Blockchain analytics platform Bubblemaps reported that 90 newly funded wallets purchased 90% of the supply of the Mystery (MYSTERY) memecoin at launch, raising concerns about coordinated sniping activity.
All of the wallets were funded by a single address, “0x544E,” which had previously withdrawn and distributed 20 Ether from the crypto exchange Binance. After accumulating most of the supply at launch, the wallet cluster sold roughly $100,000 worth of tokens and still retains around 40%, according to a Tuesday post on X. Bubblemaps described the pattern as a “textbook scam.”
Sniping refers to the use of bots or automated tools to buy newly launched tokens the moment trading begins—often before regular participants can react. The findings underscore how coordinated wallet activity and automation can dominate low-liquidity memecoin launches, exposing later buyers to steep losses if early holders begin to sell.
A fair launch is intended to give all participants equal access at the start, without insiders or coordinated groups gaining an early advantage. The level of concentration flagged by Bubblemaps would undermine that principle if the wallets were acting in concert.
The Mystery token has dropped around 75% from its peak
According to Dexscreener data, the token reached a high market capitalization of $7.5 million on April 28 before sliding to about $1.9 million at the time of writing.
The memecoin project describes itself as a free-spirited frog inspired by Matt Furie’s “The Night Riders” and claims it has acquired the official HEDZ NFT along with related IP rights from Furie, according to a Monday post on X.
Sniping has long been seen as a value-extraction problem in the memecoin ecosystem.
In February 2025, a crypto sniper reportedly earned nearly $28 million from the Broccoli (BROCCOLI) memecoin shortly after Changpeng Zhao revealed that his Belgian Malinois was named “Broccoli,” triggering a wave of community memecoin launches on the Pump.fun platform.
In November 2025, Bubblemaps alleged that a cluster of around 160 wallets had accumulated 30% of the Edel Finance (EDEL) token supply at launch, valued at over $11 million. However, Edel Finance co-founder James Sherborne denied the claims, stating that the team had intended to acquire 60% of the token supply.
