A cartoon German Shepherd, a sudden price jump and a powerful influencer were enough to pull thousands of eyes towards Atlas, a new memecoin that quickly became the focus of serious on-chain scrutiny.
Blockchain analytics firm BubbleMaps now says the token’s launch shows clear signs of insider-style coordination, raising fresh concerns about how influencer promotion and concentrated ownership continue to shape the memecoin market.
Atlas, a memecoin themed around US Vice President JD Vance’s pet dog, gained momentum after being promoted by the popular crypto account Whale Insider, which has more than 625,000 followers.
The account told followers on 26 December that Atlas had surged 100% in 24 hours, helping push the token into wider view.
Shortly after, BubbleMaps analysed the on-chain data and described the launch as “heavily bundled”, a pattern often linked to insider coordination rather than organic demand.
BubbleMaps found that just 68 wallets now control around 47% of the total Atlas supply, valued at roughly $1 million.
According to the firm, these wallets showed striking similarities.
They had no prior on-chain activity before Atlas, were funded within narrow time windows, received near-identical amounts of ETH and bought the token immediately at launch.
Such behaviour, BubbleMaps said, points to coordinated control rather than independent investors.
The analytics firm also noted that the wallets were funded through ChangeNow, a non-custodial crypto exchange that does not require know-your-customer checks for most transactions.
While not illegal, BubbleMaps said this funding route can make it harder to trace identities, adding to concerns around transparency when large portions of a new token are accumulated at launch.
With almost half of Atlas concentrated in a small cluster of wallets, BubbleMaps warned that coordinated selling could heavily influence the price, potentially harming retail buyers who entered after seeing social media promotions.
BubbleMaps framed Atlas as part of a wider pattern seen across influencer-backed memecoin launches.
Many such projects, it said, have ended as rug pulls or lost value quickly, despite early hype driven by large social media accounts.
The firm suggested that Atlas may reflect cases where tokens are promoted without clear disclosure of insider holdings or coordinated launch tactics.
BubbleMaps has previously flagged Whale Insider for promoting other controversial tokens.
Crypto investigator ZachXBT, an advisor at Paradigm, has repeatedly exposed influencers who allegedly accepted payment to promote crypto projects without stating that posts were ads.
His work has fuelled growing debate over disclosure and accountability in crypto marketing.
The memecoin market expanded rapidly in 2024, helped by launchpads such as Pump.fun, which made issuing new tokens quick and simple.
That growth has also coincided with a rise in scams and short-lived projects, according to on-chain analysts.
High-profile examples include tokens such as TRUMP and MELANIA, launched by individuals reportedly linked to the US President and First Lady, which fell sharply within weeks.
Argentine President Javier Milei also promoted the LIBRA token, later identified as a scam.
The US Securities and Exchange Commission has previously taken action against celebrities who promoted crypto investments without disclosing compensation.
However, its stance on memecoins remains limited.
In February 2025, the SEC said that “a meme coin does not constitute any of the common financial instruments specifically enumerated in the definition of ‘security,’” and added that “neither meme coin purchasers nor holders are protected by the federal securities laws.”
That regulatory gap leaves projects like Atlas operating in a grey area, where influencer reach and on-chain coordination can shape outcomes long before risks become clear to everyday buyers.
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