On-chain analysts have pointed out that a meme coin associated with former Ghanaian President John Agyekum Kufuor, CWU, appears to exhibit characteristics of a slow rug pull: insiders have sold off tokens worth hundreds of thousands of dollars but still control nearly the entire supply.
CWU is not just any random meme coin; it has garnered attention due to its connection with Ghana's 10th President, John Agyekum Kufuor, who is described in marketing materials as the token's 'official advisor.' MEXC's latest statement indicates that CWU began to gain traction and became a leader in the meme coin space after receiving Kufuor's endorsement, helping its market cap reach approximately $120 million, with a peak price of around $0.135, before dropping to about $0.08, a decline of 32% from its all-time high.
However, on-chain data contradicts the tokenomics claimed by the project.
The CWU team publicly asserts that 90% of the total token supply is 'in circulation,' with only 10% reserved for the project treasury. Yet, Bubblemaps and other on-chain analyses reveal a starkly different reality: over 200 newly created wallets were funded in batches during the launch, which were then almost simultaneously used to claim the majority of the CWU supply, with these wallets now controlling approximately 87% to 90% of the total supply.
Bubblemaps' case study on CWU highlights that in this 'bundled supply' phenomenon, over 200 new wallets 'claimed the majority of the supply at launch and now control nearly 90% of the tokens,' with transactions and associations indicating that these addresses 'appear to be interconnected,' likely controlled by a single entity or coordinated group. MEXC's analysis similarly notes that 'reports indicate that about 90% of CWU is still bundled,' suggesting that despite public claims of widespread circulation, a small interconnected network of wallets seems to control nearly all the tokens.
Update: 🚨 The group has sold off $600,000 and still holds 85% of CWU. Why would a president support such an obvious rug pull project? 🧵 https://t.co/T5dIzlPjanpic.twitter.com/rRA7udUdgY— Bubblemaps (@bubblemaps) May 26, 2026
This structure has been flagged as a red flag in Bubblemaps' own guidelines for identifying rug pulls. The tool warns that when '5 wallets hold 70%-90% of the supply, the token is at risk,' and that seemingly independent wallets that always move in sync are often 'controlled by a single entity hidden behind multiple addresses.' In the case of CWU, the combination of tightly concentrated supply, synchronized funding of new wallets, and subsequent sell-offs during price surges fits a pattern of a project maintaining the ability to crash the market while crafting a decentralized narrative.
Combining political branding with meme coin extraction.