Cryptocurrency exchange Binance is teaming up with Bubblemaps, a blockchain data platform, to offer users of its non-custodial Web3 Wallet enhanced insights into potential insider trading and token manipulation.
This integration will enable millions of Binance Web3 Wallet users to access Bubblemaps’ blockchain data visualization tools, which display token distribution and on-chain wallet clusters. The goal is to add “layers of transparency” to the Binance experience, as stated in a Wednesday announcement shared with Cointelegraph.
By analyzing a token’s distribution patterns, Binance intends to assist traders in identifying insider trading activities and other coordinated market behaviors.
“As more traders and activities transition on-chain, the demand for accessible, transparent blockchain data is increasing. Integrating Bubblemaps into Binance Wallet is part of our initiative to furnish our users with clear insights, enabling them to make more informed trading choices,” remarked Winson Liu, lead at Binance Wallet.
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Bubblemaps has previously aided in uncovering insider token sales and suspicious team wallet activities surrounding popular celebrity-backed memecoins, including the Melania Meme (MELANIA) token endorsed by US First Lady Melania Trump.
On April 7, Bubblemaps noted that the team behind the MELANIA token transferred $30 million worth of community funds that were “quietly sold, with no explanation from the team.”
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Crypto trading needs more data transparency
The expanding on-chain economy has led to a heightened demand for transparent blockchain data among crypto traders, stated Nicolas Vaiman, CEO of Bubblemaps, adding:
“This integration marks an important step in our mission to make blockchain transparency accessible to everyone.”
Bubblemaps converts blockchain data into intuitive visual clusters, depicting wallets as bubbles interlinked with other entities based on their transaction histories.
Traders leverage this tool to pinpoint potential anomalies, such as high token concentrations clustered around the same entity, which could indicate insider activity.
The partnership follows Bubblemaps’ launch of Time Travel five months ago, a tool aimed at detecting insider activities associated with the surge in memecoin scams.
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