Bubblemaps Flags Possible Suspicious Token Activity in Solana’s Rugproof Launchpad
Main Idea
Bubblemaps has identified suspicious token activity in Solana’s Rugproof launchpad, revealing that 50% of tokens were distributed through 162 wallets controlled by the creator, raising concerns about potential rug pull despite Rugproof’s anti-rug claims.
Key Points
1. Bubblemaps revealed that Rugproof’s token creator sent SOL to 162 wallets, which then purchased 50% of the tokens, indicating centralized control.
2. Rugproof’s lack of transparency in tokenomics and team details raises red flags about its legitimacy.
3. Bubblemaps’ visualization tools help identify wallet clusters linked to creators, a key indicator of potential rug pulls.
4. The memecoin market saw a 32% increase in July, driven by accessibility and Bitcoin’s price surge, but risks like rug pulls persist.
5. Experts caution investors to verify projects using blockchain analytics to avoid scams, as seen in Rugproof’s case.
Description
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