On August 13, the on-chain data visualization analysis platform Bubblemaps issued a warning that the meme coin XST, with a market capitalization of approximately $70 million, is being heavily promoted on TikTok. However, its supply structure is extremely centralized, with 74% of the supply controlled by a small number of holders, making it a potential high-risk rug pull token. Bubblemaps urges investors to steer clear of such projects and to ignore similar content if encountered on TikTok's recommendation page. In recent years, TikTok has become a significant distribution channel for low-quality meme coins, creating an illusion of credibility through AI-generated videos of public figures and false associations. Coupled with the token's concentrated holding structure, this often leads to the emergence of typical high-risk rug pull tokens once the hype fades. BlockBeats reminds users that meme coins often lack practical use cases and exhibit significant price volatility, advising caution in investments.
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Bubblemaps Exposes TikTok-Promoted Meme Coin XST: 74% of Supply Under Centralized Control, Characteristic of Rug Pull Tokens
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