This Escalated Quickly

Bubblemaps

Bubblemaps

— 2 min read

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 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 supply. This was spread across 80 fresh wallets from ChangeHero with the same activity.

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

Who Dumped?

The top holder of $WhiteWhale sold $1.3M

Causing a -60% price candle

The wallet still holds 1% of the supply

Read our thread

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

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.

More details

More to see:

The $RALPH dev exit here - Unlucky $RNGR buyers here

Thanks for reading, remember to stay safe and bubble it,

Team Bubblemaps

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