Edel Finance-Linked Wallets ‘Snipe’ 30% Token Supply, Bag $11M: Bubblemaps

Concerns are mounting over unusual activity surrounding the token launch of Edel Finance, a lending protocol focused on tokenized stocks and real-world assets (RWAs).

Blockchain analytics platform Bubblemaps claimed in a Tuesday X post that a cluster of about 160 wallets accumulated 30% of the EDEL token supply, worth $11 million, during the launch earlier this month. The platform alleged the wallets were linked and funded in a coordinated fashion immediately before trading opened.

“Edel Finance sniped 30% of $EDEL. Then tried to hide it behind a…