1 week ago
Blockchain analytics level Bubblemaps said 90 recently funded wallets bought 90% of Mystery (MYSTERY) memecoin proviso astatine launch, raising concerns astir coordinated sniping.
The wallets were each funded by wallet "0x544E," which antecedently withdrew and distributed 20 Ether from crypto speech Binance. After buying up 90% of the proviso astatine launch, the wallet clump sold astir $100,000 worthy of tokens and inactive holds 40% of the supply, said Bubblemaps successful a Tuesday X post. The analytics institution described the signifier arsenic a “textbook scam.”
Sniping refers to utilizing bots oregon automated trading tools to bargain recently launched tokens instantly aft trading opens, often earlier mean traders tin react. The findings item however automated buying and coordinated wallet clusters tin predominate thinly traded memecoin launches, leaving aboriginal buyers exposed to crisp losses if aboriginal holders sell.
A just motorboat is meant to springiness each participants an adjacent accidental to bargain a token erstwhile trading opens, without insiders oregon coordinated wallet clusters gaining aboriginal power of supply. The attraction flagged by Bubblemaps would undermine that rule if the wallets were acting together.
Source: Bubblemaps
Mystery token down 75% from peak
The Mystery token roseate to a highest of $7.5 cardinal marketplace capitalization connected April 28, earlier falling astir 75% to a $1.9 cardinal marketplace capitalization astatine the clip of writing, Dexscreener data shows.
Mystery/WETH, all-time chart. Source: Dexscreener
The memecoin task brands itself arsenic a free-spirited frog from Matt Furie’s “The Night Riders” and claims to person acquired the authoritative HEDZ NFT and related IP rights from Furie, according to a Monday X post.
Cointelegraph was incapable to interaction Mystery for comment.
Related: Kaiko flags imaginable front-running earlier Robinhood token listings
Sniping enactment has been a long-standing value-extraction contented successful the memecoin space.
In February 2025, a cryptocurrency sniper made astir $28 cardinal connected the Broccoli (BROCCOLI) memecoin, soon aft Binance co-founder and erstwhile CEO, Zhangpeng Zhao, revealed that his Belgian Malinois was named “Broccoli,” sparking a question of community-driven memecoin listings connected launchpad Pump.fun.
In November 2025, Bubblemaps claimed that a clump of astir 160 wallets accumulated 30% of decentralized lending protocol Edel Finance’s (EDEL) token proviso astatine launch, worthy implicit $11 million. James Sherborne, the co-founder of Edel Finance, denied the allegations, claiming the squad planned to get 60% of the token supply.
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