BubbleMaps raises concerns about Atlas token distribution
Blockchain analytics platform BubbleMaps has identified what looks like coordinated insider activity in the Atlas token, a memecoin inspired by Vice President JD Vance’s pet dog. The token was promoted to hundreds of thousands of followers by the influential account Whale Insider, but the analytics firm found some troubling patterns.
According to their analysis, 68 wallets with suspiciously similar behavior now control nearly half of the token’s supply. That’s worth about $1 million. These wallets showed no prior on-chain activity before the Atlas launch, which is unusual. They were all funded through ChangeNow, a non-custodial exchange that doesn’t require KYC verification for most transactions.
What really caught their attention was the timing. These wallets were funded within tight windows, received similar amounts of ETH, and all purchased the token immediately at launch. That kind of coordination suggests someone might be trying to control the market.
The influencer promotion problem
Whale Insider posted to its more than 625,000 followers on December 26, claiming the Atlas token had risen 100% in the previous 24 hours. But here’s the thing – most influencer-driven memecoin launches either turn out to be rug pulls or just burn out quickly. Crypto influencers still have significant pull when it comes to directing investors to projects, but the track record isn’t great.
ZachXBT, a well-known crypto scam investigator, has spent years exposing crypto influencers who get paid to promote projects without disclosing those payments. The BubbleMaps findings might point to another case where an influencer promoted a token without revealing insider holdings or coordinated launch tactics.
This isn’t the first time BubbleMaps has called out Whale Insider for promoting controversial tokens. There seems to be a pattern here.
The broader memecoin landscape
The memecoin market exploded in 2024, especially with platforms like Pump.fun making launches incredibly easy. But with that growth came more scams and rug pulls. It’s become almost routine.
We’ve seen celebrities, musicians, and even politicians launch memecoins that crash shortly after. Earlier this year, tokens like TRUMP and MELANIA, reportedly associated with political figures, crashed within weeks. Argentine President Javier Milei promoted the LIBRA token, which turned out to be a scam.
Regulatory gray area
The SEC has taken action against celebrity promoters who failed to disclose payments for endorsing cryptocurrency investments. But there’s an interesting twist – in February 2025, the SEC posted that “a meme coin does not constitute any of the common financial instruments specifically enumerated in the definition of ‘security.'” They added that neither meme coin purchasers nor holders are protected by federal securities laws.
That creates a strange situation. On one hand, the SEC will go after people for not disclosing payments. On the other, they’re saying memecoins themselves aren’t securities, so investors don’t get the usual protections.
For retail investors who bought Atlas based on Whale Insider’s promotion, the concern is real. If those 68 wallets decide to sell their 47% stake all at once, the price could collapse. It’s the classic pump-and-dump scenario, just dressed up with political pet references.
I think what we’re seeing here is the natural evolution of a market that’s still figuring itself out. The tools for launching tokens keep getting easier to use, but the oversight isn’t keeping pace. Maybe that will change, or maybe this is just how things will be for a while. Either way, it’s worth paying attention to these analytics reports – they’re often the only warning signs investors get before things go south.
