Solly coin meme is one of the latest additions to Solana’s meme coin landscape. However, a look at the project’s chain activity reveals a worrying fact. Its developer has made a huge purchase, taking 95% of the meme’s supply into its own hands, according to reports Watch chainwhich opens up numerous ways to manipulate the market.
Solly coin meme is one of the latest additions to Solana’s meme coin landscape. However, a look at the project’s chain activity reveals a worrying fact. Its developer has made a huge purchase, taking 95% of the meme’s supply into its own hands, according to reports Watch chainwhich opens up numerous ways to manipulate the market.
According to recent data, four wallets connected to the Solly development team purchased 950 million SOLLY tokens for 152 SOL, or around $24,000. With this acquisition, which represents 95% of SOLLY’s total supply, the developer gains almost complete control over the token’s market dynamics. It is risky for users to have a single entity control such a large portion of the token supply.
With such a high degree of control, the developer can create pump and dump schemes, artificially inflate prices, or have undue influence over the distribution and liquidity of tokens. The 950 million SOLLY tokens that were purchased were divided between several wallets.
Yuri Molchan
This division into multiple portfolios can increase opacity and potential risks for investors by making it difficult to track the precise movements and intentions behind these transfers. It keeps actual control centralized while creating the appearance of decentralization. Solly developers are anonymous and can take any type of action without facing any consequences, so it is important to be careful if you have any tokens.
Projects where one company controls a disproportionate amount of supply should raise red flags for investors because these situations often involve increased risks of unfair trade practices and market manipulation. Although even top-tier projects can have a distribution where one entity owns a respectable amount of the supply, none of its holdings reach the 95% extreme.
