TikTok-Memecoin XST Flags Red Flags for BubbleMaps
On-chain analytics firm BubbleMaps has sounded the alarm on XST, a memecoin that's gained popularity through TikTok. The warning comes after the token saw its price drop by nearly 99% in a single day.
BubbleMaps' analysis found that approximately 74% of XST's total supply is held by a small group of wallets, which could potentially coordinate to move the price. This distribution problem has been seen in many other projects flagged by BubbleMaps.
The firm's own XST bubble map, dated August 13, shows a single cluster of 244 wallets accounting for nearly half the supply. However, TikTokers, who are being targeted as potential investors through viral clips and influencer marketing, may not be aware of this concentration of control.
BubbleMaps' findings have been echoed by trader Bando, who described XST as 'a $70m rug shilled on TikTok,' referring to the project's tactics, which include AI-generated Trump videos. Jack Duval also weighed in, calling the project a 'fraudulent crime trump larp coin.'