Solly Meme Coin Developer Acquired Astounding 95% of His Own Supply
Solly meme coin has brought a new player into the Solana meme coin space, but an analysis of the project’s on-chain activity has unearthed a concerning revelation. The developer has executed a substantial purchase, seizing 95% of the meme’s supply, as confirmed by LookOnChain on their official X account. This raises significant apprehensions regarding potential market manipulation.
The Overview of the Enormous Purchase
Recent data indicates that four wallets linked to the Solly development team procured 950 million SOLLY tokens for an unspecified amount, which roughly equates to $24,000. This acquisition, representing 95% of the total SOLLY supply, places the developer in almost complete control of the token’s market dynamics. This level of control is alarming for users, as it presents the risk of a single entity dominating such a substantial portion of the token supply.
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This significant level of control empowers the developer to orchestrate pump and dump schemes, artificially inflate prices, or exert undue sway over token distribution and liquidity. Notably, the 950 million SOLLY tokens obtained were subsequently apportioned across multiple wallets.
This dispersion across several wallets introduces opacity and potential risks for investors, as it complicates efforts to monitor the precise movements and motives behind these transfers. This tactic centralizes actual control while creating the façade of decentralization.
The Solly developers’ anonymity affords them the liberty to take unrestricted actions without facing repercussions. Consequently, token holders should exercise caution. Projects in which one entity wields a disproportionate supply should raise red flags for investors, as these scenarios frequently elevate the risk of unfair business practices and market manipulation.
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While it is not uncommon for top-tier projects to have a distribution in which one entity holds a notable portion of the supply, none of them approach the extreme of 95%.
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