en.bitcoinsistemi.com
With allegations of manipulation increasing recently, manipulation has been detected in yet another altcoin.
Accordingly, the on-chain analytics platform Bubblemaps revealed signs of manipulation in the price of a memecoin.
Bubblemaps has reported detecting signs of potential price manipulation related to the memecoin MYSTERY.
Bubblemaps X claimed in a post that significant centralized control was detected in the launch of the MYSTERY token.
He stated that this was “a textbook example of market manipulation.”
Bubblemaps reported that shortly after the MYSTERY token was launched, 90 new addresses purchased 90% of the total supply, indicating organized “sniping.”
These wallets subsequently sold $100,000 worth of tokens and still hold 40% of the total supply.
Bubblemaps identified the movements of these 90 wallets, which captured almost the entire supply, as a classic pattern of “sniping” and price manipulation. Sniping refers to secretly buying newly launched tokens shortly after trading begins, usually before ordinary investors can react, using bots or automated trading tools.
In addition to these allegations, Bubblemaps accused some Key Opinion Leaders (KOLs) involved in promoting the token of engaging in paid promotion.
*This is not investment advice.