Solly, a new meme coin on the Solana blockchain, has sparked controversy as its developer acquired 95% of the total token supply. LookOnChain reports that four wallets linked to the Solly development team purchased 950 million SOLLY tokens for 152 SOL (approximately $24,000), giving the developer near-total control over the token's market dynamics.

This high level of control poses significant risks, including the potential for market manipulation through pump and dump schemes, artificial price inflation, and undue influence over token distribution and liquidity. The purchased tokens were split across several wallets, which could obscure true ownership and intentions, making it harder for investors to track movements and assess risks accurately.

The anonymity of Solly's developers further exacerbates concerns, as they can act without accountability. Investors are urged to exercise caution with tokens where a single entity holds a disproportionately large share, as this centralization often leads to increased risks of unfair practices and market manipulation.

While even established projects can have significant holdings by single entities, none reach the extreme level of 95% seen with Solly, highlighting the need for vigilance and scrutiny in such situations.