Solana-based AI token Ava (AVA) has collapsed more than 96% from its peak, after fresh on-chain analysis raised concerns about how the token’s supply was snapped up at launch — and whether insiders were involved.
The findings come from blockchain analytics firm Bubblemaps, which said a large share of AVA’s supply appears to have been accumulated almost instantly by wallets linked to the token’s deployer. According to the analysis, roughly 40% of the total supply ended up in a tightly connected cluster of wallets shortly after trading began.
What the on-chain data shows
Bubblemaps said the wallets in question were funded shortly before launch, showed little or no prior activity, and began buying AVA the moment the token went live. In total, the firm identified 23 wallets, including the deployer, that received similar amounts of SOL through centralized exchanges like Binance and Bitget before executing near-simultaneous purchases.
Additional wallets later displayed the same funding patterns and timing, which Bubblemaps said points to coordination rather than organic participation.
In crypto markets, this tactic is often referred to as sniping — using bots or automation to buy a new token the instant it becomes tradable. While not illegal, sniping can leave a token’s supply heavily concentrated, increasing the risk of sharp sell-offs if early holders decide to exit.
Bubblemaps said its findings suggest that despite AVA’s positioning as a community-driven launch, control of a large portion of the supply quickly consolidated into a small group of wallets.
From hype to reality
AVA launched on Nov. 13, 2024, via Pump.fun, a Solana-based platform that promotes fair and open token launches. The project quickly gained attention as one of the first 3D AI agent tokens, backed by Holoworld AI, a Polychain Capital portfolio company.
As enthusiasm around AI-themed crypto surged, AVA’s valuation ballooned. By January 2025, the token reached a fully diluted valuation of around $300 million, with prices peaking near $0.33.
That momentum didn’t last.
More than a year later, AVA now trades close to $0.01, down over 79% from its launch price and more than 96% from its all-time high, according to CoinGecko data.
Development continues, but price tells another story
The steep decline has come even as Holoworld AI continues building. The project describes Ava as an AI-powered virtual avatar designed for audiovisual interaction and emotional expression. Holoworld says it has created over 10,000 3D characters, partnered with 25+ IP and NFT brands, and attracted more than 1 million users.
Still, those milestones haven’t been enough to offset market pressure.
AVA has a fixed supply of 1 billion tokens, with 50 million released at launch as part of a 5% public sale. The remaining supply is allocated to the team, private investors, liquidity, ecosystem growth, and community incentives — much of it subject to vesting schedules.
A familiar pattern
The AVA episode adds to a growing list of cases where Bubblemaps has flagged concentrated ownership shortly after token launches. In recent months, the firm has published similar analyses involving PEPE, Solana’s $WET presale, MYX Finance’s airdrop, and other high-profile projects.
Not all of those cases led to enforcement action or outright failures. But together, they’ve fueled deeper scrutiny of fair-launch claims, insider transparency, and how much “community-owned” really means in practice.
