Bubblemaps (BMT) lined up among the top gainers for the day. In an otherwise subdued market sentiment, BMT gained more than 49% during its early price discovery stage.
Bubblemaps launched its new BMT token for DEX trading on Raydium and PancakeSwap, quickly becoming one of the top gainers for the day despite the muted market sentiment. Bubblemaps established itself as one of the most useful analytics tools during the meme token season, helping identify insider ownership and sniping.
BMT started its price discovery after a listing on Raydium, trading in a range between $0.11 and $0.14. The initial trading reached volumes of $29M, based on 256M tokens in circulation out of the 1B supply. The BMT airdrop is available to all V2 users who showed activity and sent out invites. The top 1,000 users received a 20,000 BMT allocation.
Bubblemaps also revealed the official token smart contracts on Solana and BNB Smart Chain to avoid confusion with copycat assets.
Bubblemaps is in the early stages of Raydium trading and expects to have pairs in most of the major centralized markets. The Bubblemaps airdrop used a random distribution based on a lottery principle to avoid bots and impersonating wallets. The token had limited early sniping, with even top traders only realizing $244K in gains.
The token’s whole supply will be split between Solana and BNB Smart Chain, tapping two highly active communities. 88% of the tokens will remain on Solana, with 12% issued on BNB Smart Chain, using the Layer Zero cross-chain standard.
Initially, most of the BMT tokens remain locked in the issuer address, but they will be moved to a smart contract that will distribute more of the assets over time to all groups of investors and contributors.
Part of the BMT supply was also distributed to Binance Wallet users in a presale event with maximum participation of 3 BNB. The new tokens were available to early buyers at $0.02, a fraction of the decentralized price, which peaked at around $0.25. Binance’s event relied on a preliminary subscription and a proportional share of the tokens. The event aimed at popularizing BMT for a wider audience, though with relatively low holdings.
Bubblemaps adds utility to BMT tokens
The basis of BMT tokenomics will be the usage within the Bubblemaps ecosystem. BMT will be used to further investigations into other projects and their on-chain structure. Bubblemaps will launch its Intel Desk, a facility where users will submit cases, vote, and allocate on-chain investigation resources.
The token is mintable, and will be used to incentivize the usage of the Intel Desk, as well as recruiting investigators. The token’s main feature will be the ability to unlock advanced features on Bubblemaps V2. The new version allows better visuals that help to identify insider holdings, connected wallets, and wash trading.
Bubblemaps has already received requests to do investigations on specific tokens and chains. With so many new launches, Bubblemaps will use the BMT token to limit the investigation requests and vote for the most urgent ones.
BMT will be used to propose, vote and decide on the most urgent investigations. Proposers will earn BMT rewards, while Voters will receive the first access to sensitive data about tokens. Contributors will also receive incentives to research tokens more deeply.
Bubblemaps continues the analytics token trend
The launch of a Bubblemaps token extends the trend of capitalizing on the value of crypto analytics companies. The most recent similar launch was from Kaito, a builder of social media analytics tools. Analytics layer projects aim to bring additional utility before offering a token to avoid the reputational loss of a crashing asset.
KAITO tokens traded at $1.35, down from a peak of $2.86. The KAITO tokens were distributed to high-profile power users, but even the influencers realized profits in the first hours since the launch.
Bubblemaps is the second analytics protocol to launch a token. Despite the utility, there are fears BMT will be shorted or sold in the early stages of trading.
The other two potential airdrops from analytics platforms include Arkham Intelligence and Nansen. So far, the companies are in the pre-airdrop stage with no known date for the token generation event. Arkham’s airdrop relies on interacting with the app and trading on the project’s decentralized exchange. Nansen’s airdrop is unconfirmed, though new users may join the platform for a chance of eligibility.
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