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On-chain data analysis platform Bubblemaps recently uncovered an interesting phenomenon. A Meme coin project, ATLAS, was launched due to a well-known individual's pet dog, gaining quite a bit of attention and promotion on social media.
But a closer look at the on-chain data reveals some irregularities. Bubblemaps' monitoring shows that 68 wallets with no on-chain transaction records at all obtained funds through ChangeNow, and had already purchased a large amount of ATLAS tokens before the project launch.
Currently, these wallets hold a total of 47% of the supply, worth approximately $1 million. Such a high concentration of holdings, combined with these wallets accumulating large amounts before the project went live, raises suspicions of possible insider trading. For investors concerned about Meme coin risks, this kind of early abnormal on-chain activity pattern warrants caution.