On-chain analytics firm BubbleMaps has published data that shows that 25 wallets control 19% of the $CATE memecoin.
This is a concentration warning aimed at the nearly 75,000 traders who have bought the cat-themed token that markets itself on a link to the dog behind Dogecoin.
Who controls the bulk of $CATE supply?
BubbleMaps shared the figure in a thread on X on Wednesday, August 3, stating that 74,863 wallets had bought the $CATE token.
Over 53,500 of these wallets are currently in profit, with two investors up by over $1 million, 48 up by over $100,000, and 1,618 up by over $1,000. BubbleMaps, however, asked how long the investors will hold.
The data analytics platform pointed out that a sizeable chunk of the token supply is controlled by a small group of wallets. BubbleMaps stated, “Twenty five wallets control 19% of $CATE,” while sharing a link where it can be tracked.
The current data shows that the bulk of buyers are above water for now, which is quite unusual for a memecoin at this stage. While it is bullish for investors, the part that calls for alarm is the concentration figure because paper gains hold only as long as the largest wallets stay put.
Is $CATE linked to the owner of Kabosu?
$CATE trades on an implied tie to Kabosu, the Shiba Inu whose photo became the Doge meme. However, that tie is disputed, as Atsuko Sato, Kabosu’s owner, has stated that the $CATE tokens circulating in the market have nothing to do with her.
Sato said an old Instagram post of hers was used without permission to manufacture a connection to the token.
According to her, Own The Doge is the only project she has authorized to manage her intellectual property. That project bought the Doge NFT in 2021, launched the DOG token, runs Doge Day events, and released the COCORO token on Base in 2025.
Sato told buyers to verify any token that claims to have her endorsement before they put their money in.
Does BubbleMaps’ latest data on $CATE highlight a familiar playbook?
In July, the firm reported that 63% of the 164,538 traders across Robinhood Chain’s top 50 memecoins had lost money and that the chain’s flagship $CASHCAT token was down roughly 75% from its July 11 peak.
In that case, BubbleMaps ran distribution checks and found $CASHCAT’s ownership spread out, while a separate token, CASHDOG, was labeled heavily bundled.
Earlier, in July, the firm warned that the $LAB token faced an “ugly” selloff as early investors approached a cliff unlock, with presale participants sitting on hundreds of millions in locked paper gains. Cryptopolitan reported that $LAB had already fallen 72% from its June high amid separate insider-manipulation allegations from investigator ZachXBT.
The setting with $CATE resembles the state of the above tokens before everything came crashing. 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 very critical to the performance of the token.
