The swift emergence of new tokens on platforms such as Pump.fun keeps pulling in fascinated traders and investors looking for a quick score—but not everything that shines is worth something. This week, one of the tokens drawing the most attention is $ZENAI, a memecoin that claims to be the linchpin of a Solana-based AI project called ZenAI. While $ZENAI looks like a serious candidate for a prominent place in the crypto economy, including an increasing presence across analytics platforms, that very presence has become the source of some serious worry. An on-chain investigation has revealed some rather dubious practices that strongly suggest $ZENAI is a token being propped up in a classic scheme to separate investors from their funds. The $ZENAI token, which debuted on June 3, 2025, via Pump.fun, quickly captured the market’s interest with its rapidly growing number of holders and surge in trading volume. But a closer look at the ostensibly upward-moving figures reveals a more questionable—and potentially fraudulent—pattern of behavior that appears designed to mislead both platforms and traders. Suspicious Wallet Activity and Bot-Driven Volume Although a new token that goes viral can amass 10s of thousands of holders in just a few days, how does $ZENAI go from approximately 0 holders to over 40,000 in just 4 days, with only around 3,000 users in their Telegram group and 1,600 followers on X (formerly Twitter)? This discrepancy suggests to many in the crypto community that $ZENAI’s holder count is somehow artificially inflated. SCAM ALERT – $ZENAI CA: 5DkLaee4Ctm9v8bka1zGeuPUTbngZaznZsc1t3L4pump Today, we are looking at the @ZenAi_Solana token. It has been a top trending token across multiple analytical platforms, and its price action looked interesting as well. Let's see what is hiding behind the… pic.twitter.com/FoGVgvf4vW — Blokiments (@blokiments) June 8, 2025 A closer look at trading patterns shows that almost 83% of all wallets that interacted with the token had no previous trading history. Even more concerning, more than half of all trading volume came from these newly created addresses. This points clearly to a scenario where the token is being driven by bots to simulate high engagement. This hypothesis is also supported by the size of transactions. Almost half of all trades were for amounts under $2, which is hardly a size for real users to care to trade at—especially when one considers the fees. The bot farm trades ZenAI detected could thus be seen as attempts to create what are almost organic-seeming growth curves for wallets and trading activity across platforms. Why create such an illusion? To pump up the appearances of legitimacy and actual adoption in a project that, by all signs, looks somewhat less than authentic. Centralized Supply and Deployer-Controlled Distribution Although the public-facing data of the token shows a picture of decentralization and community ownership, an on-chain analysis of the top holders paints a very different story. Over 80% of the $ZENAI token supply is concentrated in the top 200 wallets. That’s the kind of centralization you can see with the naked eye. It’s even more concerning when you look at the top 25 wallets. Only 3 of them aren’t linked to the deployer wallet or the wallets holding the deployer wallet. At first, more than 70% of the token supply was acquired by the developer wallet, very soon after the launch. Rather than converting the tokens into profits, the wallet moved the tokens to a broad array of different addresses. These redistributed tokens seem to have been used to fund many proxy wallet addresses that are also connected to the deployer and the developer team. These proxy wallets receive direct payments of SOL from the deployer, and these direct payments seem to be funding a large number of proxy wallets that are used to make large, simultaneous purchases of the token. A revealing clue comes from the timeline of wallet activity. Prior to the token’s launch, many of the top wallets involved in the sniping had been inactive for four to five months. They were then suddenly reactivated and funded with SOL from the same network of proxy wallets. This is a known strategy in crypto fraud, in which scammers buy aged, previously used wallets to give the appearance of legitimacy when origin-tracking analysis tools are used. A Coordinated Campaign to Deceive and Distract The appearance of legitimacy and popularity is being created to attract retail traders, but there is also a desire to maintain tight control over the token supply. The setup is, in all likelihood, not a quick scam that will net the perpetrators some immediate profits and then see them vanish into the night. Instead, this is something more akin to a long-running play that hopes to recoup its investments gradually over time. Nonetheless, marketing as it may, the very structure of this token is completely broken. It is largely under the control of the deployer’s wallet. The supposed airdrop to the community seems to be a publicity stunt. This thing has pump and dump written all over it. Currently, the price of $ZENAI seems stable, probably because not much of its supply is being pushed onto the market and because of careful price management. But when this kind of situation is revealed—and the community sees how much power the deployer and their proxy wallets really have—it usually results in a nasty trust drop and an equally nasty price drop. Whether the team plans an exit in the near future or is just set up really well for one is unclear. But the data is pretty indicative of an imminent exit. In the fast-paced realm of memecoins, it is crucial for traders to survey more than just the price charts and the social media platform of their choice. On-chain visuals tend to clarify—and in the case of ZEN AI, they clarify a highly coordinated scam. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
