The Bubblemaps analytics platform has raised concerns over the Rugproof project which claims to protect investors from scams on the crypto market. Bubblemaps alleged that the project might involve similar fraudulent practices.
Bubblemaps' Suspicions About Rugproof
Bubblemaps stated that the project Rugproof, which positions itself as a protective launchpad on Solana, could be linked to the very scams it claims to safeguard users from. According to their data, 50% of the project's tokens were 'bundled' at launch.
Token Analysis and Resource Distribution
Bubblemaps analysts demonstrated that the token creator sent SOL tokens to 162 wallets, which subsequently purchased half of the initial Rugproof token supply. This approach creates the illusion of a fair and decentralized launch while potentially being under the control of a single entity. Information about the project's team, tokenomics, and smart contract audits is currently missing.
Current Trends in the Memecoin Sector
Amid these allegations, memecoins have shown a rally in July, increasing their overall market capitalization to $85 billion, up 54% compared to the end of June. A representative from Mercuryo noted that various factors, including successful ICO launches and Bitcoin price surges, contribute to optimism in the memecoin sector.
The issues raised by Bubblemaps regarding Rugproof highlight the importance of caution when investing in new projects on the crypto market. Meanwhile, the current state of memecoins indicates significant interest from investors.
