Crypto exchange Binance is partnering with blockchain data platform Bubblemaps to give users of its non-custodial Web3 Wallet more insight into potential insider trading and token manipulation.
The integration will allow millions of Binance Web3 Wallet users to utilize Bubblemaps’ blockchain data visualization tool to view token distribution and onchain wallet clusters, aiming to add “layers of transparency” to the Binance experience, according to a Wednesday announcement shared with Cointelegraph.
Binance aims to help traders identify insider trading activity or other coordinated market behavior by analyzing a token’s distribution pattern.
“As more traders and activity move onchain, the need for accessible, transparent blockchain data continues to grow. Integrating Bubblemaps on Binance Wallet is part of this effort to provide our users with clear insights, helping them make better-informed trading decisions,” said Winson Liu, lead at Binance Wallet.
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Bubblemaps has previously helped identify insider token sales and suspicious team wallet activity surrounding popular celebrity-endorsed memecoins, including the US First Lady Melania Trump’s Melania Meme (MELANIA) token.
On April 7, Bubblemaps revealed that the team behind the MELANIA token moved $30 million worth of community funds that were “quietly sold, with no explanation from the team.”
Source: Bubblemaps
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Crypto trading needs more data transparency
The growing onchain economy created a need for more transparent blockchain data for crypto traders, wrote Nicolas Vaiman, CEO of Bubblemaps, adding:
“This integration marks an important step in our mission to make blockchain transparency accessible to everyone.”
Bubblemaps transforms blockchain data into intuitive visual clusters, with wallets represented as bubbles interconnected with other entities based on their transaction history.
Traders use the tool to identify potential anomalies, such as high token concentration bundled across the same entity, which may be a sign of insider activity.
The partnership comes five months after Bubblemaps launched Time Travel, a tool designed to help detect insider activity related to the growing memecoin scams.
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