CWU token linked to former Ghanaian president, suspected of “rug pulling” due to insider dumping, still holds 85%

On-chain sleuths say the meme coin promoted with the former president of Ghana has all the hallmarks of a slow-motion rug. Insiders say they have already sold hundreds of thousands of dollars worth of tokens and still control almost the entire supply.

According to on-chain analytics platform Bubble Map, a dense cluster of addresses associated with CWU has already released around $600,000 worth of tokens onto the market while maintaining overwhelming control of the remaining supply. In a post reported by Chinese outlet ChainCatcher, Bubble Maps said its connected wallets still hold about 85% of CWU, suggesting what appears to be a retail transaction is actually thin float on top of a dense insider stash.

CWU is not a random meme coin. It attracted attention because it was promoted as a project associated with Ghana’s 10th president, John Agyum Kufuor, who was described in marketing materials as an “official advisor” to the token. A recent MEXC explainer said that CWU “began to gain attention as a leader in the meme coin space” after it was “registered with the support of John Agyukum Kufuor” and rose to a market cap of about $120 million and a peak price of about $0.135, before falling 32% from its peak to about $0.08.

On-chain data contradicts the project’s own tokenomics

A public message from the CWU team claims that 90% of the total supply of tokens is “in circulation”, with only 10% set aside in the project’s treasury. Bubble maps and other on-chain analytics paint a fundamentally different picture. Over 200 newly created wallets were funded in batches in the days before and after launch, and then used to claim the majority of the CWU supply around the same time, and these wallets now control roughly 87-90% of the total supply.

Bubble Map’s case study on CWU describes a “bundled supply” in which over 200 new wallets “claimed the majority of the supply at launch and now control almost 90% of the tokens”, with transfers and links indicating that the addresses “appear to be interconnected” and are likely controlled by a single entity or coordinated group. MEXC’s breakdown also reflects that, noting that “according to reports, approximately 90% of $CWU remains bundled,” meaning that a small network of linked wallets appears to be holding nearly all of the tokens, despite official statements about widespread circulation.

This type of structure is a textbook red flag in Bubblemaps’ proprietary guidance for spotting rug pull. The tool warns that “a token is at risk if five wallets hold 70-90% of the supply,” and that clusters of seemingly separate wallets that constantly move in tandem are often “controlled by a single entity hidden behind many addresses.” In the case of CWU, the combination of dense supply, synchronized funding into new wallets, and subsequent selling to rising prices fits the pattern of projects that create a decentralization narrative while maintaining the ability to disrupt markets at will.

Political branding and meme coin extraction merge

The Ghanaian connection makes the CWU story more than just a structurally doomed meme coin. The use of a former head of state as a promotional figure gave the token an air of legitimacy, which many retail traders interpreted as a kind of tacit guarantee, especially when Kufuor was cast as an advisor and the project advertised itself as a “leader” in a niche market. At the same time, the on-chain reality (almost complete concentration of supply, opaque clustering of wallets, massive insider sales while project liquidity remains very low) looks uncomfortably close to the kind of rug-pulling choreography that Bubble Map was built to expose.

CWU has not yet reached zero, and there is currently no public evidence directly linking Kufuor himself to the cluster of wallets or any specific sales. But the gap between marketing claims (“90% in circulation”) and blockchain data (about 85-90% in interconnected wallets) is significant enough that traders are already treating the token as a case study of why political branding and celebrity endorsements should not replace basic on-chain due diligence.