- 68 wallets allegedly involved in significant pre-launch purchases.
- Insiders suspected of holding 47% of ATLAS supply.
- Concerns of market manipulation and regulatory scrutiny.
On December 28, Bubblemaps reported potential insider trading involving the ATLAS memecoin, with 68 wallets acquiring 47% of the token supply before its official launch.
This concentration raises concerns about transparency and market manipulation in the cryptocurrency sector, with ATLAS showing a significant ownership imbalance after early acquisitions.
Concentrated Tokens in 68 Wallets Raise Manipulation Concerns
The wallets, suspected of belonging to insiders, acquired 47% of the memecoin supply via ChangeNow, translating to approximately $1 million in holdings.
Industry insiders have expressed concern, with Bubblemaps pointing to potential insider trading practices. The analytic platform’s findings reveal a significant pre-launch purchase of ATLAS tokens, suggesting actions inconsistent with organic trading behaviors.
68 wallets with no prior on‑chain history were funded via ChangeNow, then rushed to buy ATLAS pre-launch, now holding 47% of supply worth about $1M, suggesting insider trading. — Bubblemaps
ATLAS Case Parallels Historic Memecoin Speculation Risks
Did you know? ATLAS holds parallels with previous memecoin launches where concentrated pre-launch ownership catalyzed rapid speculation, reminiscent of historic memecoin booms.
According to CoinMarketCap, Star Atlas, currently valued at $0.00, exhibits a market cap of $6.80 million. The trading volume has surged by 514.26% within 24 hours, totaling over $1.05 million. Recent data shows price fluctuations with an 8.52% increase in 24 hours, though the value has plummeted 61.87% over 90 days.
Coincu research suggests that the concentration of such a large token supply with few addresses amplifies risks associated with volatility and market manipulation. Analysts argue that these factors, coupled with lack of transparency, could invite stricter regulatory scrutiny in the crypto industry.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
No tags available.
Other Posts
- Amplify 2024: Ohio’s Premier Blockchain Summit
- Polymarket Announces U.S. Beta Relaunch Amid Market Buzz
- Michael Saylor Denies Bitcoin Sell-Off Amid Large BTC Transfer
- U.S. Treasury Proposes New Tax Relief Regulations
- Radiant Capital Faces $50M Loss in Major Security Breach
- SEGG Media Unveils $300 Million Crypto Reserve Plan
- 21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF
- Hong Kong Sentences Influencer for Unlicensed Investment Advice
- Franklin Templeton Signals TradFi and Crypto Integration
- Circle Mints $500 Million USDC on Solana Blockchain
- Circle Focuses on Expanding USDC Use in Hong Kong
- Western Union Trials Stablecoin System for Remittance Innovation
- GMGN Completes Compensation for MEV-Affected Users
- Kevin Hassett Emphasizes Fed’s Independence Amid Trump’s Rate Suggestion
- China, US Conclude Trade Talks with Focus on Cooperation
- Is MetaMask Preparing for Its Long-Awaited MASK Token Airdrop?
- BitMine Expands Ethereum Holdings to $13B With Major Weekly Purchase
- Nordea Bank Introduces Bitcoin ETP Trading for Nordic Customers
- U.S. House Passes Temporary Funding Bill for Continued Operations
- DeXe Protocol Begins Trading on Aster Platform
- Amplify 2024: Ohio’s Premier Blockchain Summit
- Polymarket Announces U.S. Beta Relaunch Amid Market Buzz
- Michael Saylor Denies Bitcoin Sell-Off Amid Large BTC Transfer
- U.S. Treasury Proposes New Tax Relief Regulations
- Radiant Capital Faces $50M Loss in Major Security Breach
- SEGG Media Unveils $300 Million Crypto Reserve Plan
- 21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF
- Hong Kong Sentences Influencer for Unlicensed Investment Advice
- Franklin Templeton Signals TradFi and Crypto Integration
- Circle Mints $500 Million USDC on Solana Blockchain
- Circle Focuses on Expanding USDC Use in Hong Kong
- Western Union Trials Stablecoin System for Remittance Innovation
- GMGN Completes Compensation for MEV-Affected Users
- Kevin Hassett Emphasizes Fed’s Independence Amid Trump’s Rate Suggestion
- China, US Conclude Trade Talks with Focus on Cooperation
- Is MetaMask Preparing for Its Long-Awaited MASK Token Airdrop?
- BitMine Expands Ethereum Holdings to $13B With Major Weekly Purchase
- Nordea Bank Introduces Bitcoin ETP Trading for Nordic Customers
- U.S. House Passes Temporary Funding Bill for Continued Operations
- DeXe Protocol Begins Trading on Aster Platform
- Amplify 2024: Ohio’s Premier Blockchain Summit
- Polymarket Announces U.S. Beta Relaunch Amid Market Buzz
- Michael Saylor Denies Bitcoin Sell-Off Amid Large BTC Transfer
- U.S. Treasury Proposes New Tax Relief Regulations
- Radiant Capital Faces $50M Loss in Major Security Breach
- SEGG Media Unveils $300 Million Crypto Reserve Plan
- 21Shares Files S-1 With SEC to Launch Hyperliquid ($HYPE) ETF
- Hong Kong Sentences Influencer for Unlicensed Investment Advice
- Franklin Templeton Signals TradFi and Crypto Integration
- Circle Mints $500 Million USDC on Solana Blockchain
- Circle Focuses on Expanding USDC Use in Hong Kong
- Western Union Trials Stablecoin System for Remittance Innovation
- GMGN Completes Compensation for MEV-Affected Users
- Kevin Hassett Emphasizes Fed’s Independence Amid Trump’s Rate Suggestion
- China, US Conclude Trade Talks with Focus on Cooperation
- Is MetaMask Preparing for Its Long-Awaited MASK Token Airdrop?
- BitMine Expands Ethereum Holdings to $13B With Major Weekly Purchase
- Nordea Bank Introduces Bitcoin ETP Trading for Nordic Customers
- U.S. House Passes Temporary Funding Bill for Continued Operations
- DeXe Protocol Begins Trading on Aster Platform
Latest
Bitcoin Remains Bullish Despite Recent Pullback Setting Stage for New Highs
Press Release
Phemex Upgrades RPI Ecosystem, Setting New Liquidity Benchmarks Across 210+ Pairs
IO DeFi Launches a New Mobile App, Allowing Users to Participate in Passive Income From BTC and XRP for Free
