Launch of Solana's AI Token Ava Faces Controversy Over Wallet Accumulation: Bubblemaps Reports
Bubblemaps reveals that a group of 23 wallets connected to the Ava deployer gathered 40% of the AVA token supply at launch, raising concerns about insider practices.
Blockchain analytics company Bubblemaps reported that 23 wallets associated with the deployer of the Solana-based AI token Ava acquired approximately 40% of the token’s supply at its launch. This situation raises questions about potential insider coordination surrounding the token’s initial offering.
The deployer’s sybil wallet cluster displayed identical characteristics, such as receiving funding in a narrow time frame through Bitget and Binance, and having no prior blockchain activities before purchasing the Ava AI (AVA) token supply at launch, as claimed by Bubblemaps in a recent X post.
“Connected to these snipers are other wallets that also bought $AVA early. Similar funding sources, sizes, and timing strongly suggest coordination across these clusters.”
“Estos ‘snipers’ conectados tienen otros wallets que también compraron $AVA temprano. Fuentes de financiamiento, tamaños y tiempos similares sugieren fuertemente coordinación entre estos grupos.”
In the crypto realm, ‘sniping’ refers to the practice of utilizing trading bots to instantly purchase new token supplies once they are publicly accessible, aimed at acquiring them at lower prices before the general public.
Despite the token being launched on the memecoin platform Pump.fun with aspirations for a decentralized, community-centric start, evidence of organized buying has raised concerns about a single entity controlling 40% of its supply.
AVA AI Token Declines by 96% from Previous High
This coordinated buying behavior was brought to light over a year post-launch on November 13, 2024. The token achieved a fully diluted valuation (FDV) of $300 million by January 2025, establishing itself as a prominent utility token for autonomous AI agents within Solana.
Post-launch, the AVA token has dropped more than 79% and is down over 96% from its all-time high of $0.33 reached on January 15, 2025, according to CoinGecko data.
Ava, also known as “the HOLO AI intern,” was the first AI agent created on the decentralized AI platform Holoworld AI, which facilitates users to create, engage, or gather funds for agentic AI applications. Holoworld claims to have surpassed 1 million users and 700,000 AI creations to date.
Cointelegraph has sought comments from Holoworld regarding the activities of the sybil wallet cluster during the token launch.
