Half of cabal meme token launches originate in the USA

Cabal meme token launches are still hurting the reputation of permissionless launchpads. Bubblemaps discovered that 50% of bundled tokens originated in the USA. 

Cabal meme token launches, or bundled tokens, offer an unfair advantage to the team. There are no limits to new token generation, but most launches are watched with suspicion. 

According to Bubblemaps, 50% of bundled launches originate in the USA. Bubblemaps discovered the origins of tokens by cross-checking the worst cabal assets with the location of their X accounts. As X now displays the location of the account, 50% of asset profiles were based in the USA. 

turns out the USA is the top X location for bundled tokens

over 50% of all our investigations

happy thanksgiving 🇺🇸 🦃 pic.twitter.com/jRUrM7aDyV

— Bubblemaps (@bubblemaps) November 27, 2025

At one point, meme tokens were almost taken for granted to have a team allocation and sell into their initial pump. Teams often try to disguise their holdings by creating multiple wallets, which still reveal connections to one main wallet. Meme tokens are also sniped by insider wallets, front-running retail traders. 

A handful of bundled tokens originated in the EU, and only two were created by accounts based in India. Overall, meme token creation is highly concentrated and coincides with the general usage of networks like Solana. 

Additionally, meme tokens on the most active platforms track memes from English-speaking social media and are based on multiple American cultural trends. 

Meme token launches create short-lived assets

Previous research also showed that a limited number of wallets created most of the tokens on Pump.fun. Those wallets relied on automation and short-term trading. Those wallets also switched platforms, at one point moving to Bonk.fun. 

Meme token creation moved through various stages. Initially, a meme had a long-running trajectory, based on a dedicated community. Later, meme tokens were often sold by the initial team, but became more decentralized with time. 

Memes also went through a cult phase, which encouraged holding. In late 2025, meme creation has slowed down, new tokens rarely build high valuations, and often stop trading or go through a rug pull within 24 hours of launching. 

Are meme tokens back? 

Meme tokens are slowing down on Pump.fun, and there are fewer runners. Older assets are also not recovering their previous levels. Despite this, new memes will still appear. Recent memes like WOJAK, launched this November, gained over 1,200% before winding down. 

Influencers are also mentioning new tokens. However, traders warn against chasing those new assets. Only individual tokens pump, while meme tokens as a whole remain weak. Some of the pumps are seen as the result of deliberate trading. 

Additionally, retail traders have moved out of meme tokens in fear of rug pulls, instead preferring to trade perpetual futures. At the same time, meme token launches continued, leading Bubblemaps to extend its tracking services to Monad, one of the recently launched L1 chains.

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