, ownership is a concern. - A presale wallet holds 10% of the supply, and 38% is concentrated in a few wallets. - While the project shows promise, investors should carefully consider these risks. ### 3\. $VIRTUAL $VIRTUAL powers Virtuals Protocol, a platform for co-owning AI agents that generate revenue in gaming and entertainment. These agents can automate tasks like trading or data analysis, making it a handy tool for developers. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXfbKHhwnIW2ihXup49966TwxE8f_CSxGUo5XT8mcHE_ixgGklf99trN5gc8UWWhKOizF9KzPlAGY_1eg5_lEQk78ElX4Dwk952M1sbq82ba18CPyOjIRQU3STFYnj_TNS-gZzAb9w?key=Te29RRDWekpgIB0riRkx7oEH) - One wallet, likely owned by the project, holds 7.3% of the supply. Another cluster accounts for 8%. - While the protocol offers tools for creating, managing, and monetizing AI agents, it’s worth monitoring wallets tied to the project itself. - Overall, this looks like a balanced project. ### 4\. $FARTCOIN $FARTCOIN originated from an exchange between AI agents in the “Infinite Backrooms,” a project by independent scientist Andy Ayrey. The AI agent Truth Terminal suggested “Fartcoin” as the perfect meme coin concept. Later, an anonymous developer brought it to life on Solana using the Pump.fun platform. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcUO2-0QrHFJPDZY5LRMYnAN0M4fmbW12dc0XT8MhNIF0uBoADZOKpwyiHd60Wbqf2aF2UaiSY8GUAQNQK62W3QZ_AwITTBjmQUfPgRtWMQw_9xAJWFYWoEetbCqmCAv8vjLAGgAw?key=Te29RRDWekpgIB0riRkx7oEH) - What makes $FARTCOIN stand out is its impressive token distribution. - The largest cluster holds just 2% of the supply, making it one of the most decentralized tokens on this list. - This balance reflects its community-driven ethos while maintaining a structure that supports long-term trust and stability. ### 5\. $VADER $VADER powers a decentralized liquidity protocol designed for fairness and accessibility in DeFi. With features like token swaps, synthetic asset minting, and impermanent loss protection, the protocol aims to create a solid financial system with minimal governance. Its collateralized stablecoin, USDV, pairs with other assets to reduce volatility and enhance stability. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXffNYk86MBp3ilV9mhx1SMINQ14mrD4I3r9gMvS1RDO2vaHAi0gUL_6KpHVu5hIb1RECFwJh6ETDT7eo1Z_gNMGgtipNvkj_kpoYuqSkUvoRJDv1jCxGShuAMkX00BXhB41dkmo_A?key=Te29RRDWekpgIB0riRkx7oEH) - Only 10% of the supply is held by the top 10 clusters, the lowest on this list. - Additionally, 50% of the total supply is staked, reflecting long-term commitment. - This is a perfect combination of decentralization and active participation in the ecosystem. ### 6\. $SPORE $SPORE uses AI to improve DeFi platforms and powers Spore.fun, an experiment in autonomous AI evolution. Run on Phala Network, Spore.fun allows AI agents to create tokens, generate wealth, and compete for survival. Successful agents reproduce, passing on traits, while failed agents self-destruct. Inspired by natural systems, this ecosystem simulates evolution to foster adaptive AI swarms. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXf2GM0aKQzsvvkcfBszJK5IUeKhZOrtdD9EBbhqPcEsCs8FhSYZytwtDfX-G2vSDWbBEUPg7VT0QQnJFSHwFHKDSkRMfRGkAtetNBGKn03UyZ38NXjVJhLc78B88L7porpmr9iClQ?key=Te29RRDWekpgIB0riRkx7oEH) - Despite its bold vision, ownership data raises concerns. - A single cluster holds 40% of the supply, and 51% is controlled by the top 10 clusters. - This creates risks of price manipulation, making it a high-risk, high-reward investment. ### Notable Mentions Here are a few more AI tokens worth knowing about: - $GOAT: An AI-powered trading assistant for retail investors. The supply is well-distributed, with the largest holders accounting for just 12.08%, making it a fair and accessible option for smaller investors. - $TRUST: A DeFi platform that uses AI for risk management. While 17.30% of its supply is concentrated in top clusters, this level is reasonable for its $25M market cap. - $GRIFFAIN: A content platform that rewards creators and curators with blockchain-based incentives. Ownership is relatively even, with the top clusters holding 17.45% of the supply, supporting fairness and community engagement. - $ALCH: Focused on supply chain automation with AI. Nearly 23% of the supply is concentrated in top clusters, which raises some concerns about governance despite its strong use case. - $SNAI: An AI analytics tool for market predictions. Its balanced ownership, with top clusters holding 19.90%, makes it a stable option for investors looking for reliability. - $ZEREBRO: An autonomous AI system designed to create and distribute culturally impactful content, particularly in finance. Nearly 20% of its supply is concentrated in a few clusters. ## Patterns and Insights Analyzing the ownership of AI tokens reveals key patterns that highlight risks and decentralization levels: 1. Decentralized Leaders - Tokens with balanced ownership are less prone to manipulation: - $FARTCOIN: Most balanced distribution with largest cluster at just 2%, showing true decentralization - $VADER: Only 10% held by top clusters, with 50% of supply staked for long-term stability - $AIXBT: Supply is spread across four clusters at 4% each, including trusted market maker Wintermute 1. Highly Centralized Tokens - Concentrated ownership creates risks like price manipulation: - $SPORE: A single cluster controls 40%, with 51% of supply held by top clusters, creating significant risk - $AI16Z: High concentration with 48% in top holders including 10% presale wallet retention - $ALCH: Concerning 23% concentration in top clusters despite strong use case 1. Balanced but Worth Monitoring - Some tokens are generally well-distributed but have areas that deserve attention: - $VIRTUAL: While mostly decentralized, project wallets holding 7.3% plus 8% cluster warrant observation - $TRUST: 17.30% top holder concentration is reasonable for $25M market cap - $ZEREBRO and $SNAI: Around 20% top cluster concentration shows moderate centralization risk ## Conclusion When you’re looking at AI tokens, ownership is one of the most important things to check. More than what the project claims to do, it’s about who controls the tokens. Projects like $AIXBT and $GOAT are good examples of tokens with balanced ownership. They’re less likely to be manipulated, and their structure supports trust and stability. But others, like $SPORE and $AI16Z, are highly concentrated in a few wallets. This kind of setup can lead to governance issues and price swings, putting your money at risk. ### Here’s How to Detect Patterns with Bubblemaps - Visit Bubblemaps.io: Log in with a Web3 wallet or explore without logging in for a quick overview. (Log in with an email address if you're using V2) - Search for a Token: Use the search bar to find any token by name, address, or symbol. - Select the Blockchain: Choose the correct blockchain network (e.g., Ethereum, Base, etc.) to get accurate token mapping. - Analyze Wallets: View the map of wallet clusters, and click on individual bubbles for wallet details and transaction histories. - Detect Patterns: Use filters to identify token clustering, concentration, and flow. The bottom line? Always check who owns the tokens before you invest. It’s a simple step that can help you avoid unnecessary risks and make smarter decisions. --- *Written by: Uddalak Das* ### It's Official: The Incoming Token URL: https://blog.bubblemaps.io/its-official-the-incoming-token/ Last updated: 2025-01-27T16:43:52.000Z ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/01/data--1--2-1.png) We have just announced the next steps for Bubblemaps and you are in the front-row to be a part of our journey. Well done! Bubblemaps is more than a brand — it’s a common term people use and an integral part of the crypto culture. Our investigations are widely shared, and we receive countless requests from the community. — Your voice matters. ## Introducing: Intel Desk ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/01/image.png) **The first community-driven investigative platform**, in combination with our token [$BMT](https://x.com/search?q=%24BMT&src=cashtag%5Fclick&ref=blog.bubblemaps.io), will give you the power to: - Submit cases you want investigated - Vote on the cases that matter most - Allocate the on-chain sleuthing resources ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2025/01/image-1.png) And while Bubblemaps V2 is free to use for everyone, holding [$BMT](https://x.com/search?q=%24BMT&src=cashtag%5Fclick&ref=blog.bubblemaps.io) will unlock our *exclusive* features, such as: - P&L computation - Cross-chain analytics - Top 1,000 holders maps - Cluster interpretation with AI - and more... [$BMT](https://x.com/search?q=%24BMT&src=cashtag%5Fclick&ref=blog.bubblemaps.io) will have a total supply of 1,000,000,000 and will launch on Solana. For more information, follow our official channels **Sign up to the waitlist now, and experience Bubblemaps V2 Beta** [Sign up!](https://bubblemaps.io/waitlist?ref=blog.bubblemaps.io) Stay tuned for more on the tokenomics! [**Website**](https://bubblemaps.io/?ref=blog.bubblemaps.io) | [**X**](https://x.com/bubblemaps?ref=blog.bubblemaps.io) ### How Hailey Welch’s $HAWK Token Became a $500M Disaster URL: https://blog.bubblemaps.io/how-hailey-welchs-hawk-token-became-a-500m-disaster/ Last updated: 2025-02-06T20:50:40.000Z The launch of the Hailey Welch-backed $HAWK memecoin was one of crypto’s most dramatic stories in 2024\. Within hours, the token soared to a $500 million market cap before collapsing by 95%, erasing millions of dollars. Welch, a viral internet personality famous for her “hawk tuah” catchphrase, leveraged her massive online following and collaborations with influencers to promote the token. But behind the hype, $HAWK’s launch revealed troubling tokenomics, insider sell-offs, and centralized control that left retail investors holding the bag. Let’s break down what went wrong. ## Hailey Welch’s Viral Rise to Fame Hailey Welch became an internet celebrity through a simple TikTok video. In the short clip, she mimicked a spitting sound while saying the phrase “hawk tuah.” The quirky and absurd moment struck a chord with millions, turning Welch into a global meme overnight. Rather than letting her fame fade, Welch capitalized on the opportunity to build an empire: - Podcast Success: Welch launched The Talk Tuah Podcast, which quickly became the 5th most popular globally, amassing millions of weekly listeners. - Merchandising Wins: Her “Hawk Tuah” merchandise and signature sound packs regularly sold out, earning hundreds of thousands in revenue. - Celebrity Appearances: Welch became a high-demand influencer, commanding $30,000 per event appearance. - Endorsements: She even collaborated with other influencers like Jake Paul and Mark Cuban. Her savvy business moves turned her into more than a meme. Welch became a brand. Her next venture: launching a memecoin, a natural choice for most internet celebrities. ## Why $HAWK Sounded Too Good to Be True When Hailey Welch announced the $HAWK memecoin, it was marketed as a “community-first” project with its own ‘Hawkanomics’. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXci3XaJXsUSoh4_nzQzSOpKibjlxsXTkvFvQDJ9Bf4nTugKrt3h1jCEsB9u7D1Jm9zmXM7emM3GSr2whBW3p1jIP0-pqCkwy9n8RgROO-JHU3dlr3-T65pgSzMG_dpsoBD_24Ue?key=rDnCyL_4LLffRgPkifCC9TY2) Within hours of launch, $HAWK reached a $500 million market cap. — a staggering milestone that attracted fans, retail investors, and crypto speculators. The project promised decentralization and inclusivity. Welch presented it as a way for her fans to join in her success. But as it happens with most celebrity memecoin projects — the stage was set for a major sell-off. ## $500M to $25M — The 95% Crash Everyone Saw Coming The $HAWK token’s meteoric rise came to an equally dramatic end. Within hours of reaching its peak market cap, the token plummeted by over 95%, leaving investors devastated. What caused the collapse? - Bubblemaps revealed that [96% of the token supply](https://x.com/bubblemaps/status/1864439521523196046?ref=blog.bubblemaps.io) was controlled by a tightly connected cluster of wallets. This level of centralization enabled insiders to manipulate the market and coordinate sell-offs. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXc7fHrZzZVjS9F3O8zDXsm6KWGo_zq3Gqte6L_RV0BU7rxrooCMgUV_ixgvt24phxY0OZHIN3093HUUYRNcM9t5on8XbKx5pXMtb5Nocm7Z3WTIuMfHC4chQKrHaViszfASXKWX?key=rDnCyL_4LLffRgPkifCC9TY2) - The 17% token allocation, unlocked at launch, allowed early backers to sell $3.3 million worth of tokens immediately. This created overwhelming sell pressure and set off a chain reaction. - If we look closely, of the 285 wallets participating in the presale: \- 89 wallets sold 100% of their tokens immediately. \- 47 wallets sold more than half their holdings. \- 19 wallets sold less than half their holdings. \- Only 130 wallets retained any tokens post-launch. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXesXRG3SL0YZMpUs1gpFBpmQSP4TEMImdso6MWmab7K0ONKrcEYgAN8zkCld-mmMyXashioMVlbKr1y6hKIdPDYs6G4i6xX0knIr5hARXW32IZic9xN8YQCU1rKjrCTh1ETPh9nug?key=rDnCyL_4LLffRgPkifCC9TY2) - On top of these things, a 15% trading fee, marketed as a deterrent against snipers, generated over $2 million in revenue for the team within 24 hours. While many memecoin projects faded into obscurity after similar failures, $HAWK faced widespread scrutiny. Hours after the crash, investigative content creator Coffeezilla uncovered even more [crucial details on his Youtube channel](https://www.youtube.com/watch?v=zUHq8AWR1Rg&t=1206s&ab%5Fchannel=voidzilla&ref=blog.bubblemaps.io). - The $HAWK pitch deck explicitly targeted Welch’s fanbase — many of whom were new to crypto — calling them “normies” who were unlikely to scrutinize the tokenomics. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcSxgrogLkPYykX_gIiMjwuh36_Xnj9ai21UXv5YoYrhaImC4-TBKSbMFnXu41MUkEv1WZ7p0UOcoMz8n2TazYHHF_TYIDFihE3zdo6RqGZbKN1Q-nucpHSSAhjh06BHVOFspetig?key=rDnCyL_4LLffRgPkifCC9TY2) - While Welch insisted her team’s tokens were locked, on-chain data showed wallets linked to the team participating in the sell-off. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcPFe6S8O3t1NQlwKFYjDhYUVeUYdUJCTYlsgMQ8EB5iK7pLfTEbAsWozeNZj6-liPUX4pAk22IuNrpHA6lbduUm2UMaxO__Or7HkcV64Sg9u4LOMMJCb_U0yJ0YMYKe6rehhwTKA?key=rDnCyL_4LLffRgPkifCC9TY2) - A 15% trading fee, marketed as a sniper deterrent, generated over $1 million for the team within minutes and [$2 million in just 24 hours.](https://app.meteora.ag/pools/ExyGVXVRvUjJryo65vYUhLACcxhwYztKqa7jXqiT2tvr?ref=blog.bubblemaps.io) ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXf7_Fs1CD_TFX1q447CHP_K_yWUgTG9ewJA1qBtpD4fukio7BQkHPSEzwf0SyJDWgRkn5qqSIJwExZhM7D-t-s1SVrT3BuG-qG7-2GdD-V4VtJ-qA0p8xTQv38AMVD4oLf5Bo9ihA?key=rDnCyL_4LLffRgPkifCC9TY2) Following the crash, fans and investors took to social media, sharing their losses and demanding accountability. Many felt betrayed by Welch, whom they trusted based on her prior success and community engagement. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdvYngz8bDQqqBNUgiqq4cN_k1w9pSypl9lxXePwOx_Alp8qK-a0Qia23zpnUjT-OegeVvTm_OiTPlxQ4_7E9fosev7NWJO8DXGg9Ps8JNIZsK7f2tWYywtLzenW3qpB-CciQdSSQ?key=rDnCyL_4LLffRgPkifCC9TY2) As backlash mounted, Welch’s team hosted a Twitter Space to address concerns. The event, however, did more harm than good: - Key project figures called critics “mentally ill” and dismissed concerns as “baseless whining.” - When [Coffeezilla pressed about the $2 million in fees](https://youtu.be/zUHq8AWR1Rg?si=ZpoC%5FBmkK-k7n-Th&t=313&ref=blog.bubblemaps.io) and insider profits, the team deflected, citing vague “operational expenses” like Cayman Island corporations and legal fees. - Surprising enough, Welch exited the discussion mid-way abruptly. ## Lessons Learned and What Investors Should Watch For The $HAWK collapse is a textbook example of why celebrity-backed memecoins often fail. These projects typically lean on hype and fame rather than solid fundamentals and community, leaving investors vulnerable when things go south. Red flags like token control, aggressive unlock schedules, and unclear fee structures are common. Most celebrities abandon these projects once the hype dies down, leaving retail holding the bag. ### Key Red Flags to Watch Out For 1. Projects with token distribution concentrated in a few wallets give insiders too much power to manipulate the market. 2. Immediate liquidity, as seen in $HAWK’s Strategic Allocation, benefits insiders at the expense of long-term stability. 3. High fees marketed as “anti-sniping” often generate revenue for the team rather than benefiting the community. Scrutinize the purpose and beneficiaries of trading fees. 4. Fame doesn’t equal trustworthiness. Projects that rely heavily on celebrity promotion often lack substance or long-term commitment. 5. Tokenomics should align with the project’s vision. Lack of clarity or overly optimistic promises are signs of potential trouble. ### Here’s How to Get Started with Bubblemaps 1. Visit Bubblemaps.io: Log in with a Web3 wallet or explore without logging in for a quick overview. (Log in with an email address if you're using V2) 2. Search for a Token: Use the search bar to find any token by name, address, or symbol. 3. Select the Blockchain: Choose the correct blockchain network (e.g., Ethereum, Base, etc.) to get accurate token mapping. 4. Analyze Wallets: View the map of wallet clusters, and click on individual bubbles for wallet details and transaction histories. 5. Detect Patterns: Use filters to identify token clustering, concentration, and flow. 6. Bubblemaps highlights wallet connections and potential patterns, providing insights into token distribution and possible manipulation risks. By avoiding celebrity-backed projects and using tools like Bubblemaps, you can steer clear of common pitfalls and focus on crypto investments that prioritize transparency and sustainability. Remember, the data always tells the real story — dig deeper before you commit. --- *Written by: Uddalak Das* ### It's Finally Here - Join the Waitlist ✨ URL: https://blog.bubblemaps.io/beta-access-to-v2-is-here-2/ Last updated: 2025-01-07T13:54:17.000Z We're proud to announce that Bubblemaps V2 Beta is now available, and you're getting **free priority access**! 💎 ## Faster, Stronger, Better - Speed & Data: Experience faster load times and access to richer, more comprehensive datasets - Extra Functionality: Defi is ever-changing, and so are you. That's why we packed our V2 with new, crucial functionalities. - New Design: Enjoy a sleek, modern interface while focusing on being user friendly. ## How Can I Join? 1. You may sign up for early access by clicking this link: [bubblemaps.io/waitlist](https://bubblemaps.io/waitlist?ref=blog.bubblemaps.io). 2. When it's time, we'll let you know by email. 3. Now you're ready to start exploring the new Bubblemaps V2 [I Want To Join](https://bubblemaps.io/waitlist?ref=blog.bubblemaps.io) ### Your Feedback Matters Make sure to share your thoughts, you can do so by submitting them in the [Feedback Form](https://opv2f2kymb4.typeform.com/to/AZZ94qYa?ref=blog.bubblemaps.io). We can't wait to see what you'll discover with Bubblemaps V2! ### ### High Stakes, Hidden Risks: The Price of Hype Is Centralization In Memecoins URL: https://blog.bubblemaps.io/high-stakes-hidden-risks-the-price-of-hype-is-centralization-in-memecoins/ Last updated: 2025-02-06T20:49:53.000Z They're highly rewarding, grabbing attention through viral trends and social media hype. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdBYahq_eF60oEv44QF897oAXXWj-C3lzjuZiJ-KxfQ1hKH4zJ7EbstQ9tDsj1buBmcDTpHuhvhZgWvJ9NNKTr2_g8QrUHsO_CMm1rRZU-gfPo2LNwgYT55PGsIkO-9HwciLRHeucFUjT_-k1p7mdvEyEs?key=oC_NWTTAz3Ll7sdI3fcAnKN-) But beyond the excitement lie risks that many new investors don’t see. Major among them is centralization, where a handful of wallets control large amounts of tokens. This level of concentration can lead to price manipulation, sudden liquidity drops, or even project abandonment—often at the expense of smaller retail investors. Recognizing these risks, exchanges like [Bitget are raising token listing standards](https://bitget.com/blog/articles/bitget-tightens-token-listing-criteria?ref=blog.bubblemaps.io), requiring legal and technical reviews to filter out high-risk projects. Similarly, Binance’s Co-founder, Yi He, [emphasized in a recent tweet](https://x.com/heyibinance/status/1853103272715796668?s=46&t=7MQgY-zW5dHXcq43kGERsQ&ref=blog.bubblemaps.io) that no token is listed without passing an extensive screening process, highlighting the growing need for transparency in the market. In this article, we’ll examine how centralization can turn tokens into extremely high-risk investments, with real-world case studies showing what can go wrong — and what to avoid. In January 2024, the launch of Pump.fun made it easier than ever to create a memecoin. With a 30-second, zero-cost setup, anyone could launch a token — and in less than a year, Pump.fun has: 1. Flooded the market with [over 2.86 million tokens](https://dune.com/evelyn233/pump-data?ref=blog.bubblemaps.io), launching 27,661 new tokens in the past 24 hours alone. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXc0jijeuivo4ZBuHTrL19bX-bQfubRv2F3gua1vSpex5txVVHnpOO0GMc2OMsikrEqfaEM4HqM15wyT8QbH300f-2hJsn7jmPk8m-8sFO-DQraPOCq40fn7WMBDtiI3pw6T3ZDfeu4thrSBLwTSADBLO04?key=oC_NWTTAz3Ll7sdI3fcAnKN-) 1. [Raked in $167.7 million in fees](https://dune.com/evelyn233/pump-data?ref=blog.bubblemaps.io) and revenue from token creators. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdZNONR4uxUT3yPYz1-cDzc7teYsDthNRCshZZph5oKQILhbMjN6VGafb5jYDpohayc1xLCflyoXx34MaDeFnzzB8y6aQwt_AickAKyJpRw-jnVeWza65d6s7h9FfovDn7A6WNJS1FMp_IZhT-2U70PD4E?key=oC_NWTTAz3Ll7sdI3fcAnKN-) 1. Generated a trading volume of [$1.87 billion in the last 14 days](https://dune.com/jhackworth/pumpfun?ref=blog.bubblemaps.io), with $131.78 million today as of writing. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXf8rx4dIbWsH315pV8XIHTlBehEERsAHUfXJWsBqhKFS-05i76yGTiJXI2wwLrsW0NfyRSg8V_JV_fhErY9H0Gz__kUKaI5EfAnryXDRrAAUvhPWXW1CazJv1HQ7e3LGBBe3EeBFRPLCMBEXXy_WtgCd2Zo?key=oC_NWTTAz3Ll7sdI3fcAnKN-) And looking at the [growing user data](https://dune.com/evelyn233/pump-data?ref=blog.bubblemaps.io) and market interest, this trend doesn’t look like it’ll slow down any time soon. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcnB5bMh6xL7kPNrjFaphpnSbYwmW6w_JXecmLqUIismNDm-4F8xz5ibpf1dtmnBd6VkAcPyk0gSglX9jciBlS1OfpsyRUMQlGfclzcHwVH9e3I4RUOm_5VrVylpfN2I3xuL6iTaBxNNUWVHxY-Xzwst_rz?key=oC_NWTTAz3Ll7sdI3fcAnKN-) But here’s the catch — out of the 27,661 tokens launched today, [only 396 hit the graduation mark](https://dune.com/evelyn233/pump-data?ref=blog.bubblemaps.io). That’s a success rate of just 1.4%. *For those new to the term, “graduation” refers to tokens exceeding a market cap of $69,000 where $12,000 in liquidity are deposited into Raydium and destroyed.* With such a high volume of tokens and low success rate, many projects simply take the easy route and manipulate prices using insiders wallets. This leads to sudden price drops or complete abandonment, leaving retail investors holding the bag. ### Signs of Early Red Flags and Centralized Control - Some tokens have over 60% of their supply concentrated in just a few wallets, giving insiders full control over price and liquidity. - KOLs often hold large stakes in the tokens they promote, lending perceived legitimacy while influencing the price. - Excess inter-wallet transactions. While standard blockchain explorers can track this, it falls short in showing wallet connections or token concentration visually, limiting visibility. ## 7 Key Risks of Centralization in Memecoins When just a few wallets hold the majority of a memecoin’s supply, it creates hidden risks that often go unnoticed until it’s too late. Below are seven key risks that centralized control brings with some recent real examples. ### Pump and Dump Schemes Centralized ownership allows insiders to easily pump up a token’s price and dump it at a peak, leaving retail investors with huge losses. The [@IDOsolme](https://x.com/bubblemaps/status/1837212134385799228?ref=blog.bubblemaps.io) project is a striking example of this in action. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcmJtCCDts0xCS8H-lcCHJoMScF4yvH4VLxJcyn6kYJ95NFTEEZcc7X7ZzBML34Su5mmerufCes_zMaPbJyRHlD8QbVo2DxPgWizEszV1Eg3oW_q0hx31T77YQhrF2aDPBrvC0OkgWX_mchzH7nDhfWC1HK?key=oC_NWTTAz3Ll7sdI3fcAnKN-) Since August 2023, the IDOSol team has launched new tokens daily, repeating the same pattern each time: - Each token's supply is initially spread across roughly 150 addresses, with the team controlling around 60%. - Within 24 hours of each launch, insiders execute a coordinated dump, rapidly selling off their holdings and draining liquidity. - After each dump, the team deletes their Twitter account to avoid accountability. An analysis of the top traders on Dexscreener shows repeated high earnings from these operations, making it clear that these tokens were designed to profit insiders at the expense of retail investors from the very start. Similarly,[ $NEIRO](https://x.com/bubblemaps/status/1818384199520538646?ref=blog.bubblemaps.io) followed a similar but more sophisticated and structured pump-and-dump approach. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXe-Y_FRgNMGYLd-z9PQu_64Q1MDVaGLYOOVNq4KjP0gwTeb2BQRYCEp5nHTtXWJeJRZtdFMNvP_u-Cx1iYGBkjUE58ZfZIz3wJFmxzyqI7E_wqXqL-xpa5QAY--sjdFk7X06IQUaj2cd9BR7OnYop-9RIUZ?key=oC_NWTTAz3Ll7sdI3fcAnKN-) At launch, insiders coordinated a network of 80 wallets to snipe 77.7% of the supply and carefully spread the tokens over 400 addresses, each rarely selling more than $3,000 at a time. Despite this appearance, insiders eventually extracted $4.5 million in profits. ### Whale Manipulation When large holders, or “whales,” control a significant portion of a token's supply, they can manipulate prices through bulk trades, creating volatility that retail investors can’t predict or withstand. [$DJT](https://x.com/bubblemaps/status/1802837625381777812?ref=blog.bubblemaps.io) saw a single cluster holding 67% of the token’s supply — 46% of the supply is held by one person or group, with [AxJcErA5 sending $DJT to 140 wallets](https://t.co/DT37IQR2Hd?ref=blog.bubblemaps.io). ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdFhS-r_Wu0gkt9PFaB10WLuW8pI3J98SyFHEW74GXXJN_IlFV2aj7gTRFeYnXV420_rKFKwbS8EE75Andb9EMhZPIvWsg6XUQmFeqY4cnQwZ9du3pDpQh2-Ls2fDZ-kDy_sfcOk_akJxtscIFOjck2gxQ?key=oC_NWTTAz3Ll7sdI3fcAnKN-) This cluster distributed tokens across 140 wallets to create the illusion of strong trading activity and high demand. When the real demand emerged, prices dropped and retail investors were left holding the bags. Another example will be [$CATE](https://x.com/bubblemaps/status/1834247614625407132?ref=blog.bubblemaps.io), where the deployer’s wallet held 30% of the total supply and openly dumped $500,000 worth of tokens. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXccwYbMipViHay_uE4D-w21LIoIamZdg4WfGp3Lboq9dFeqvltQ60WpaRUiHxwfwXEOlDK4CYdc5M8gwx-U7eR-dYxvnFDUYjJ-yItBaybNxBTK4Spl-H0qUPLvImTmP0O28O1TbQurz-hniIHdoGS7tZS3?key=oC_NWTTAz3Ll7sdI3fcAnKN-) Although this was more of a rug pull than a whale movement. ### Rug Pulls and Developer Abandonment Rug pulls and sudden developer exits are two of the most damaging risks for retail investors, as insiders can quickly drain liquidity, leaving tokens worthless. The [$GINNAN](https://x.com/bubblemaps/status/1821576358436225067?ref=blog.bubblemaps.io) project is a prime example of this. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXebt4MIlViKb7-zdVNexufLvo0a--dy4dIg5jZXaCyNnR3LhgZmr3gNhLxg5nLL4unHNTkTmo5vPE9W_JNiYz6S2eiujnepFHBXngHQm5XSsrAqacpQP5vq7Rgooocq7nbSBAaRuXVOgvvMuVAllpWQvmA?key=oC_NWTTAz3Ll7sdI3fcAnKN-) Four primary wallets sniped 80% of the token’s supply at launch. To create an illusion, these wallets distributed holdings across 280+ addresses. Insiders gradually sold off $2.5 million in tokens while still holding 65% of the total supply. With control over $800,000 in liquidity, they could exit at any time, leaving the remaining investors with literally nothing. Interestingly, the same [KOLs who promoted $NEIRO were also pushing $GINNAN](https://x.com/bubblemaps/status/1821576697344348227?ref=blog.bubblemaps.io). *Pro Tip: If you see influencers giving you trading tips or shilling tokens, take the nearest exit.* ### Celebrity and Influencer-Driven Risks If there’s anything worse than influencers shilling tokens, it’s celebrities shilling tokens. Celebrity endorsements often give tokens a short-lived boost in visibility and value, but when these promoters hold large stakes, retail investors usually end up bearing the brunt. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXeY5L9DH88pjs1IPlSn5nQ-atfuRonKAPZk19WvpjqfMDGC3rLpV6mPGfhCR7_fIBxgcXRD9wjGh-eNlTOtab7NQ73pl5CvAgjwgD0iJLe15ZukWJ8DOIDY4dUWwqUc7D6NtlOpuX5bWiCgGKob3CU9iEDi?key=oC_NWTTAz3Ll7sdI3fcAnKN-) [$WAP](https://x.com/bubblemaps/status/1843578164297248849?ref=blog.bubblemaps.io), a token promoted by Cardi B, the American rapper and songwriter, stands as a textbook example of a no-utility, celebrity-hype token. Right from launch, 60% of the token supply was bundled in a cluster of wallets, which attempted to mask their bundling activities by transferring tokens to new addresses. These 15 addresses were used to snipe and form clusters visible on the bubble map, all funded by a single CEX address, 7FfB2z. Within hours, this cluster transferred $WAP tokens to nearly 100 addresses, simulating trading activity to create an illusion of demand. Eventually, insiders dumped $500,000 worth of tokens. ### Wash Trading and Artificial Volume Wash trading involves coordinated trades between controlled wallets to artificially inflate trading volume, misleading investors about a token’s popularity and demand. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXeDzrraJWykutWoJQiTZI1hKW0NfDbhRhZDjmsQG_Bjs9N8zc7UkrIlRO1l4SU-BHXFhtBk1vzC-xs2edgSRSAMLIg070IVZAhkCsFSD_nrc-165tNmn-XUFYtu7PlcJyPMM3O2syNseSpV3C0higuuscxR?key=oC_NWTTAz3Ll7sdI3fcAnKN-) [$MCDULL](https://x.com/bubblemaps/status/1850283645732524172?ref=blog.bubblemaps.io) project, promoted by former Brazilian footballer Ronaldinho, is a great example of what kind of tokens should be avoided. From the start, 100% of the token supply was sniped by insiders. Since they had all the supply, they could manipulate the numbers as much as they wanted using controlled wallets to create the illusion of high trading activity and strong market interest. ### Governance Manipulation In projects where tokens grant voting rights, centralized ownership allows a few wallets to control key decisions, often prioritizing insider interests over the community’s. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXehsn6Ng1_GNuC55rPPcEx9hDxpnfNFm4OkL0fJRWxdL0oSFPlnGfSceymw-xkWRpJC0pGZi4QTNT8YEe6kWPWQ5Q7I0VGe1uo7inhlft9nB6WEwy4dz-ZJVxBrbL0BT0IQNZkSztcCznyvuWXgNL-JK_o7?key=oC_NWTTAz3Ll7sdI3fcAnKN-) A close classic case is [$BALL](https://x.com/bubblemaps/status/1819322916598645104?ref=blog.bubblemaps.io), where the developer’s wallet was part of a cluster that controlled 67% of the tokens, effectively giving the developer total control over decision-making. Later, the developer dumped $330,000 in a single transaction — without even trying to hide it. ### Lack of Transparency A lack of transparency around token ownership and wallet activity increases the risk of sudden sell-offs and liquidity drains. Coffeezilla, a well-known investigative YouTuber, recently exposed Andrew Tate’s shift from [anti-crypto until a few years ago](https://x.com/i/status/1847736034122973325?ref=blog.bubblemaps.io) to openly promoting tokens like [$GER, $FUCK MADONNA and $TOPG](https://x.com/bubblemaps/status/1847736030650081345?ref=blog.bubblemaps.io) without disclosing holding details. 1. $GER: Tate started with $GER with a single cluster holding 30% of the supply, and after Tate’s endorsement, the price briefly surged before crashing 99% within two months as insiders exited. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcnCbex8GhWsyhGjwVgbDBlsfODXMJS9U5Dn4t-iBt4FGZHeGpUIsRyaDoMwxvRLHDB_7_9xb66vwTwBvwQuOJfxWeAAuOKfrANzTEzFKQlQrIy-M_OlgrbvyocpXy5uzvF3BZ2S-ScSulJQybOPsDahJk?key=oC_NWTTAz3Ll7sdI3fcAnKN-) ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXfs6euQA6Fc1UxAcM8cN3pG1aHVbB3914fTvaUjG5QpzaIuM7CxlGNVOXQEav5f_S0IQ40C5Zx-7ntHqA2iiHph14LFbhuVWVrZXLU5V6cV3OZV9CH0O6VVWroT4eO7RruZTnXvOXyr1a7OnDtA1sdcSZ_b?key=oC_NWTTAz3Ll7sdI3fcAnKN-) 1. $FKMADONNA: Tate shared this token along with his public wallet address, driving $2 million in volume within minutes, but the token fell to zero within 24 hours. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdt-_2uhyzoCGdz3Xn79lVARzFVdyKLjFGEppRl19Z32HNkvVTy0RQJlFNatHVBy7eilicg41iqCH2JbVMgr9dWQL6BmTPi2TmS0VKkLgfR0dH_tqrfPw0KsqE7zPUY2WgiLnlmyjj6YSPGIAtikRsI1Fw7?key=oC_NWTTAz3Ll7sdI3fcAnKN-) ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXd5Lwy90p0rDkV7u7VPUPWlKHzispw8t6nXQ1gxbEdiSQMeCFjyttUVNb-K_ZTsVfLAqwVRgrh_DUW59DUOZFtlzbYvxVZCZPE1rNf5skjRqmYavtmMdEQcceIfMx1_6WGAfrLeqltfBVOo-ot4fN3ZCij1?key=oC_NWTTAz3Ll7sdI3fcAnKN-) 1. $FTRISTAN: Prompted by Tate’s “Fuck Tristan” tweet, the token generated $15 million in volume before fading to zero shortly after. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdcSOQJ5SLPktsMw5NgzpJk-AtmsJnZ3fxdUy3E-qvCrvJu20qSrWnjdlfE_ra4_C0WlzOnEos_XyJysxayeNJvV04VfSpUZ-k_LBsJI0kUWTwFijqLNNNwZB2JpQ_qAA6cvuFy4HhjhEhc5EQQa5CNeLNG?key=oC_NWTTAz3Ll7sdI3fcAnKN-) ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXe5yjaLGJhhTKRRG0gmh11ZXQH0O12VI-RvQHOeR0TZJ6-QJjBleGYJiXFkCN62PRVhY0hhrpZnBthb2_38LfCiHvXTy1rYjEjXpW6PUi4StRmHs-grUHJm1Jc17nfDP-FnIGvQ-JtjqGbuztJ1OzAgfKiv?key=oC_NWTTAz3Ll7sdI3fcAnKN-) 1. $TOPG: Tate acquired 58% of the supply and tweeted about it multiple times, fueling massive attention. Trading volume reached $300 million before a sharp drop as the hype cooled. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXfgkV0q3ckDiwY6PhdE2W7fgihAt3LK5lW8dS72J2i0E13tVlj5QRWq_gD1SuxnC067ZOQWjfeLwaI9_f91Xtbl0RQEHib4t8gA5IcbJZfA06xEa6BbZwq49dlxgSrcweHpbc5mABU_XTN1Fn5QflTa0pmB?key=oC_NWTTAz3Ll7sdI3fcAnKN-) ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXesANequ4f2MW195BAj-Cfhz8nNGUUsNyXAI9wK_k1NIEj0F15J_4Gw9HaPbvVek372AK6OraC9fVk0YjB5grGGR-Dyb3ZVfShmjhfRpShuDiVf3GaHqcI2gYD7yH6rP6LJnqi83W8YHwSXOfOHPDXbKogi?key=oC_NWTTAz3Ll7sdI3fcAnKN-) Andrew Tate also promoted $ROOST, $RNT, and $DADDY. Following Tate’s endorsement, each token’s price spiked briefly before plummeting sharply. ## Centralization Beyond Memecoins — Stablecoins, Staking, and DEXs While centralization is much higher in memecoins, the risk has extended far beyond to core areas in the crypto like stablecoins, staking pools, and decentralized exchanges (DEXs). These areas form the backbone of DeFi, but high concentration in control can introduce vulnerabilities and undermine decentralization. ### Stablecoins Stablecoins, which play a foundational role in DeFi by providing liquidity and stability, are largely controlled by two issuers — USDT (Tether) and USDC (Circle). As per [CoinMarketCap on the day of writing](https://coinmarketcap.com/view/stablecoin/?ref=blog.bubblemaps.io), these two stablecoins hold approximately 89% of the stablecoin market cap, totaling around $155.2 billion in value. Tether alone accounts for about 78% of this, while Circle manages roughly 22%. Key risks include: - Liquidity Shock: If either issuer faces a liquidity crisis, regulatory action, or other disruption, nearly 90% of DeFi’s stablecoin liquidity could be at risk, potentially leading to widespread protocol failures. - Opaque Reserves: Concerns over Tether’s reserve transparency heighten the risk. Any negative revelations could destabilize DeFi protocols reliant on USDT, underscoring the vulnerability of depending on a centralized entity. ### Staking Pools Following Ethereum’s shift to Proof-of-Stake (PoS), staking pools have become critical to network security. However, these pools are increasingly centralized. As of the time of writing, Lido manages approximately [$24.528 billion in Total Value Locked (TVL), while Binance staked ETH accounts for about $3.944 billion in TVL.](https://defillama.com/protocols/Liquid%20Staking?ref=blog.bubblemaps.io) Key risks include: - Governance Influence: With such substantial shares, large pools like Lido and Binance have the potential to sway governance decisions, influencing Ethereum’s future direction and potentially undermining the influence of smaller stakeholders. - 51% Attack Potential: Concentrated staking power raises security concerns. Should a few large entities coordinate, they could theoretically control the network’s consensus, posing a risk of a 51% attack that could compromise Ethereum’s decentralized foundation. ### Decentralized Exchanges (DEXs) Ironically, some of the largest DEXs show centralization in their governance structures. Uniswap, which processes a substantial portion of decentralized trading volume, is divided across multiple versions on different networks. For instance, Uniswap v3 on Ethereum alone handles around $853.6 million in 24-hour trading volume, capturing approximately 12.25% of the DEX market share. Meanwhile, Uniswap v2 contributes an additional $223.6 million in daily trading volume, with a market share of 3.21%. A significant portion of Uniswap’s governance tokens (UNI) is held by early investors like Andreessen Horowitz (a16z), who control a notable share of the total UNI token supply, influencing governance decisions. Key risks include: - Governance Manipulation: Large token holders, like a16z, can potentially sway governance decisions, guiding the DEX to favor major investors over the broader community like it happened during [Wormhole vs. LayerZero](https://blog.bubblemaps.io/exposing-a16zs-hidden-control-in-uniswaps-governance/). - Market Capture: Centralized governance can impact token listings, trading fees, and liquidity protocols, which may restrict access for smaller projects and compromise the principles of a decentralized, community-led exchange. These examples highlight that centralization concerns extend beyond memecoins, affecting liquidity, security, and governance across DeFi. As the crypto ecosystem continues to grow, addressing centralization in these critical areas will be essential to preserving decentralization and stability within the DeFi landscape. ## How Bubblemaps Can Help Investors Identify and Avoid Centralization Risks Bubblemaps uses a visual approach to uncover patterns in token distribution and wallet activity across blockchains that traditional explorers miss. Each bubble on the map represents a wallet, with size indicating holdings and color-coded connections showing token clusters. This setup allows investors to easily spot centralization risks. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXc3Lo0Tjm6wuDOfFPqokY30eUw6oKD-8tfuWfYUpx_oecveSZxzSOKLGwWLn8pE8zfNTPekeyB58X0TA4JqPZrIE99-MsZt0l_h7UHlPy3D9Dle-JhMKkAd1Ve6YUnBqN1TOJfFlDsEf2jqjieKqxSdGfw?key=oC_NWTTAz3Ll7sdI3fcAnKN-) With Bubblemaps, investors can: - Visualize Token Distribution: Identify wallet clusters and assess whether a token’s ownership is centralized or distributed. - Detect Suspicious Activity: Spot coordinated wallet actions that signal wash trading, pump-and-dump schemes, and other high-risk activities. - Track Wallet Movements Over Time: Use Time Travel to view historical changes in token holdings and spot potential sell-offs before they affect prices. Supporting nine major blockchains, including Ethereum, Solana, Base, BNB Chain, and Polygon, Bubblemaps integrates with popular tools and platforms like Etherscan, OpenSea, DEX Screener, GeckoTerminal, and Pump.fun. This helps users with on-chain data and deeper insights, helping them to do extensive research, get the bigger picture with ease, and make more informed investment decisions. ### A Positive Example and Model for Decentralization — $SPX6900 Not all tokens suffer from centralization issues. $SPX6900 stands out as an example of decentralized token distribution, aiming for stability and transparency from the outset. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcYp4V1D_tq_o5l-c8x28keaLkjeUwFKi-Lnz-BFvooDdxQQGbs-izKqvGgYPDlwQG3iGX7P8lAd_rcYY-hEND6COGyB3t6105Na2ByqUJCGRo9ot-vfOUYwyjn7r9QzhCmYDxcnMIgV7_PPF30AgmZB54?key=oC_NWTTAz3Ll7sdI3fcAnKN-) - High Liquidity Commitment: At launch, 94% of $SPX6900’s supply was added directly to liquidity, with the remaining 6% burned, creating an open market environment that minimizes insider influence. - Balanced Growth: By September 2023, no single cluster held more than 13.6% of $SPX6900, with most holdings coming from community contributions for platform fees. This decentralization reduces the risk of concentrated sell-offs and market manipulation. - Responsible Influencer Engagement: Influencer @MustStopMurad holds about 3% of $SPX6900 across three wallets, providing promotional support without compromising the token’s decentralization. Projects like $SPX6900 offer hope that not every project is out to rug investors. Some are genuinely built around community and decentralization. ## Turning Transparency into a Competitive Advantage for Investors ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXdejK2xYOKOac4Ojh9-ygvmZ7tpFBPWBwnB4R3hF19VHjBTRq0qd1yM1PN9_AEbg19fkyyu30CYjJh74c5TdiIoO4TorGQ9dmkOzX2fjdqT3HK-cGYOJEMubCBGBsyWwsaGx7ZJGr8cZMIeegRVfoTY8q4?key=oC_NWTTAz3Ll7sdI3fcAnKN-) Centralization is a major, often hidden risk in memecoins and DeFi, where large wallet holders, influencer-driven promotions, and opaque tokenomics can lead to sudden losses. But transparency offers a way forward. With tools like Bubblemaps, investors gain a clear view of token ownership and wallet patterns, turning transparency into a powerful advantage in a competitive market. [Research from Binance](https://www.binance.com/en/research/analysis/industry-observation-valuation-centralization-transparency-and-rebranding?ref=blog.bubblemaps.io) highlights that when projects provide detailed disclosures of wallet activity and fund usage, they build trust and accountability — two essential elements for long-term success. Unlike traditional blockchain explorers, Bubblemaps simplifies complex data into easy-to-read visuals, helping investors quickly assess a token's true distribution and make informed, confident decisions. ### Here’s How to Get Started with Bubblemaps 1. Visit Bubblemaps.io: Log in with a Web3 wallet or explore without logging in for a quick overview. (Log in with an email address if you're using V2) 2. Search for a Token: Use the search bar to find any token by name, address, or symbol. 3. Select the Blockchain: Choose the correct blockchain network (e.g., Ethereum, Base, etc.) to get accurate token mapping. 4. Analyze Wallets: View the map of wallet clusters, and click on individual bubbles for wallet details and transaction histories. 5. Detect Patterns: Use filters to identify token clustering, concentration, and flow. 6. Bubblemaps highlights wallet connections and potential patterns, providing insights into token distribution and possible manipulation risks. --- *Written by: Uddalak Das* ### Exposing a16z’s Hidden Control in Uniswap’s Governance URL: https://blog.bubblemaps.io/exposing-a16zs-hidden-control-in-uniswaps-governance/ Last updated: 2025-10-20T12:19:44.000Z Uniswap operates as a Decentralized Autonomous Organization (DAO). The concept is simple — $UNI token holders exercise their governance rights and make collective decisions about the protocol's future. They can submit proposals, discuss and vote on them, and essentially decide where Uniswap is headed. However, since the governance ecosystem is driven by the $UNI token — the more you hold, the more power you have, allowing investors holding massive bags to control everything. DAO sounds like utopia until it's not. Sure, it's democratic in theory, but far from it in practice. Despite this decentralization, the Uniswap community has seen significant influence from large institutional investors like a16z. ### Governance Requirements Let’s start from the basics. For those who are unfamiliar’, there are several safeguards to protect the community from spam proposals and forced governance takeover. 1. A proposal must meet a minimum threshold of 0.25% of the total $UNI supply, translating to 2.5 million $UNI tokens. 2. For a proposal to pass, it must gather a quorum of 4% of the $UNI supply — roughly 40 million $UNI tokens, ensuring that decisions are made by a large portion of the community. 3. It also involves a ‘temperature check’ to see if the community likes the idea before it enters the formal voting stage. The intent of this governance system is to maintain decentralization, encourage active participation, and give token holders a meaningful voice. ### Concerns Over Centralization ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcpW3c1TTETVIusJKvRBIr1UUk7mr1dtSiKkzQ9y163RTfrnbMl8fL1I8urkVbhKwwzZm68Oz5VrUSmRO_JHB7meBLJHJCJe7dG7c6zRC7rKPGrDCpPimVnjRvG5w_nFV_JKQWqV0CkfmuQQjGnHbAoS2oh?key=dE-vxa3LDQMosfwW33AAvQ) Uniswap might have sold the dream of decentralization, but as with many DAOs, the reality looks different. This brings us to what many critics, including Cobie in July 2021, call “governance theater” a.k.a the extreme case of centralized decentralization where governance power becomes concentrated and dominated by a small number of whales — early investors, VC, and large token holders. They hold the power, while smaller token holders are left with little more than the illusion of democracy. ### Governance Conflict Over BNB Chain Deployment Fast forward to December 2021, Cobie’s words weren't just theoretical anymore. The governance conflict over [Uniswap V3's deployment on the BNB Chain](https://snapshot.org/?ref=blog.bubblemaps.io#/uniswapgovernance.eth/proposal/0xa3c7247632d3a08e4e73a63867908d0cd4402f48fa673945f93e3197dee5450a) became a headline for the power struggle within Uniswap's DAO. On December 11, 2021, a proposal was submitted by 0xPlasma.eth to deploy Uniswap V3 on BNB Chain, which was seen as a critical move to expand Uniswap’s user base and enhance its strategic position within the broader DeFi ecosystem — and it seemed like a no-brainer. - Potentially capture around $1.18 billion in Total Value Locked (TVL), based on half of PancakeSwap’s $2.36 billion TVL. - Bring 1-2 million new users and $UNI holders to the platform ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXcnUM6rSqj7bc99-gy5Au-bJ3yHFpYt30Q8wPP2WeRmb_ZO5qZz6PnR0tfWqaAgj4spoGDBgr06EZkuC_LukkwIGzYkGe0govv0R8DlVyPFrhfkInWLfY4H_RGFxOvzwk9quvYRnC2PrepWQEy2oTuHi8A?key=dE-vxa3LDQMosfwW33AAvQ) And at first, the Uniswap community seemed to agree. During the initial temperature check, there was overwhelming support for deploying Uniswap V3 on BNB Chain. Celer’s cBridge was floated as the bridge of choice. However, the focus shifted in the [next stage](https://snapshot.org/?ref=blog.bubblemaps.io#/uniswapgovernance.eth/proposal/0x6b8df360fdf73085b21fdf5eef9f85916fbde95621a3d454cb20fbe545ffc852) when Eddy Lazzarin, an investing partner at a16z, took to the Uniswap Forum and conveyed that a16z’s stance, pushing for LayerZero as the top choice. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXd-n-iuMs3Aa8RNdeLmRM3atzMgZKRPdhpVJeELNRktaChb0vkjlO3_T8fWc7wiGHUhG3CgZRoPnldEdu4X2_6R-_B9zVTBX6rTqjMzPpwqujACtwzCy8uZQXzph-nRQPuVo_ChOg1ca9L3zxV1bqdMX0E-?key=dE-vxa3LDQMosfwW33AAvQ) Celer’s cBridge was dropped and two names quickly rose to the top: - Wormhole: The community-backed cross-chain bridge, favored for its technical advantages and strong track record in facilitating cross-chain asset transfers. - LayerZero: A bridge backed by a16z, raising concerns about conflicts of interest since a16z had led a $135M investment round in LayerZero in 2022. Suddenly, what seemed like a straightforward governance decision turned into a battle of interests. ### Voting Outcome: Community vs. VCs ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXepwfFfli_abKECANY6wR5NaOpEaFXvB8v7FIG1GbpTpjsK2nA02nudFy6842EBK9OMe3KBDwmR15tEbvom2NIdbUpIj2bqqs2sQyvbSGIba5yqghFyq2axIo-ef8VlUtzLcKU47_LSnJgHaARDe62S8KAC?key=dE-vxa3LDQMosfwW33AAvQ) When the votes were tallied, Wormhole emerged victorious with 28 million $UNI votes in its favor and LayerZero with 17 million votes — [15 million from a single party, a16z](https://www.tally.xyz/gov/uniswap/proposal/31?ref=blog.bubblemaps.io). This was a huge win for the community, but it raised more questions than it answered. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXeityV8M_5QV4aFZrlZjzqhLQmFpG44GQabsvkSHY5vhBR2z61o8dxQFK6kzIQP2ABXlvN99vr9jVv0O8VkOQPha8Ot7SDdYBuaQVBeIEqYbfrcRSzw3yizE3cWJpzBq2wfxo7uNtf5CIVgjBkzZrLJt9mB?key=dE-vxa3LDQMosfwW33AAvQ) Here’s another catch: a16z used 15M $UNI to vote in favor of LayerZero, but in reality they had 3.5x more tokens — more than enough tokens to sway any community decision. How do we know? ### Bubblemaps’ Key Findings and Extent of a16z’s Control Bubblemaps is a blockchain researcher tool that visualizes wallet connections and on-chain patterns, providing a clear view of how different wallets interact within projects. Using this, we were able to track the movement of $UNI tokens and identify how a16z’s influence was exerted across multiple wallets. ![](https://lh7-rt.googleusercontent.com/docsz/AD_4nXexNCDxT0e4qRpxOGA5k0JQsd4fksMuNuu7ONA7E_pgHjfgSG17HqK9UB16Bo83BJOXLThAyafKSCkBTMXMM5DoQ2VKg7xIJncrFaBLKMKzkPgHb6dzJLpjTxFUMnwZGd5tt8JNODxh2Cl9Y16oAweFQ-D-?key=dE-vxa3LDQMosfwW33AAvQ) - Detected a cluster of 10 wallets receiving 2.5 million $UNI each from a central wallet, 0xb04. - 2.5 million $UNI sent to each wallet was exactly the amount required to submit governance proposals. - For example, 0x3c0 received 2.5 million $UNI, 1.5 million from a16z and 1 million from two wallets. - This cluster of wallets collectively controlled 4.15% of the total $UNI supply, enough to achieve a quorum for votes independently. By strategically using these wallets, a16z could introduce and potentially pass proposals without needing the backing of the larger community, giving them outsized control in the governance process. In addition to our findings, if we look at the [statements from Eddy Lazzarin](https://www.coindesk.com/tech/2023/02/08/contentious-uniswap-vote-highlights-the-opaqueness-of-decentralized-governance/?ref=blog.bubblemaps.io#:~:text=The%20venture%20firm%E2%80%99s,votes%2C%20for%20itself.), head of engineering at a16z, the firm actually controls approximately 55 million $UNI tokens, representing 5.5% of the total supply — higher than initial deductions. While he didn’t deny the influence a16z wielded, he attempted to downplay it, pointing to their “delegation” strategy as proof that they weren’t actively trying to dominate governance. According to Lazzarin, a16z had delegated around 40 million $UNI to third parties, including universities and research labs. The goal, he claimed, was to diffuse their influence and spread governance participation more widely. But there was a catch — a16z could reclaim those votes at any time. So, while it might look like they were giving away control, the reality was that a16z could pull those tokens back whenever it suited them. In other words, they still had the potential to consolidate even more power over governance decisions in the future. ### The Road Ahead for Governance But if Uniswap’s case is any indication, we still have a long way to go. The case of a16z’s influence over Uniswap’s governance exposed one of the biggest challenges facing DAOs today — wallet concentration. While decentralization is the goal, large token holders, especially VCs, can still exert outsized control, undermining the very principles that DAOs are supposed to uphold. Despite Uniswap’s governance model appearing decentralized, Bubblemaps revealed that much of the decision-making power remained concentrated among a16z-backed wallets, making the community's role more symbolic than substantive. If there’s one takeaway from the a16z-Uniswap saga, it’s this — transparency in projects and tokenomics are more critical than ever. And that’s where tools like Bubblemaps come in. Bubblemaps provides a visual breakdown of wallet connections, letting anyone analyze how token holders interact with a given protocol. Here’s how you can use Bubblemaps to dig into insights for any token: 1. Visit [Bubblemaps.io](http://bubblemaps.io/?ref=blog.bubblemaps.io): Log in with a Web3 wallet, or explore without logging in. 2. Search for a Token: Use the search bar to find the token by name, address, or symbol. 3. Select Blockchain: Choose the blockchain (e.g., Ethereum, BNB Chain) for the token. 4. Analyze Wallets: View the map of the largest 150 wallets. Click bubbles to see wallet details and transaction histories. 5. Detect Patterns: Look for clusters of connected wallets and use filters to focus on relevant data. Bubblemaps allows users to trace the flow of tokens between wallets, identifying patterns that suggest coordinated activity. --- *Written by: Uddalak Das* ### The battle of $NEIRO URL: https://blog.bubblemaps.io/the-battle-of-neiro/ Last updated: 2024-08-27T20:59:52.000Z After the family of Kabosu (aka DOGE) adopted a new dog named Neiro, influencers and insiders quickly saw a chance to profit. The resulting activity kicked off a battle on the Ethereum and Solana blockchains. While the situation on Solana is still unfolding, the outcome on Ethereum seems decided for now. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2024/08/case2--4-.png) Numerous Neiro-themed tokens launched around the same time, we have covered two of them, one on Ethereum, one on Solana. ## Ethereum At the time of writing, the highest market cap for $Neiro was on the Ethereum blockchain. However, there's more to this than meets the eye. The launch was heavily manipulated, resulting in a tightly controlled supply. > [$NEIRO](https://twitter.com/search?q=%24NEIRO&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=blog.bubblemaps.io) on ETH ([@neiro\_ethereum](https://twitter.com/neiro%5Fethereum?ref%5Fsrc=twsrc%5Etfw&ref=blog.bubblemaps.io)) is heavily controlled ⚠️ > > 78% of the supply was sniped at launch and spread out among many wallets. > > Insiders already made $4.5M and still own 66% 🧵 ↓ [pic.twitter.com/dEwiuE3Gu2](https://t.co/dEwiuE3Gu2?ref=blog.bubblemaps.io) > > — Bubblemaps (@bubblemaps) [July 30, 2024](https://twitter.com/bubblemaps/status/1818384199520538646?ref%5Fsrc=twsrc%5Etfw&ref=blog.bubblemaps.io) Specifically, over 78% of the supply was controlled by the team and insiders. Within the first 48 hours, they sold over $4 million worth of tokens, retaining more than 65% of the supply. [Further analysis here](https://x.com/bubblemaps/status/1818384269418414197?ref=blog.bubblemaps.io). The team employed a careful strategy for selling the tokens. Instead of direct sales, they spread the tokens across 400 different wallets, selling them in small increments, around $3,000 at a time. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2024/08/image-5.png) Given the strategic efforts to conceal the concentration of supply, we conducted a deeper investigation. We analyzed over 10,000 transactions related to $Neiro. You can find the full breakdown in the following tweet: [In-depth analysis](https://x.com/bubblemaps/status/1818687929599824294?ref=blog.bubblemaps.io) We continue to monitor the $Neiro token as the team and insiders gradually sell off their holdings. Since the launch a week ago, they have sold over $6.5 million worth of tokens. [Ongoing update](https://x.com/bubblemaps/status/1820443662020378990?ref=blog.bubblemaps.io) ## Solana The first $Neiro token to reach a $100 million market cap was launched on the Solana blockchain. Initially, it appeared to be a pump-and-dump scheme, where the developer acquired a significant portion of the supply through multiple wallets. Within just 12 hours of the launch, the developer had profited $3.3 million and still retained over $4 million worth of tokens. > The dev of [$NEIRO](https://twitter.com/search?q=%24NEIRO&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=blog.bubblemaps.io) still holds 6% of the supply 🚨 > > He bought from multiple addresses, not only 7qCVapP, and currently owns 10 huge bags of [$NEIRO](https://twitter.com/search?q=%24NEIRO&src=ctag&ref%5Fsrc=twsrc%5Etfw&ref=blog.bubblemaps.io) > > • realised P&L: $3.3m > • unrealised P&L: $4m > > Ansem just made him retire 👀 [pic.twitter.com/qFtmBfIBMx](https://t.co/qFtmBfIBMx?ref=blog.bubblemaps.io) > > — Bubblemaps (@bubblemaps) [July 28, 2024](https://twitter.com/bubblemaps/status/1817509008812494863?ref%5Fsrc=twsrc%5Etfw&ref=blog.bubblemaps.io) The developer later claimed on X that some of the wallets we investigated belonged to his friends and that he only held 1.6% of the supply. However, this statement raises serious doubts. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2024/08/Untitled--9--2.png) Additionally, one of the team members (referred to as the developer's friend) in their Telegram group claimed that all the wallets we identified publicly would eventually burn the tokens they held. Unsurprisingly, this has not yet occurred. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2024/08/image-4.png) After compiling all the wallet addresses connected to the deployer, we discovered that the developer and his "friends" had sold more than initially estimated. Their net profits actually exceeded $5.7 million. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2024/08/Untitled--10-.png) The insights gathered so far reveal a complex web of transactions, highlighting the importance of transparency in the crypto space. Stay safe ### Find Deeper Connections between Wallets URL: https://blog.bubblemaps.io/find-deeper-connections-between-wallets/ Last updated: 2026-07-01T12:31:16.000Z *Video at the end of this article. \** Bubblemaps introduces a ground-breaking way of exploring tokens on Ethereum, Solana, Avalanche, Arbitrum, Base, BSC, HyperEVM and more. A simple glance at the bubbles will reveal connections between holders. ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2024/07/1-Xs6Rh9TdpLekX5E9u2msEw.png) Blockchain technology has established a new era of end-to-end **transparency.** Block Explorers can be used to search any transaction that happened on a public network. For instance, each token has its own page on explorers (Etherscan, Solscan, Basescan, etc.) where you can check holdings and all the transactions. Although raw data is easily accessible on explorers, building relevant insights about a token is not an easy task. By analyzing and rearranging data from explorers, intricacies of a token can be revealed, that would otherwise go unseen. ### Bubblemaps: Rules of the Game ![](https://cdn-images-1.medium.com/v2/resize:fit:800/1*YQ0YdsB7C6w8008BO2a3Jw.gif) Bubblemaps leverages blockchain explorers’ raw data to create powerful visualizations. Each token has a unique bubble map that could reveal singular information and patterns about holders. **Here are the 4 rules**: - Each bubble represents a single wallet - Only the top 250 wallets are loaded - A bubble’s size is proportionate to its share of token holdings - Two bubbles are connected if there was **at least one historical transaction** between the corresponding wallets in the gas token of that chain (ie. ETH on Ethereum, SOL on Solana, ETH on Base, BNB on BSC…). #### 1\. Unveiling Connections Example: *Bonk* (Solana) ![](https://cdn-images-1.medium.com/max/800/1*NbKLbsqC1C4PbokgSqTohg.png) Select a bubble to have its information on the top left panel: - Selectedbubble is ranked #12 - Selectedbubble is holding 0.67% of the total supply - Selected cluster is holding 1% of the supply - Click on “show transfers” to display all bubbles connected to the selected bubble #### 2\. Visualizing Interactions Example: BitGet Token (ETH) ![](https://cdn-images-1.medium.com/v2/resize:fit:800/1*wEqB7yz8sFMu5OQzc6Avkw.png) BitGet Token is a well known token on Ethereum. The Etherscan holder page of BitGet Token provides **static information** about the holders. The [bubble map](https://app.bubblemaps.io/eth/token/0x19de6b897ed14a376dda0fe53a5420d2ac828a28?ref=blog.bubblemaps.io) of BitGet Token complements Etherscan by adding information about how those holders are connected. Wallets #7 and #9 are forming a cluster, meaning that there were transactions between the wallets. - There was 1 transaction between wallets #9 and #7 - Wallet #9 sent 0.1 ETH to wallet #7, leading to their connection. - There was no transaction from #7 to #9 *A connection between two bubbles can be dotted, indicating the direction of the connecting transfer: the dotted line between these two wallets, indicate that #9 transferred ETH to #7.* *Connected bubbles can also have a solid link between them, that means transactions went both ways, ie. 2 or more wallets both sent, and recieved from one another.* #### 3\. Deciphering Clusters Example: Hellborn NFTs (Avalanche) ![](https://cdn-images-1.medium.com/v2/resize:fit:800/1*7ocIT2CxcDbMj7Dmpc75Yw.png) #### A cluster of connected bubbles (wallets) can have multiple meanings: - Genuine transactions happened at some point in time between top wallets - Marketing wallet has paid other wallets in the top 250 - There has been a presale - Wallets belong to the same investor Other interpretations might apply, make sure to do your own research before investing. #### 4\. Identifying Patterns Example: Turbo (ETH) Presale ![](https://cdn-images-1.medium.com/v2/resize:fit:800/1*ZrckDuF9ZhSlpo70j4G2KA.gif) The above bubble map shows that the central bubble (wallet #3) is connected to over 30 wallets. This cluster represents 40–50% of the supply. Viewing the ETH transfers we can see that all surrounding wallets have been sending ETH to the central wallet #3. Click on “show transfers” to see every wallet connected to wallet #3. Swapping mode to ‘Native token’, in this case $TURBO, this cluster remains, but now shows #3 is sending outwards to all wallets. → ETH sent to center wallets = presale contribution → Tokens sent back to the same wallets = contribution in token → A typical cluster of a presale #### 5\. Detecting Malicious Activity Example: *BHLTC (SOL)* Malicious manipulation ![](https://cdn-images-1.medium.com/v2/resize:fit:800/1*CLvBReVkrX8izgnWoqoUAg.gif) Select the bubble at the center of the cluster (wallet #111) and click on “show transfers”: - Wallet #111 is connected to 110 bubbles of significant holding (size). - The cluster represent 91% of the supply. - Wallet #111 has been sending 0.1 SOL to every connected bubble. - The same wallet has also sent out 800M–900M tokens to all surrounding wallets. → Such large amounts in the same cluster have to be investigated. → Make sure to check both native token transfer, and gas token transfers (SOL). #### Common red flags Malicious teams may try to hide their intentions. Look for these red flags in clusters: - How much of the supply does the team own? - Are the wallets locked? - Are wallets in the same cluster selling a lot? Bigger clusters are riskier since one person can impact the price heavily. **Watch this 2 min video to learn more about Bubblemaps V2:** ### Solana Trader Turns $700 into $450k — A Bit Too Easily URL: https://blog.bubblemaps.io/solana-trader-turns-700-into-450k-a-bit-too-easily/ Last updated: 2024-07-25T15:12:59.000Z He potentially did not want us to see what we’re now reporting, much less share it with thousands of readers. Too late! From a meager $700, the trader of this story sold for a total of $450k, which we first covered in this [thread on May 20](https://x.com/bubblemaps/status/1792593709122359512?ref=blog.bubblemaps.io). The token $ZACK was launched on Solana on May 15 and quickly gained traction through $15M trading volume within 24 hours. ![](https://lh7-us.googleusercontent.com/bN0B_6uLpc7ln6vLUIWaWBvNbdnudP2WW1vxkVy1bGKsBg6xkS3wMSUcH19wCjRDB-uVM2G9Ja0l1dOa0qj0ueIGt7yKAK9GGTu3dzk59-lQUT2_pse4joWD571JnkoGTI3D2z9TaI6OMOpCmJXb9LQ) Many on crypto-Twitter quickly suspected that Edward Constantinescu, a.k.a. Zach Morris on Twitter, was behind the launch, which Constantinescu himself denied via a tweet: “This is not my coin and I better get my cut!”. In 2022, Edward Constantinescu was charged for $114M securities fraud, alongside seven other finance gurus from the Atlas Discord community. ![](https://bubblemaps.notion.site/image/https%3A%2F%2Fprod-files-secure.s3.us-west-2.amazonaws.com%2F98ebab97-6ba9-4732-9b5d-a3693411ce7d%2F2beb99ff-7751-4c0d-a836-accbf4dc2421%2FUntitled.png?table=block&id=fb6fc8bb-d8e5-4171-ac81-bba941774206&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&width=2000&userId=&cache=v2) Constantinescu promoted $ZACK on launch and on numerous occasions the following days through Twitter. Soon after the team at Bubblemaps began the investigation into $ZACK and its holders, things started to look suspicious. The top trader of $ZACK, using the wallet FLKqdq, managed to turn 4.3 SOL into over 2400 SOL within just five days. This wallet received tokens from five separate wallets that bought the token early through pump.fun, a platform known for boosting early investments in new tokens, often with short life spans. ![](https://lh7-us.googleusercontent.com/t3f0IarYkGxp9pKrTnxJ0rclRw2ALqFVLiooD_6SCAsUjno2swuUCZkx7APe8U1NjJMb-7vWK8nWmgPzPigKj-TXfGFv-ake-N-rB2oaCm5JjkCuJpxyV259np1PlQkAevy4d83HkAl4Uvoj1e_hRAA) As shown on the above image, we found that wallet FLKqdq received 20M $ZACK from wallet 39YQJq, which is part of the largest cluster of the Zack Morris bubble map, holding 35.7% of the total supply (yellow-green bubbles in the below image). ![](https://lh7-us.googleusercontent.com/0_CrBQNDK6yX235SXIYhXcQKVNlurWO8mom8q01OxCz0TRxmzsY3DehJi2EYz6E2tcI1_9tY0R85xjc2B9xc9uxK0VYEDwjKG1PHlhLiE8kH9IgIM5TYwfUyZlnVAhzIws4OUawaUBgY6X4jlqdRt1A) The current top holder, 4QyhW, holding 4% of $ZACK, is also connected to the cluster through the wallet GEsHqbR, meaning that this cluster in total may control **40% of all the supply**. Though there’s no concrete proof of this belonging to the team, insiders, or similar, such large clusters and connections like these are very alarming in our experience. There’s a high risk that the owners of these connected wallets know each other. If they all were to start selling their tokens at the same time, the remaining holders would face horrific losses. ### Jason Derulo and the $JASON Token: Separating Fact from Fiction URL: https://blog.bubblemaps.io/jason-derulo-and-the-jason-token-separating-fact-from-fiction/ Last updated: 2024-07-25T10:22:20.000Z On June 23, Jason Derulo made the decision to produce his own Solana meme coin through pump.fun. Did the known pop-singer make a wise career path or will he end up Ridin' Solo? He coupled up with Sahil, a notorious fraudster within the Solana meme coin community. Jason claims that he was misled by Sahil into urging his 3.5 million Twitter followers to buy $JASON. ![](https://lh7-us.googleusercontent.com/docsz/AD_4nXfaZo4DDRb0naNjyyLu27TFSbPwExyXw_-6-aSAtilnHKgnT1WCeUejMTPn3wVsFFYW5qg-l3ZlXbJ7OaJqEeUoiLht99-VoneS8zMEnNNMIylFeMQcejf9swZdbYae3e07iXyHvtj0_gXukI2aqc_DU97n?key=RDrb4LK-atcSb30x1qxwjw) The well-known on-chain detective, ZachXBT, swiftly informed Jason's followers about his past involvement in promoting "scams" like "WorldfootballToken," "RichDwarvesTribe," "Inuland," and others. ![](https://lh7-us.googleusercontent.com/docsz/AD_4nXfJNYKV1v4nu0ZmSa7x2Z3k8q0LLj1nYpSSIzqbrA4BkXNOCNvcZfYrsk_BApt330vxILDDWMpfLZKRsHVTZ1X2Mx8Ij0NR2bbQZPmXbP-aqMAMRinDbiChOFpVSzLVOY9zoRlKynuHrL48a-IzChbusac?key=RDrb4LK-atcSb30x1qxwjw) The team at Bubblemaps quickly started investigating the activity surrounding the new celebrity token. Here is what we found out. We discovered that even before Jason's initial tweet about the token, there were significant clusters on its bubble map. The largest holder controls 11% of the total supply, while the red cluster in the image below holds 18% and the yellow cluster 22%. ![](https://bubblemaps.notion.site/image/https%3A%2F%2Fprod-files-secure.s3.us-west-2.amazonaws.com%2F98ebab97-6ba9-4732-9b5d-a3693411ce7d%2F2d613648-9f6a-4b4d-91f1-7b7321b717a3%2FUntitled.png?table=block&id=751df558-241c-4c45-8390-507079de87f5&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&width=2000&userId=&cache=v2) These clusters together own 51% of the total supply. Luckily, they're not acquainted, right? They are actually linked to Sahil, who ended up selling almost everything right after Jason Derulo tweeted. The estimated profits from the sales are $180,000. ![](https://bubblemaps.notion.site/image/https%3A%2F%2Fprod-files-secure.s3.us-west-2.amazonaws.com%2F98ebab97-6ba9-4732-9b5d-a3693411ce7d%2F48aafad6-87b7-4d8f-841b-049e0a465bb5%2FUntitled.png?table=block&id=31791356-6dc1-47fb-b4a3-b6ea4aecd1f7&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&width=2000&userId=&cache=v2) During a space on X/Twitter, Derulo mentioned that he was able to deceive Sahil into selling as a way to take control of $JASON. He had promised not to sell the token via his tweet "*Top wallet in $JASON is mine, I will never sell. This one is for the people.*" However, it seems like he didn't keep his word as he ended up selling. Derulo sold tokens worth $20,000, claiming that it was for marketing. It's hard to believe this, especially since he bought back the $20k after the wallet was shared on X/Twitter. Why would he promise not to sell, only to sell from a different undisclosed wallet? ![](https://bubblemaps.notion.site/image/https%3A%2F%2Fprod-files-secure.s3.us-west-2.amazonaws.com%2F98ebab97-6ba9-4732-9b5d-a3693411ce7d%2Fb0287d95-aa84-4bcd-bf0b-a8de247973e6%2FUntitled.png?table=block&id=5690dc29-8d6c-456d-818c-cea0027ed4ca&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&width=2000&userId=&cache=v2) Derulo's behavior doesn't really make sense if he was just tricked into starting a token. Besides his previous crypto promotions and not realizing he was sharing a contract on his X account, Jason got the community excited through interactions with crypto influencer Ansem, hinting at burning tokens, and starting buy competitions. All of this suggests that this wasn't Jason's first time launching a token. So Whatcha Say? Read our initial thread [here](https://x.com/bubblemaps/status/1805374580501946852?ref=blog.bubblemaps.io). ### Are Celebs Sacrificing Ethics for Fast Cash? URL: https://blog.bubblemaps.io/are-celebs-sacrificing-ethics-for-fast-cash/ Last updated: 2024-07-25T10:11:33.000Z The last couple of weeks have been tumultuous for crypto Twitter. Celebrities were seemingly flocking towards crypto to release their own token on the recently popular pump.fun It all began with 74-year-old Caitlyn Jenner and her $JENNER token. Jenner seems to have inspired numerous celebrities to follow suit. Soon after, you could join in tokens by Iggy Azalea, RichTheKid (Dimitri Leslie Roger), Antonie Brown, Trippie Redd, Davido, SPEAK, Soulja Boy and Ivana Knöll. Many of these personalities mentioned above have been involved in past crypto projects, which were often fraudulent or abandoned. ## Iggy Azalea Due to all the buzz, the team at Bubblemaps examined Iggy Azalea’s token $MOTHER on May 29, one day after its inception. We soon found that 20% of the supply was bought well before the launch was announced to the awaiting investors. Our initial investigation was posted [here](https://x.com/bubblemaps/status/1795812940295061942?ref=blog.bubblemaps.io). [![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/b51241e4-dc5b-400f-8e2f-c4b7a06c30d1/Untitled.png?id=ac1cbc04-b323-4903-90e2-ec4cf4e03ede&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=ZgivnzEy7Gpmp1Snsc17WBNYCc7zy54LokS-CweV8Wc&downloadName=Untitled.png)](https://x.com/bubblemaps/status/1795812940295061942?ref=blog.bubblemaps.io) Shown below are $MOTHER transfers, with wallet JEEt3D1 owning 109T $MOTHER (10% of the supply) before splitting it into 7 wallets. Out of these wallets, 89T tokens were sold just a few hours after launch for $1.4 million. ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/b5095e93-5a85-4442-a0cf-8eeee99b3985/Untitled.png?id=fafd8730-624e-4e70-ade6-1479713d4007&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=Bx5_XGQVrFWT_mW_iXuXYYyQzc71OIy-lrnxTUyLsb0&downloadName=Untitled.png) Additionally, wallet JEEt3D sent SOL to other wallets, as shown in the image of SOL transfers below. These wallets were incredibly profitable, including but not limited to: - DbT9xdK - 3nsX9zG - 4YozmZV Combined, the wallets sold **8%** of the supply, netting \~**$800k.** ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/649769f4-46dd-4460-bab5-10952eaaa143/Untitled_(Twitter_Post).png?id=5d1a4132-5425-4093-a569-f94dcfdefe3a&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=wQEZwr_69c33u5WzYP89PTrjxmzKSVhoMm7A76r5Msg&downloadName=Untitled+%28Twitter+Post%29.png) ## Davido Similar to Iggy’s $MOTHER, David Adedeji Adeleke Oon a.k.a. Davido, launched $DAVIDO on May 29\. By sniping the launch, he acquired 20% of the supply, which he sold for $500k. ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/e695c3dc-2ebf-403a-ba28-c0b023dba39f/Untitled.png?id=4e7c6e78-174a-4991-aa8a-2ace334c77c2&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=8m4eDj2SFnsu5dx9VUmcxL6cqS6FQoMxfrNQnwvrdNA&downloadName=Untitled.png) Davido is well-known in his country of origin, Nigeria, where he’s regarded as one of the most important Afrobeats artists of the 21st century. The launch of $DAVIDO was not his first web3 venture, which we will revisit shortly. However, only 20 minutes into the $DAVIDO launch, he began plotting his exit by transferring portions of his 20% supply to other wallets. Within 1 hour, he began selling his tokens, showing little regard for his fans and investors. - $210k sold from GfEoC - $141k sold from 3ZqyM - $150k sold from CyrCe ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/8fec5b81-be74-4fef-9951-3ceb9da8b395/Untitled.png?id=a0065f90-6f30-4360-ba2d-265ee962225b&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=s1etuuR-RC-sqg-7QXbJmPPhI-urdUUaOnZVZHkx-1I&downloadName=Untitled.png) He has used his influence to deceive investors in 2021 already and seemingly launched $DAVIDO with similar intent. In July 2021 he encouraged his fans to invest and hold the token “RapDoge” on ETH. Those who listened to his advice would soon regret it and end up with a loss as the token never increased in price again. He took no further initiatives to push the project or communicate with the investors. ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/f88c6570-5e13-4438-8f60-f584f89038d0/Untitled.png?id=9f0fc62b-65fe-4a22-8a03-9dc18c80af3c&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=yK3VwChWTVjdlUPFgCpBk4CtLuhaCSLb8SCyLZVCkr0&downloadName=Untitled.png) However, Rapdoge was not Davido’s first promotion in 2021\. In June, he promoted Racksterli, a platform that promised investors double returns within just 45 minutes of depositing funds to their website. Nigerians have urged law enforcement to arrest celebrities, including Davido, for promoting RackSterli. ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/9e7dd9e7-0738-47db-ac2d-ada30239d771/Untitled_(1000_x_900_px).png?id=c6ed0e2e-37c1-4f2f-afa6-0fea5f30b819&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=lfjvbMbNteRnDZvpAS2pXt_MoNrKGA--3vEdkR_6Xws&downloadName=Untitled+%281000+x+900+px%29.png) Another project by Davido is Echoke, which he also abandoned. Fans and followers were promised monthly rewards in the form of concert tickets, NFTs and other giveaways. Getting reported to law enforcement in the past didn’t stop him from getting right back at it through $DAVIDO. ### Unmasking the $DADDY Token URL: https://blog.bubblemaps.io/unmasking-the-daddy-token/ Last updated: 2024-07-25T20:59:46.000Z Recently, we’ve witnessed an increasing presence of Andrew Tate, along with his brother, Tristan, on Crypto Twitter/X. In just a few days, he’s shared and promoted numerous meme coins such as $RNT, $GERMANY, and $DADDY. Often, when a celebrity promotes meme coins, they try their best to hide their financial motives. Our investigative team soon found concerning patterns in the token supply of $DADDY. We shared our findings on June 12 through the [below tweet](https://x.com/bubblemaps/status/1800845676948988298?ref=blog.bubblemaps.io). ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/05dd7672-cc8d-43f9-b295-58c6c099134b/Untitled.png?id=aae75a19-7bda-4560-9065-15fa8d05307e&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=ouqU93pSDyCiN4oRLyQSWruubiH-TO66Y5Midpyr8YI&downloadName=Untitled.png) Andrew Tate quickly blocked us after we shared our investigative thread on X. The token we focused on was “Daddy Tate CTO”. 40% of the supply was airdropped to Andrew Tate’s public wallet. During a Rumble livestream, he promised never to sell these tokens and to burn them once his wallet, containing 40% of the supply, reaches $100,000,000. ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/0de51b31-4bd6-4359-9b3c-c193bca11c7a/061c6794-df47-46c4-9db1-117dcef62ff7.png?id=44aa5b6f-5b2e-4a91-9819-97f324fa1c6e&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=3349GV1VDz0TUznWWcxgzOA-vUnAvvFi1Mda6AMW-vM&downloadName=Untitled.png) So far, Tate has kept his word and has not sold any of the tokens he received on his public wallet, 4jRX4i. Additionally, he bought $10,000 into this token using a public wallet, which he subsequently burned. On the day of the burn, he released another video claiming the tokens were now worth $150,000,000\. He used phrases such as: “Daddy coin is forever,” “All of this is possible with pain and suffering,” and “I’m ending the ‘SIMPiness’ of the crypto space and showing everyone what a man is; the best way to do that is to burn all this money.” ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/876895a4-8080-436d-8a39-68bc8824b965/Untitled.png?id=70b86027-5860-4047-803a-e42db6744260&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=ZP2m8JEK_MUlYYsmt-18gUiIM49YqxlVq-T0j7gbTLE&downloadName=Untitled.png) Unfortunately, the bubbles were telling another story on the map… ![](https://storage.ghost.io/c/19/d2/19d2abd6-b3d7-45da-8e65-9ec46f80625e/content/images/2024/07/unnamed--1-.png) We discovered that 11 wallets were funded through Binance and bought significant amounts of $DADDY supply at a convenient time — just before Daddy TATE CTO, or Andrew Tate, tweeted about it. Not only did these wallets buy at the same time and from the same exchange, but they have also bought for similar amounts. This pattern strongly suggests that they are controlled by the same person. ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/aa8db028-a531-4ed0-bd6f-ad40d71e30e7/Untitled.png?id=47f8aeb1-a294-48ed-bb2e-4c2291d258c2&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=0lpDCpViX237WW_mZIKiwyZteTyfJnwLFcK5fiMyIss&downloadName=Untitled.png) Additionally, two clusters in the image below (pink) collectively hold 10% of the supply. They also bought before Andrew Tate tweeted, and currently hold tokens worth approximately $16M. ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/698e492a-b168-4346-a932-e5201e919e5e/Untitled.png?id=47dea03f-f2ed-4065-9bad-e667eeaa857c&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=VlXH3_2gWav1k5nO2Yvs0ZkF2tqyzdpCANcTwJVapFY&downloadName=Untitled.png) The official dev of Daddy Tate CTO, known by the nickname "Issathecooker," appeared on X at the start of May 2024\. He launched $DADDY on June 9, and when confronted in one of our tweets, denied having sold any tokens. ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/33f0cc31-2bb7-42a3-9fba-c10e17d777dd/Untitled.png?id=15b0cce1-e5e7-4852-bc84-39f3c894c392&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=qiS-djr-L8dDZ9CaE-Zq2lreB85v_z_vlAMNz1BO8iU&downloadName=Untitled.png) We estimate that he has made over $400k by selling $DADDY. For full transparency, we've shared the links to these transactions on [X](https://x.com/bubblemaps/status/1801244600536846654?ref=blog.bubblemaps.io). ![](https://file.notion.so/f/f/98ebab97-6ba9-4732-9b5d-a3693411ce7d/ff1a511d-253e-446a-8083-1aeba622e04b/Untitled.png?id=60e03fa4-683c-4694-9678-8403c20d0361&table=block&spaceId=98ebab97-6ba9-4732-9b5d-a3693411ce7d&expirationTimestamp=1721952000000&signature=54mFz30ly2Ir7561G6CvpSvIC4e9pIicNMHuzi_h0iM&downloadName=Untitled.png) On June 14th, Andrew Tate announced buying and burning another $110,000,000 worth of $DADDY. The actual liquidity of $DADDY is around $2,500,000. This event serves as a reminder to stay informed, vigilant, and to verify the info you’re provided. Always keep an eye on suspicious patterns, projects like these can collapse very quickly as we’ve seen with many recent celebrity launches like $DAVIDO, $BANDO, $LILPUMP, $SPEAK, and many more.