Ghana ex-president-linked CWU: insiders hold 85% after $600K dump

On-chain analytics platform Bubblemaps has identified a slow-motion rug pull in CWU, a memecoin promoted alongside Ghana’s former president John Agyekum Kufuor. Insiders have already dumped roughly $600,000 worth of tokens onto the market. They still control an estimated 85% of the total supply, according to Bubblemaps data flagged by Chinese outlet ChainCatcher.

The setup is a textbook case of bundled supply. Retail traders and Kufuor’s name gave the token a temporary market cap of $120 million and a peak price near $0.135. The price has since slid 32% to about $0.08. Behind that decline is a supply structure that looks nothing like the project’s public claims.

The On-Chain Distribution: Bundled Supply at 85–90%

CWU’s marketing states that 90% of the token’s total supply is “in circulation.” Only 10% is reserved for the project treasury. Bubblemaps presents a different picture. Over 200 newly created wallets were funded in batches in the days around launch. Those wallets then claimed most of the CWU supply almost simultaneously.

Bubblemaps’ case study on CWU describes “bundled supply.” More than 200 fresh wallets “claimed most of the supply at launch and now control nearly 90% of the token.” Transfers and linkages indicate the addresses “seem interconnected” and are likely controlled by a single entity or coordinated group.

MEXC, the exchange that listed CWU, echoed the finding. Its own breakdown says “reports say about 90% of $CWU remains bundled.” That means a small network of linked wallets holds almost all the tokens. The actual float available to retail traders is thin.

Bubblemaps’ Own Red-Flag Criteria

Bubblemaps guidance on spotting rug pulls explicitly warns: when “5 wallets hold 70–90% of supply, the token is risky.” Clusters of seemingly separate wallets that always move in concert are often “single-entity control hidden behind many addresses.”

CWU meets both criteria. The combination of tightly clustered supply, synchronized wallet creation and subsequent sales into rising prices fits the pattern of a project that seeds a narrative of decentralization while retaining the ability to crash the market at will.

Why the Kufuor Connection Matters for Retail Trust

The Ghana connection gives CWU significance beyond yet another structurally flawed memecoin. Using a former head of state as a promotional figure gave the token a veneer of legitimacy. Kufuor was described in marketing materials as an “official adviser” to the project. A MEXC explainer said CWU “started to gain attention as a leader in memecoin space” after being “registered with the endorsement of John Agyekum Kufuor.”

Retail traders interpreted that branding as a kind of implicit guarantee. The name alone attracted volume and pushed market cap to $120 million at the peak. Yet the on-chain reality is sharply different: near-total supply concentration, opaque wallet clustering and significant insider selling while the project remains heavily illiquid.

Practical rule: Celebrity or political endorsements do not replace on-chain due diligence. A name like Kufuor can draw attention. It cannot change distribution data.