BubbleMaps flags XST as a rug risk after 99% wipeout warning

Source Cryptopolitan

On-chain analytics firm BubbleMaps has warned that XST, a memecoin spreading fast through TikTok, has roughly 74% of its supply bundled in a small cluster of wallets.

BubbleMaps, which is popular for giving warnings right before some brutal crashes, has told buyers to skip the token.

Is it safe to invest in the TikTok-viral XST?

BubbleMaps has posted its analysis of the XST token on X, and it attached a characteristically terse one-word message: “bro.”

The analysis found that about 74% of XST’s total supply is held by a tight group of addresses that could be coordinated to move the price. The firm has flagged this same distribution problem in many other projects.

The firm’s own XST bubble map, timestamped August 13, shows a single cluster of 244 wallets accounting for close to half the supply on its own, but TikTokers, who the project is being marketed to as a fast money bet through viral clips by influencers, may never know to check who controls the token supply.

BubbleMaps’ map listed XST up 28.8% at about $0.06 at the time of its snapshot, and its market capitalization was pegged near $70 million.

The trader Bando described XST on X as “a $70m rug shilled on TikTok,” reiterating BubbleMaps findings, and adding fake profit screenshots. AI-generated Trump videos are even part of the project’s tactics.

Jack Duval also made a post, calling the project a “fraudulent crime trump larp coin.”

He argued that the coin being listed on the trading platform FOMO lends it credibility and urged that the token be stripped of its verification badge and delisted.

What other projects has BubbleMaps warned about?

One day before it made its post about XST, LAB token, which BubbleMaps previously warned about, fell 99%.

Cryptopolitan reported that a 313-wallet presale group BubbleMaps tracked watched its combined holdings collapse from more than $1 billion in paper value to about $6.8 million. LAB token is now trading near $0.12 against an all-time high of $27.22.

BubbleMaps also issued a warning about CASHDOG back in July when it analyzed memecoins on Robinhood Chain. Holders of the token were funded through one-time contracts, suggesting that the coin had a coordinated launch instead of organic purchases.

The same review found that 63% of the 164,538 traders active in the chain’s top 50 tokens had lost money.

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