Solana-based AI token Ava, known by its ticker AVA, has plunged more than 96% from its peak after new on-chain analysis raised questions about how the token’s supply was distributed at launch and whether insiders coordinated early purchases.
The latest findings come from blockchain analytics firm Bubblemaps, which published an analysis on X showing that around 40% of AVA’s total supply was accumulated at launch by a cluster of wallets linked to the token’s deployer.
Wallet Clustering Points to AVA Token Sniping at Launch
According to Bubblemaps, the wallets were funded shortly before launch, showed no prior on-chain activity, and bought large amounts of AVA as soon as the token became available.
AVA launched on Nov. 13, 2024, on Pump.fun, a Solana-based memecoin launch platform that promotes fair and decentralized token launches.
The project gained early attention as one of the first 3D AI agent tokens, backed by Holoworld AI, a Polychain Capital portfolio company.
By January 2025, AVA had reached a fully diluted valuation of roughly $300 million, driven by a surge of interest in AI-themed crypto projects.
Bubblemaps said its analysis identified 23 wallets, including the deployer, that were funded within tight time windows through centralized exchanges such as Binance and Bitget.
The wallets received similar amounts of SOL and then used automated trading strategies to buy AVA at launch.
The firm added that additional wallets connected to this initial cluster followed similar funding and timing patterns, which it said strongly suggests coordination rather than independent participation.
In crypto markets, this practice is commonly referred to as sniping, where bots are used to purchase new tokens the moment they become tradable, often securing large allocations before retail participants can react.
While sniping itself is not illegal, a heavy concentration of supply among early wallets can increase the risk of sharp sell-offs if those holders decide to exit.
The firm said the analysis shows that despite AVA’s public positioning as a community-driven launch, a single coordinated entity ended up controlling a large share of the supply.
AVA’s Market Reality Sets In as Token Sheds 96% From All-Time High
More than a year after launch, the impact is visible in the token’s market performance.
AVA is down over 79% from its launch price and more than 96% from its all-time high of about $0.33, reached on Jan. 15, 2025, according to CoinGecko data.
The token now trades near $0.01, erasing most of its early gains.
This decline has occurred despite continued development by the team behind Holoworld AI. The project describes Ava as the first AI agent virtual image token, designed to power audiovisual AI agents capable of interaction and emotional expression.
Holoworld claims to have created more than 10,000 3D virtual characters, partnered with over 25 IP and NFT brands, and attracted more than 1 million users.
Even so, those developments have not prevented a steep drop in AVA’s market value. AVA has a fixed total supply of 1 billion tokens, with 50 million released at launch as part of a 5% public sale.
The broader token distribution includes long-term allocations for community incentives, the team, private investors, liquidity, and ecosystem development, many of which are subject to vesting schedules.
The episode adds to a growing list of cases where Bubblemaps has flagged concentrated token ownership shortly after launch.
In recent months, the firm has published similar analyses involving PEPE, the $WET presale on Solana, MYX Finance’s airdrop, and other high-profile tokens, often pointing to coordinated wallet behavior and heavy early sell pressure.
While not all cases resulted in enforcement action or project failures, they have intensified scrutiny around fair-launch claims and insider transparency.
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