Blockchain analytics firm Bubblemaps said a cluster of 23 wallets linked to the operator of Solana-based AI token Ava collected about 40% of the token supply at launch, raising latest questions on insider coordination across the project's debut.
The Sybil wallet cluster related to the provider exhibited similar patterns, including funding in a narrow time window via Bitget and Binance, receiving similar amounts of Solana (SOL), and no blockchain activity prior to purchasing out the Ava AI (AVA) token offering at launch, Bubblemaps claimed in a Thursday post.
“There are other wallets related to these snipers that also purchased $AVA early. Similar funding sources, sizes and timing strongly suggest coordination between these clusters,” they said.
In crypto slang, “sniping” refers back to the use of crypto trading bots to robotically purchase latest token supplies as soon because the tokens turn into publicly available, with the goal of buying them at lower prices before most people.
While the token launched on memecoin launch platform Pump.fun and was aiming for a decentralized, community-driven debut, the wallet cluster's activity suggests acquisitions that resulted in a single company holding 40% of the token supply.
Source: Bubblemaps
A big token supply concentrated in just a few wallets might help investors detect scams like rug pulls, where insiders withdraw liquidity or stage a mass sale, leading to a pointy price drop that leaves investors worthless tokens.
The coordinated activity was uncovered through Bubblemaps' Time Travel feature, a forensic evaluation tool launched in May that enables Web3 users to reconstruct the historical distribution of tokens to detect early insider activity.
The AVA AI token falls 96% from its all-time high
The coordinated purchase activity was announced over a 12 months after the launch of the AVA token on November 13, 2024. The token reached a totally diluted valuation (FDV) of $300 million in January 2025, making it a well-liked Solana-based autonomous AI agent utility token.
Data from CoinGecko shows that the AVA token has fallen greater than 79% since its launch and greater than 96% from its all-time high of $0.33, broken on January 15, 2025.
Source: Bubblemaps
Ava, also generally known as “the HOLO AI intern,” was the primary AI agent to construct on the decentralized AI launchpad Holoworld AI. The platform allows users to create, play or collect money for agent AI applications.
Holoworld claims to have over 1 million users and 700,000 AI “creations” to this point.
Cointelegraph has reached out to Holoworld for comment on the Sybil wallet cluster's activities through the token launch.
