On-chain analytics firm BubbleMaps has revealed that 25 wallets collectively control 19% of the CATE memecoin supply, issuing a concentration warning to the nearly 75,000 traders who have purchased the Solana-based cat-themed token.

CATE is marketed on an implied connection to Kabosu, the Shiba Inu whose photograph became the iconic Doge meme. However, that association is actively disputed by Kabosu's owner, Atsuko Sato, who has publicly stated that CATE tokens have no affiliation with her. Tokens that leverage unauthorized celebrity or meme associations have been a recurring concern in crypto markets, where issuers frequently exploit recognizable names or imagery to attract buyers despite lacking any genuine endorsement.

Concentration Concerns Amid Broad Profitability

In a thread on X posted Wednesday, August 3, BubbleMaps reported that 74,863 wallets had purchased the CATE token. According to the firm's data, over 53,500 of those wallets are currently in profit, with two investors showing gains exceeding $1 million, 48 investors up by more than $100,000, and 1,618 up by over $1,000.

Despite the widespread profitability — unusual for a memecoin at this stage — BubbleMaps highlighted a significant concentration risk. The firm stated: "Twenty five wallets control 19% of $CATE," and shared a tracking link for users to monitor the holdings. The concern centers on the fact that paper gains are sustainable only as long as the largest holders refrain from selling. Concentrated ownership structures of this kind mean that even a partial exit by major holders could significantly outpace available buy-side liquidity.

Sato Disclaims Any Connection to CATE

Atsuko Sato, Kabosu's owner, has explicitly distanced herself from the token. She stated that an old Instagram post of hers was used without her permission to fabricate a connection between her and CATE.

According to Sato, Own The Doge is the only project she has authorized to manage her intellectual property. That project purchased the original Doge NFT in 2021, launched the DOG token, organizes Doge Day events, and released the COCORO token on the Base blockchain in 2025. Sato urged buyers to independently verify any token claiming her endorsement before investing.

Parallels With Previous Memecoin Warnings

BubbleMaps' CATE findings echo patterns the firm has identified in other tokens. In July, the company reported that 63% of the 164,538 traders across Robinhood Chain's top 50 memecoins had lost money, with the chain's flagship CASHCAT token down approximately 75% from its July 11 peak. In that analysis, BubbleMaps found CASHCAT's ownership to be relatively distributed, while a separate token, CASHDOG, was identified as heavily bundled.

Also in July, BubbleMaps warned that the LAB token faced what it called an "ugly" selloff as early investors approached a cliff unlock, with presale participants holding hundreds of millions in locked paper gains. Cryptopolitan reported that LAB had already fallen 72% from its June high amid separate insider-manipulation allegations raised by on-chain investigator ZachXBT.

The CATE situation — where a small group controls a substantial share of the supply — resembles conditions observed in those prior cases before significant price declines occurred.