Mystery Token (MYSTERY) Launch Raises Red Flags Over Wallet Sniping
Jessie A Ellis May 06, 2026 12:43
Bubblemaps reveals 90% of Mystery token supply was sniped by 90 wallets, raising concerns about launch fairness and price manipulation.
Blockchain analytics platform Bubblemaps has flagged potential price manipulation during the launch of the Mystery (MYSTERY) memecoin. According to Bubblemaps, 90 newly created wallets collectively acquired 90% of the token's supply at launch, raising alarms about centralized control and fair distribution.
The wallets were reportedly funded by a single source, wallet "0x544E," which withdrew 20 Ether from Binance to fuel the purchases. After accumulating the tokens, this cluster sold approximately $100,000 worth of MYSTERY and still controls 40% of the circulating supply. Bubblemaps described this activity as a "textbook scam" in a post on X (formerly Twitter).
Sniping, a trading tactic where bots or automated tools buy tokens immediately after launch, has long plagued thinly traded memecoins. This strategy allows coordinated actors to dominate supply, leaving retail investors vulnerable to sharp losses when early holders cash out. In the case of MYSTERY, the token's market cap has plummeted 75% from its April 28 peak of $7.5 million to $1.9 million as of May 6, according to Dexscreener data.
Mystery’s Meme Appeal Now Under Scrutiny
Mystery launched on December 11, 2024, branding itself as a memecoin inspired by Matt Furie’s character "Mystery" from The Night Riders. With ties to Furie—also the creator of meme icon Pepe the Frog—the project aimed to leverage viral humor and community-driven value. Its tokenomics include a zero-tax trading model, locked liquidity, and a renounced contract, features meant to boost investor confidence.
However, the recent findings by Bubblemaps cast doubt on the project’s commitment to fairness. A fair token launch is intended to give all participants an equal opportunity to buy, but the concentrated wallet activity suggests otherwise. As of May 6, MYSTERY is priced at $0.00000000160 with a market cap of $671,158, a far cry from its launch hype.
Pattern of Sniping in Memecoins
This is not the first time Bubblemaps has uncovered suspicious wallet activity in the crypto space. In November 2025, the analytics firm identified a cluster of 160 wallets controlling 30% of Edel Finance’s (EDEL) token supply at launch, worth over $11 million. The team behind Edel Finance denied wrongdoing, claiming their actions were part of a planned token allocation. Earlier in February 2025, a sniper reportedly made $28 million exploiting the launch of the Broccoli (BROCCOLI) memecoin, which capitalized on a viral tweet by Binance co-founder Changpeng Zhao.
The Mystery token’s trajectory highlights ongoing concerns about memecoin launches, where low liquidity and hype-driven demand create fertile ground for manipulation. While the project’s branding and cultural ties may attract retail investors, the concentration of supply in a few wallets undermines trust and raises questions about market integrity.
Cointelegraph reached out to Mystery for comment but has not received a response as of publication. Traders and investors should exercise caution, particularly with low-cap memecoins prone to speculative activity and centralized control.
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