Did a Single Entity Impact PEPE’s Fair Launch? Bubblemaps Identifies 30% of Genesis Hoard, $2M Sell-off

Recent blockchain analysis has raised concerns regarding the widely advertised “fair launch” of the PEPE meme coin, following new data indicating that nearly one-third of the token’s initial supply might have been held by a single entity.

The revelations originate from the blockchain visualization platform Bubblemaps, which released its latest analysis on Wednesday, claiming that the project’s initial communications may have misled investors.

this is $PEPE at launch with time nodes on
30% bundled
you were lied to https://t.co/Fsv4hXdurj pic.twitter.com/ha8pHXcss9

— Bubblemaps (@bubblemaps) December 10, 2025

Bubblemaps Highlights Concentrated PEPE Holdings at Launch

The data indicates that approximately 30% of PEPE’s initial supply was grouped into a cluster of wallets associated with one entity at the time of the token’s launch in April 2023.

Bubblemaps stated that this concentration contradicts PEPE’s branding as a token designed “for the people” and its claimed strategy of launching stealthily without presale allocations.

Source: Bubblemaps

The firm noted that the same cluster sold around $2 million worth of tokens just one day post-launch. This action, it believes, created sufficient early sell pressure to hinder the meme coin from surpassing the $12 billion market-cap mark during its initial significant surge.

The allegations emerged during a challenging time for the token. PEPE’s price fell by 5.7% in the last 24 hours and has decreased by over 81% over the past year, as reported by CoinMarketCap.

Source: CoinMarketCap

The project also faced an unrelated security incident last December, when its website was temporarily compromised and redirected users to a malicious “inferno drainer,” a tool linked to wallet theft, phishing, and other social-engineering scams.

Nevertheless, PEPE’s performance has not been entirely negative. The token has experienced significant rallies at various times over the past two months.

On October 8, PEPE outperformed the broader meme coin market amid a surge of accumulation from large holders.

Data from Nansen revealed that the top 100 wallets increased their total holdings by 4.18% over a month, raising their total to over 307 trillion tokens.

Analysts at that time pointed to a bullish pennant formation and observed that PEPE was testing a historically strong demand zone, fueling speculation of a potential breakout.

On October 25, it surged 156% from a weekly low, attracting dip buyers and putting pressure on short sellers as trading volumes approached $1 billion.

Bubblemaps Discovers Large-Scale Wallet Coordination Across Major Meme Tokens

The new findings from Bubblemaps are part of a wider series of investigations by the firm into concealed accumulation patterns, insider launches, and possible manipulation within the meme coin sector.

Its “Time Travel” analytics tool, launched in May, reconstructs historical token distributions to reveal wallets that may have coordinated holdings prior to launch.

The firm aims to assist traders in identifying risks such as rug pulls, concentrated supply, and rapid liquidity removal.

Bubblemaps has already played a role in uncovering dubious activities behind several prominent meme tokens this year.

@Bubblemaps has presented new on-chain evidence suggesting that the team behind Libra meme coin is responsible for launching Melania.#Bubblemaps #Librahttps://t.co/lV88r49B5P

— Cryptonews.com (@cryptonews) February 17, 2025

In February, the company connected the MELANIA and LIBRA tokens to the same wallet, alleging that the entity behind the launches had employed insider tactics to seize early liquidity and extract millions in profits before both tokens collapsed.

LIBRA’s downfall triggered political repercussions in Argentina after insiders reportedly withdrew over $100 million, causing the token to lose nearly all its value within hours.

Similar trends have been observed in other instances. Investigators noted that more than 70% of Kanye West’s YZY token holders incurred losses shortly after its launch, while 11 wallets captured nearly a third of all profits.

More than 70% of traders who bought into Kanye West’s Solana-based memecoin YZY ended up in the red, according to @bubblemaps.#KanyeWest #YZYhttps://t.co/E36PlmnPQo

— Cryptonews.com (@cryptonews) August 28, 2025

Bubblemaps also raised concerns in September regarding what it described as one of the largest Sybil attacks ever documented, linking around 100 wallets to a coordinated effort that claimed $170 million worth of MYX airdrop tokens.

@bubblemaps has flagged a possible $170M Sybil attack in the @MYX_finance airdrop, alleging 100 wallets secured 1% of supply.#Crypto #MYX #Airdrophttps://t.co/c8dOGLEXIi

— Cryptonews.com (@cryptonews) September 10, 2025

In early December, the firm linked over 1,000 wallets to a single actor who allegedly captured the majority of the WET token presale on Solana within seconds.

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