Watch Out: Another Manipulation Alert for an Altcoin—They Accumulated Just Before the Rally, and Nearly All of It Is Now in the Hands of…

The cryptocurrency analysis platform Bubblemaps has shared some noteworthy data about BRENT, one of the memecoin projects that has been rapidly rising recently.

The token, inspired by Brent crude oil and rising global energy prices, is said to have a high concentration in its supply.

According to Bubblemaps data, approximately 70% of the BRENT supply is held by new wallets funded by centralized exchanges (CEXs). Analysis revealed that more than 50 wallets were funded by exchanges before the token’s market capitalization surpassed $10 million.

These wallets share some notable common characteristics. It was stated that these addresses had no prior transaction history, received similar amounts of SOL transfers, and purchased a large portion of the BRENT supply. Furthermore, it was added that the majority of these transactions occurred on March 30th, within a very short time frame.

According to data shared by Bubblemaps, the wallets in question made simultaneous purchases within minutes of approximately 00:40 UTC+3 on April 1st, just minutes before the token price surged about 250 times. This raised suspicions that the price movement might be linked to an organized buying process.

The analysis platform stated that it is not yet known who controls these wallets, and that investigations into the matter are ongoing.

*This is not investment advice.