Key Takeaways
Blockchain analytics firm Bubblemaps has flagged the launch of the MYSTERY memecoin, where a cluster of 90 wallets acquired approximately 90% of the token’s supply within seconds of its debut on April 28.
"Ninety newly created wallets snapped up the lion’s share of MYSTERY tokens," Bubblemaps said in a report, describing the pattern as a textbook scam. The firm’s analysis showed all 90 wallets were funded by a single address that had previously withdrawn 20 ether from Binance.
The coordinated wallet cluster executed what is known as a "sniping" attack, using automated bots to buy the token supply before retail participants could act. After the initial accumulation, the wallets sold roughly $100,000 worth of tokens. The token’s market capitalization hit a peak of $7.5 million on April 28 before crashing 75% to its current level of $1.9 million, according to data from Dexscreener.
The cluster still controls approximately 40% of the circulating supply, posing a significant risk of further price manipulation or a large-scale sell-off that could absorb remaining liquidity. The event highlights the persistent risks of market manipulation in the memecoin sector, where thinly traded assets are vulnerable to coordinated bot activity.
Sniping undermines the principle of a fair launch, where all participants are meant to have equal access to a new token. By using bots to accumulate a majority of the supply at inception, the cluster effectively controlled the token’s float, exposing later buyers to extreme volatility and the risk of a "pump-and-dump" scheme.
This tactic is not new. In February, a single wallet reportedly made nearly $28 million by sniping the Broccoli memecoin. In a separate investigation, Bubblemaps previously identified a cluster of 160 wallets that accumulated 30% of the Edel Finance token at its launch.
While regulators have not issued specific rules regarding memecoin sniping, the practice mirrors definitions of market manipulation in traditional finance. The Bank for International Settlements has noted the challenges that decentralized launches and wallet clustering present for effective supervision.
The MYSTERY token continues to trade, but the large, concentrated holding by the sniping cluster remains the primary risk for the project. The next catalyst will be whether the project’s developers address the Bubblemaps findings or if the cluster decides to liquidate its remaining 40% stake.
This article is for informational purposes only and does not constitute investment advice.
