New blockchain analysis raises questions about the long-promoted “fair launch” of PEPE Meme Coin, after the latest data suggests that almost a third of the coin’s initial supply may have been controlled by a single entity.
The findings come from blockchain visualization platform Bubble Map, which released its latest breakdown on Wednesday and claimed that the project’s early messaging may have misled investors.
Bubble map shows focus on PEPE Holdings at launch
Data shows that at the token launch in April 2023, approximately 30% of PEPE’s Genesis supply was bundled into a cluster of wallets connected to a single entity.
Bubble Maps said this concentration contradicts PEPE’s branding as a token created “for the people” and the company’s stated approach to launch in stealth with no pre-sale allocations.
The company added that the same cluster sold approximately $2 million worth of tokens in just one day after launch. We believe this move applied enough early selling pressure to prevent Memecoin from surpassing the $12 billion market cap threshold during its first significant rally.
The claims surfaced at a difficult time for Token. According to CoinMarketCap, PEPE price has fallen 5.7% in the past 24 hours and has fallen over 81% in the past year.
The project also addressed an unrelated security threat that briefly compromised the website last December and redirected users to the malicious “Inferno Drainer,” a tool associated with wallet theft, phishing, and other social engineering scams.
Still, PEPE’s performance has not been uniformly negative. The token has seen dramatic gains at various points over the past two months.
On October 8th, PEPE also outperformed the broader meme coin market amid a wave of accumulation by large holders.
According to Nansen data, the top 100 wallets increased their overall holdings by 4.18% in one month, bringing their total to over 307 trillion tokens.
Analysts at the time pointed to a bullish pennant formation and noted that PEPE was testing a historically strong demand zone, fueling speculation of an imminent breakout.
It rebounded 156% from its weekly low on October 25th, attracting buys and putting pressure on short sellers as trading volume approached $1 billion.
Bubble map identifies large-scale wallet adjustments across major meme tokens
Bubble Map’s new findings are part of a broader series of investigations by the company into hidden accumulation patterns, insider launches, and potential manipulation across the memecoin sector.
The company’s “time travel” analysis tool, introduced in May, reconstructs historical token distributions and highlights wallets that may have had adjusted holdings prior to launch.
The company says its purpose is to help traders detect risks such as sharp declines, concentrated supply, and rapid loss of liquidity.
Bubblemap has already worked to uncover suspicious activity behind several high-profile meme tokens this year.
@Bubblemaps has presented new on-chain evidence that suggests the team behind the Libra meme coin is responsible for Melania’s launch.#bubble map #Librahttps://t.co/lV88r49B5P
— Cryptonews.com (@cryptonews) February 17, 2025
The company linked MELANIA and LIBRA tokens to the same wallet in February, alleging that the organization behind the launch used insider tactics to target early liquidity and squeeze out millions of dollars in profits before both tokens collapsed.
The LIBRA implosion, with insiders allegedly withdrawing more than $100 million, sparked political turmoil in Argentina, and the token lost nearly all of its value within hours.
Similar patterns have emerged in other cases. More than 70% of Kanye West’s YZY token holders suffered losses shortly after launch, with 11 wallets accounting for nearly a third of all profits, according to a law enforcement report.
More than 70% of traders who bought Kanye West’s Solana-based meme coin YZY ended up losing money. @bubblemaps.#KanyeWest #YZYhttps://t.co/E36PlmnPQo
— Cryptonews.com (@cryptonews) August 28, 2025
Bubble Maps also sounded the alarm in September about what it called one of the largest Sybil attacks ever recorded, linking around 100 wallets in a coordinated effort and demanding $170 million worth of MYX airdrop tokens.
@bubblemaps warned of a possible $170 million Sybil attack. @MYX_finance The airdrop claims that 100 wallets have secured 1% of the supply.#cipher #MYX #airdrophttps://t.co/c8dOGLEXIi
— Cryptonews.com (@cryptonews) September 10, 2025
Then, in early December, the company linked more than 1,000 wallets to a single attacker, who allegedly captured the majority of the WET token pre-sale on Solana within seconds.
The post Did an Organization Squash PEPE’s Fair Launch? Bubble Map Flag Genesis Horde’s 30%, $2 Million Dump appeared first on CryptoNews.
