BubbleMaps flags 25 wallets holding 19% of CATE supply

On-chain analytics firm BubbleMaps has published data that shows that 25 wallets control 19% of the CATE memecoin. 

This is a concentration warning aimed at the nearly 75,000 traders who have bought the cat-themed token that markets itself on a link to the dog behind Dogecoin.

Who controls the bulk of CATE supply?

BubbleMaps shared the figure in a thread on X on Wednesday, August 3, stating that 74,863 wallets had bought the CATE token.

Over 53,500 of these wallets are currently in profit, with two investors up by over $1 million, 48 up by over $100,000, and 1,618 up by over $1,000. BubbleMaps, however, asked how long the investors will hold. 

The data analytics platform pointed out that a sizeable chunk of the token supply is controlled by a small group of wallets. BubbleMaps stated, “Twenty five wallets control 19% of $CATE,” while sharing a link where it can be tracked. 

The current data shows that the bulk of buyers are above water for now, which is quite unusual for a memecoin at this stage. While it is bullish for investors, the part that calls for alarm is the concentration figure because paper gains hold only as long as the largest wallets stay put.

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