Blockchain Analytics Platform Bubblemaps raised concerns about Rugproof. It is a Solana-based launchpad based on Rugproof, claiming it protects investors from rug pull.
Ironically, Bubblemaps argued that it could be adjusting the types of exploits the projects claim to prevent. On Monday, the Analytics platform shared information about the project, saying that someone had built a “ragproof furnch pad” only to “lag” users.
Rugproof claimed on its website that anyone can create tokens with “risk early investments, risky mechanics for loyal owners, built-in rewards.” He also claimed to buy back the tokens and provide lifelong rewards.
Bubblemaps said the data shows that it is not. The Analytics platform states that 50% of the project’s tokens were “bundled at launch.”
Cointelegraph contacted the Rugproof team but received no response from the publication.
Token creators distribute Sol to 162 wallets to buy rugproof
Using visual bubble maps to track on-chain data, Bubblemaps analysts demonstrated the connections between the token holders of the project.
According to Bubblemaps, the creator of the project sent Solana (Sol) tokens to 162 different wallets. The wallet then purchased half of the token supply. “Token creator O93G6B sent SOL to 162 wallets, which purchased 50% of the supply of lagproof at launch,” Bubblemaps said.
This structure reflects many lag pull setups in the past.
The movement of sending crypto assets from a token creator to 162 wallets can be seen as an attempt to create a fair and decentralized launch fantasy, despite being linked or controlled by the same entity.
Project details such as team identity, toconomy, and smart contract auditing are difficult to verify through public data and channels and remain private.
Bubblemaps is a platform that converts on-chain data into interactive bubbles, making it easier for users to see the interaction of token distribution and wallets. Platforms often point to wallet clusters that show control over project supply.
On July 15th, the platform shared a “Bubble Map.” This is a visual representation of a project called Alt, which crashed to a market capitalization of between $190 million and $3 million due to suspected Ragpur.
Related: The influencer who created “Memecoin Supercycle” is profitable in $68 million, data suggests
Memecoin sector will turn bullish in July
The rug pull claim came as Mimecoin recovered in July. On Wednesday, Memecoins’ overall ratings rose 54%, up 54% compared to June 30th. At the time of writing, the sector’s market capitalization has been revised to $73 billion.
Mercuryo co-founder and CEO Petr Kozyakov previously told Cointelegraph that the surge in the Memecoin market was caused by a mix of events including Pump.Fun’s initial coin offering, Memecoin accessibility and Bitcoin (BTC) surges.
He said Memecoin’s mood was “undetectedly turned over on the bullish side.”
https://www.youtube.com/watch?v=gpwmrogcvlc
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