A Mystery token wallet cluster bought 90% of the supply at launch, according to blockchain analytics firm Bubblemaps. The co-ordinated purchase raised questions about how the memecoin was distributed when trading opened on 28 April.
Ninety newly created wallets snapped up the lion’s share of MYSTERY tokens within seconds of launch. All were funded by a single address, labelled 0x544E in the Bubblemaps report. That address had previously withdrawn 20 ether from Binance and distributed the funds across the cluster.
After the initial buy, the Mystery token wallet cluster offloaded roughly $100,000 of tokens. It still controls 40% of the circulating supply. Bubblemaps described the pattern as a textbook scam in a post filed Tuesday.
The Mystery token wallet cluster mechanics
Sniping refers to using bots or automated systems to purchase newly launched tokens the instant trading goes live, often before retail participants can react. The Mystery token wallet cluster operated in this manner. The speed and scale of the accumulation left ordinary buyers holding a thinner float and exposed to sharp drawdowns if the cluster sold.
| Metric | Value |
|---|---|
| Peak market cap | $7.5 million |
| Current market cap | $1.9 million |
| Decline from peak | 75% |
| Supply held at peak | 90% |
| Supply still held | 40% |
The token hit a $7.5 million valuation at its high on 28 April, then fell 75% to $1.9 million, according to data from Dexscreener. The project markets itself as a character from Matt Furie’s The Night Riders series and claims to have acquired IP rights to a related NFT. Cointelegraph was unable to reach the project for comment.
Sniping as value extraction
Sniping via co-ordinated wallet clusters has become textbook memecoin manipulation. A fair launch is supposed to give all participants equal access when trading opens. The concentration flagged by Bubblemaps undermines that principle if the wallets were acting together.
In February, a single sniper made nearly $28 million on the Broccoli memecoin after Binance co-founder Changpeng Zhao revealed his dog’s name, triggering a wave of listings on Pump.fun. In November, Bubblemaps claimed a cluster of 160 wallets accumulated 30% of Edel Finance token supply at launch, worth over $11 million. The project’s co-founder denied the allegations, saying the team intended to hold 60% of the supply.
The regulatory lens
Regulators have not yet addressed memecoin sniping directly, but the mechanics overlap with market manipulation frameworks in traditional finance. Co-ordinated buying to control a float and extract value from latecomers fits older definitions of pump-and-dump behaviour. Whether enforcement follows remains an open question. The Bank for International Settlements has noted that decentralised token launches present unique challenges for supervision, particularly where wallet clustering obscures beneficial ownership.
What comes next
The Mystery token continues to trade at a fraction of its launch valuation. The wallet cluster still holds a significant portion of the supply. Whether it sells the remainder or holds depends on liquidity and whether new buyers enter. The pattern is not unique to this token. It is the structure of thinly traded memecoin launches when bots and funded wallets move faster than retail flow.
Next catalyst: whether the project addresses the Bubblemaps findings or the cluster completes its exit.
This article is for information purposes only and does not constitute investment advice. Readers should not act on any information contained here without first consulting an authorised financial adviser. Past performance is not a reliable indicator of future results.
