Blockchain analytics firm BubbleMaps has released data indicating that 25 wallets control 19% of the memecoin CATE's supply.
This is a concentration warning addressed to nearly 75,000 traders who bought the cat-themed token, which positions itself through a connection to the dog behind Dogecoin.
Who Controls the Bulk of CATE Supply?
BubbleMaps shared this data in an X discussion thread, stating that the CATE token had been bought by 74,863 wallets.
Currently, over 53,500 of these wallets are in profit, with two investors making over $1 million, 48 making over $100,000, and 1,618 making over $1,000. However, BubbleMaps questioned how long investors would hold onto these funds.
The data analytics platform pointed out that a significant portion of the token supply is controlled by a small group of wallets. BubbleMaps stated: "Twenty-five wallets control 19% of $CATE," and provided a link to track them.
Current data shows the majority of buyers are currently in profit, which is quite unusual for a memecoin at this stage. While this is an optimistic sign for investors, the worrying aspect is the concentration of holdings, as paper profits only last as long as the largest holders remain in their wallets.
Is CATE Company Connected to Kabosu's Owner?
At the core of CATE lies an implied connection to Kabosu, the Shiba Inu whose photo became the Doge meme. However, this connection is disputed, as Atsuko Sato, Kabosu's owner, has stated that the CATE tokens circulating on the market have no connection to her.
Sato stated that an old Instagram post of hers was used without permission to create the appearance of a link to this token.
According to her, Own The Doge is the only project she has authorized to manage her intellectual property. This project acquired the Doge NFT in 2021, launched the DOG token, hosts Doge Day events, and launched the COCORO token on the Base platform in 2025.
Sato advised buyers to verify any token claiming to be endorsed by her before investing.
Does the Latest BubbleMaps Analysis of CATE Confirm a Familiar Scenario?
In July, the firm reported that 63% of the 164,538 traders holding the top 50 Robinhood Chain memecoins were losing money, and the CASH token network had fallen by about 75% from its July 11 peak.
In that case, BubbleMaps performed a distribution check and found that ownership of the CASHCAT token was unevenly distributed, while a separate token, CASHDOG, was flagged as heavily bundled.
Earlier, in July, the company warned that the $LAB token would face an "ugly" sell-off as early investors approached unlock events, with presale participants owning hundreds of millions of dollars in locked profits. Cryptopolitan reported that $LAB had already fallen 72% from its June high amid separate insider manipulation allegations from investigator ZachXBT.
The CATE situation resembles the state of affairs with the aforementioned tokens before everything collapsed. A small group controlled the lion's share of the supply. How the remaining investors react to this data in the coming days will be crucial for the token's dynamics.
