Blockchain analytics platform Bubble Maps announced that 90 newly funded wallets purchased 90% of the MYSTERY memecoin supply at launch, raising concerns about organized sniping.
All of these wallets were funded by wallet “0x544E”, which had previously withdrawn and distributed 20 Ether from cryptocurrency exchange Binance. After buying up 90% of the supply at launch, the wallet cluster sold around $100,000 worth of tokens and still holds 40% of the supply, Bubble Maps said in a post on X on Tuesday. An analysis firm described this pattern as “textbook fraud.”
Sniping refers to the use of bots or automated trading tools to purchase newly launched tokens shortly after trading begins, often before regular traders can react. The findings highlight how automated purchases and coordinated wallet clusters dominate the launch of low-trading meme coins, potentially exposing later buyers to significant losses if early holders sell.
A fair launch aims to give all participants an equal opportunity to purchase tokens at the start of trading, without insiders or coordinated wallet clusters controlling supply early on. If wallets are working together, the concentration of flags caused by bubble maps can undermine that principle.
sauce: bubble map
Mystery Tokens are down 75% from their peak
According to data from Dexscreener, Mystery Token rose to a peak of $7.5 million in market capitalization on April 28, but has fallen about 75% to a market cap of $1.9 million at the time of writing.
Mystery/WETH, all-time chart. Source: DekuScreen
According to a post on Monday
Cointelegraph was unable to reach Mystery for comment.
Related: Kaiko suggests possibility of front running before Robinhood token listing
Sniping activity has been a long-standing value extraction problem in the memecoin space.
In February 2025, a crypto sniper made approximately $28 million with the BROCCOLI meme coin. It comes shortly after Binance co-founder and former CEO Zhangpeng Zhao revealed that his Belgian Malinois’ name is “Broccoli,” sparking a wave of community-driven meme coin listings on launchpad Pump.fun.
In November 2025, Bubble Map claimed that a cluster of approximately 160 wallets had accumulated 30% of the token supply of the decentralized lending protocol Edel Finance (EDEL) at its inception, worth over $11 million. Edel Finance co-founder James Sherborne denied the allegations and claimed the team was planning to acquire 60% of the token supply.
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