Bubblemaps Warns of Pump as 70% of $BULLISH Held by New Wallets
On November 20, Bubblemaps flagged a potential pump-and-dump scheme in the $BULLISH token market after finding that 70% of its circulating supply is held by newly created wallets funded through Binance deposits. On-chain analysis reveals that between September 13 and 24, more than 150 wallets deposited SOL into fresh addresses, then bought large amounts of BULLISH within 30 minutes of its October 2 listing. The fully diluted valuation of the token has surged to $40 million amid these coordinated buys. The incident has been escalated to the Intel Desk for a community vote on possible sanctions. Traders should monitor token concentration and on-chain indicators closely before trading $BULLISH.
Bearish
High concentration of 70% of the supply in a small group of new wallets signals coordinated market manipulation, a pattern that tends to precede sharp reversals. Similar incidents, such as the XYZ token event in 2023, saw rapid price pumps followed by steep declines once insiders sold off. In the short term, traders may witness volatile spikes, but the long-term outlook is negative due to eroded trust, reduced liquidity, and heightened regulatory scrutiny.