A Solana-based meme coin named after prominent crypto influencer Ansem has rocketed to a fully diluted valuation of over $108 million, with on-chain data showing his wallet holds more than $71 million worth of the token.

However, the person who actually deployed the coin reportedly walked away with just $5,500.

A Pre-Arranged Deal?

On-chain analytics firm Lookonchain shared details of the situation on June 29, saying that the deployer, identified by the wallet tag “yHCxHB,” spent $6,300 to launch The Black Bull (ANSEM) and then acquired 792.45 million tokens in the process.

Of those, 650 million were transferred directly to Ansem’s wallet for free, with the deployer then selling the remaining 142.45 million tokens for $11,800, leaving them with a $5,500 profit on a meme coin that has since crossed a $43 million market cap per CoinGecko.

Spot On chain analyst Hupzy was direct about what the numbers suggest:

“The deployer handed 80%+ of his allocation to a single influencer for free, strongly suggesting a pre-arranged promotion deal,” they wrote. “Ansem’s incentive is to pump and dump. The deployer making only $5,500 confirms he was in it for the relationship, not the token.”

Hupzy also added that ANSEM’s supply structure was “highly concentrated” and “influencer-controlled,” warning that any price action should be treated “as potentially manipulated.” Rugcheck.xyz also shared that same warning, flagging a risk of market manipulation due to large token concentration in unidentified wallets.

Per data from CoinGecko at the time of writing, ANSEM was trading at around $0.108, with a 24-hour gain of roughly 284% and a more than 19,000% increase on the weekly chart. The token hit a new all-time high of $0.1212 earlier today and recorded a 24-hour trading volume of approximately $87.8 million, representing a 245% jump from one day ago.

A Pump.fun ecosystem tracking account has been documenting the meme token’s rise in real-time, noting that it was the top-traded on Pump.fun by volume in the past 24 hours at $60 million, well ahead of tokens like Jotchua and Fartcoin, which hit $5.63 million and $3.77 million, respectively.

According to the same account, Ansem linked his X account to Pump.fun 12 days ago and announced that he would share a portion of creator rewards with his followers, which seemed to have generated significant early interest for the coin, with some traders getting in early enough to profit.

Lookonchain highlighted one wallet, CxCTVj, that got a 261x return after turning $2,330 into $614,500 when it bought 14.2 million ANSEM tokens near the start. Another trader reportedly bought $3,370 worth when the asset had a market cap of about $4 million and later sold for $37,580, to secure an 11x gain.

Struggling Meme Market

Analyst Ash Crypto pointed out on X that ANSEM had gone from a $173,000 market cap to nearly $109 million in one day, a move of about 63,000%.

However, as CryptoPotato reported recently, data from CryptoRank shows that the meme coin sector has lost more than 84% of its collective value, going from a 2024 peak of $135 billion to $20.74 billion currently, and the sort of vertical move seen in ANSEM in a declining market has led to comparisons with other meme coins like SIREN, whose whales liquidated 92% of circulating supply and triggered a 95% crash.

Analytics platform Bubblemaps and on-chain investigator ZachXBT had warned about SIREN’s concentrated supply months before the crash. Whether ANSEM meets the same fate remains to be seen, but what the data shows is that one wallet controls a huge chunk of the supply and the person who launched it made almost nothing from it.

Source: CryptoPotato