Bubblemaps says 23 wallets tied to the Ava deployer sniped 40% of the AVA supply at launch. The Solana AI token later fell 96% from its peak.
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Blockchain analytics firm Bubblemaps said a cluster of 23 wallets linked to the deployer of the Solana-based AI token Ava accumulated around 40% of the token’s supply at launch, raising new questions about insider coordination around the project’s debut.
The sybil wallet cluster related to the deployer shared similar patterns, including being funded in a tight time window through Bitget and Binance, receiving similar amounts of Solana () and having no blockchain activity before buying up the Ava AI (AVA) token supply at launch, Bubblemaps claimed in a Thursday X .
“Connected to these snipers are other wallets that also bought $AVA early. Similar funding sources, sizes, and timing strongly suggest coordination across these clusters,” they said.
In crypto slang, sniping refers to employing crypto trading bots to automatically purchase new token supply as soon as the tokens become publicly available, aiming to buy at lower prices before the general public.
While the token was on memecoin launch platform Pump.fun, aiming for a decentralized, community-driven debut, the wallet cluster’s activity suggests acquisitions that led to a single entity holding 40% of the token’s supply.
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A large token supply concentrated across a few wallets can help investors detect scams such , where insiders remove liquidity or stage a mass sell-off, resulting in a steep price collapse that leaves investors with worthless tokens.
The coordinated activity was uncovered through feature, a forensic-grade analytics tool launched in May that enables Web3 users to reconstruct the historical distribution of tokens, aiming to detect early insider activity.
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The coordinated buying activity was revealed over a year after the AVA token’s launch on Nov. 13, 2024. The token reached a fully diluted valuation (FDV) of $300 million by January 2025, making it a popular autonomous AI agent utility token native to Solana.
The AVA token is down over 79% since launch and over 96% from its all-time high of $0.33 breached on Jan. 15, 2025, CoinGecko shows.
Ava, also known as “the HOLO AI intern,” was the first AI agent built on the decentralized AI launchpad Holoworld AI. The allows users to create, play, or raise funds for agentic AI applications.
Holoworld claims to have over 1 million users and 700,000 AI “creations” to date.
Cointelegraph has approached Holoworld for comment on the sybil wallet cluster’s activity during the token launch.
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