Solana AI Token Ava Hit By Launch Sniping Tied To Deployer: Bubblemaps
Bubblemaps says 23 wallets tied to the Ava deployer sniped 40% of the AVA supply at launch. The Solana AI token later fell 96% from its peak.
Blockchain analytics firm Bubblemaps said a cluster of 23 wallets linked to the deployer of the Solana-based AI token Ava accumulated around 40% of the token’s supply at launch, raising new questions about insider coordination around the project’s debut.
The sybil wallet cluster related to the deployer shared similar patterns, including being funded in a tight time window through Bitget and Binance, receiving similar amounts of Solana (SOL) and having no blockchain activity before buying up the Ava AI (AVA) token supply at launch, Bubblemaps claimed in a Thursday X post.
“Connected to these snipers are other wallets that also bought $AVA early. Similar funding sources, sizes, and timing strongly suggest coordination across these clusters,” they said.
In crypto slang, sniping refers to employing crypto trading bots to automatically purchase new token supply as soon as the tokens become publicly available, aiming to buy at lower prices before the general public.
While the token was launched on memecoin launch platform Pump.fun, aiming for a decentralized, community-driven debut, the wallet cluster’s activity suggests acquisitions that led to a single entity holding 40% of the token’s supply.
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A large token supply concentrated across a few wallets can help investors detect scams such as rug pulls, where insiders remove liquidity or stage a mass sell-off, resulting in a steep price collapse that leaves investors with worthless tokens.
The coordinated activity was uncovered through Bubblemaps’ Time Travel feature, a forensic-grade analytics tool launched in May that enables Web3 users to reconstruct the historical distribution of tokens, aiming to detect early insider activity.
Related: Bubblemaps challenges PEPE’s fair launch, alleges 30% of genesis supply bundled
Source: CoinTelegraph
