Bubblemaps: 30% EDEL ‘sniped’; Edel Finance disputes claim
Blockchain analytics firm Bubblemaps reported unusual activity during the launch of Edel Finance’s EDEL token, stating that a cluster of about 160 wallets accumulated 30% of the supply, valued at approximately $11 million. Edel’s co-founder said the purchases were part of the project’s planned token distribution and vesting process.
In a post on X on Tuesday, Bubblemaps said the wallets appeared linked and were funded in a coordinated manner just before trading began. The platform added that roughly 60 wallets received funds from Binance only hours ahead of the token going live and collectively acquired 30% of the supply, now worth $11 million.
In crypto markets, “sniping” typically refers to using automated tools to buy newly listed tokens immediately upon public availability, often at lower initial prices before broader participation.
Bubblemaps said the wallets were funded with Ether (ETH) around the same time and routed through multiple fresh wallets before purchasing EDEL from a final layer. According to the platform, each wallet retained 50% of the acquired tokens, while the other 50% was distributed across about 100 secondary wallets reportedly funded via the MEXC exchange. Bubblemaps also claimed the list of these secondary wallets is embedded in the token contract creation code, which it said establishes a direct link between the cluster and the project team.
EDEL, which went live on Nov. 12, has a market capitalization of about $14.9 million and has declined 62% over the past week, according to CoinMarketCap. Edel Finance is a decentralized lending protocol focused on bringing tokenized stocks and other real-world assets on-chain. Its X page says the team includes former employees of State Street, JPMorgan and Airbnb.
Edel co-founder disputes sniping claims
Responding to the findings, Edel Finance co-founder James Sherborne said on X that the team had planned to acquire approximately 60% of the total supply and lock those tokens into a vesting contract, in line with the project documentation.
Tokenomics materials shared by Sherborne indicate that 12.7% of the supply is allocated to the team under a 36-month vesting schedule with six-month cliff unlocks.
Bubblemaps described the explanation as a “Hayden Davis defense,” referencing controversies around the Official Melania Meme (MELANIA), Libra (LIBRA) and Wolf (WOLF) tokens. It noted that the Wolf token launched with an insider allocation above 80%, followed by a 99% decline within two days.
Bubblemaps further asserted that the 50% EDEL portion reflected in the vesting schedule originated from the token deployer and is separate from the alleged sniping activity.
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