Freedom Index
Listen to the article
Blockchain analytics platform Bubblemaps said 90 newly funded wallets bought 90% of Mystery (MYSTERY) memecoin supply at launch, raising concerns about coordinated sniping.
The wallets were all funded by wallet “0x544E,” which previously withdrew and distributed 20 Ether from crypto exchange Binance. After buying up 90% of the supply at launch, the wallet cluster sold about $100,000 worth of tokens and still holds 40% of the supply, said Bubblemaps in a Tuesday X post. The analytics company described the pattern as a “textbook scam.”
Sniping refers to using bots or automated trading tools to buy newly launched tokens immediately after trading opens, often before ordinary traders can react. The findings highlight how automated buying and coordinated wallet clusters can dominate thinly traded memecoin launches, leaving later buyers exposed to sharp losses if early holders sell.
A fair launch is meant to give all participants an equal chance to buy a token when trading opens, without insiders or coordinated wallet clusters gaining early control of supply. The concentration flagged by Bubblemaps would undermine that principle if the wallets were acting together.
Source: Bubblemaps
Mystery token down 75% from peak
The Mystery token rose to a peak of $7.5 million market capitalization on April 28, before falling around 75% to a $1.9 million market capitalization at the time of writing, Dexscreener data shows.
Mystery/WETH, all-time chart. Source: Dexscreener
The memecoin project brands itself as a free-spirited frog from Matt Furie’s “The Night Riders” and claims to have acquired the official HEDZ NFT and related IP rights from Furie, according to a Monday X post.
Cointelegraph was unable to contact Mystery for comment.
Related: Kaiko flags possible front-running before Robinhood token listings
Sniping activity has been a long-standing value-extraction issue in the memecoin space.
In February 2025, a cryptocurrency sniper made nearly $28 million on the Broccoli (BROCCOLI) memecoin, shortly after Binance co-founder and former CEO, Zhangpeng Zhao, revealed that his Belgian Malinois was named “Broccoli,” sparking a wave of community-driven memecoin listings on launchpad Pump.fun.
In November 2025, Bubblemaps claimed that a cluster of about 160 wallets accumulated 30% of decentralized lending protocol Edel Finance’s (EDEL) token supply at launch, worth over $11 million. James Sherborne, the co-founder of Edel Finance, denied the allegations, claiming the team planned to acquire 60% of the token supply.
Magazine: Bitcoiners eye ‘sell in May,’ SBF’s bid for new trial shut down: Hodler’s Digest, April 26 – May 2
Read the full article here
Fact Checker
Verify the accuracy of this article using AI-powered analysis and real-time sources.