Ethereum Layer-2 challenge MegaETH has drawn over $1 billion in commitments for its MEGA token public sale as demand surges forward of the public sale’s shut.
But, the passion has been tempered by issues over equity after blockchain analytics platform Bubblemaps flagged potential Sybil exercise within the sale.
Sponsored
Sponsored
Surging Curiosity within the MegaETH MEGA Token Sale
For context, MegaETH is an EVM-compatible blockchain. It presents itself as the primary real-time blockchain with sub-millisecond latency and throughput surpassing 100,000 transactions per second.
On October 27, the community opened its public sale by means of the Sonar platform. The providing contains 500 million MEGA tokens, or 5% of the overall provide. The preliminary absolutely diluted valuation began at $1 million and is capped at $999 million.
Moreover, MegaETH’s English public sale permits individuals to bid inside limits. Bids vary from $2,650 to a most of $186,282 per individual. Notably, the sale drew large consideration and was oversubscribed in simply 5 minutes.
The $MEGA ICO was oversubscribed in 5 minutes!
12,000 individuals to this point:
• 950 invested $186k (max allocation)
• 340 invested > $100k
• 2,200 invested > $10k
• 8,700 invested < $10k pic.twitter.com/i7utOsrkms
— Bubblemaps (@bubblemaps) October 27, 2025
Arkham Intelligence reported that 819 wallets dedicated the utmost quantity of $186,282 within the first two hours. This speedy response demonstrated robust market curiosity.
“The MegaETH public sale has been open for 2 hours so far – it is already oversubscribed by more than 5x. 819 addresses committed the max amount, sending $186,282 USDT to MegaETH’s sale address,” Arkham posted on October 27.
With just a few hours till the public sale’s shut, the most recent knowledge confirmed that whole commitments have reached $1.18 billion. In response to a community-run dashboard, over 46,000 customers have contributed to the sale with a median bid of round $25,500.
Sponsored
SponsoredMegaETH Public Sale. Supply: Swishi
Distribution knowledge highlighted that 70.6% of individuals bid underneath $10,000, whereas 7.1% hit the utmost. Notably, simply 5.8% of bidders, or 2,686 customers, selected to lock their tokens for one yr, comprising 10.3% of whole dedicated worth.
Sybil Techniques and Whale Manipulation Cloud MegaETH’s Document Sale
Amid the massive curiosity, Bubblemaps detected Sybil exercise on October 28. In an in depth thread on X, the blockchain analytics agency identified that over 20 entities used a number of wallets to bypass the bid restrict.
“It appears some wallets tried to break the rules. We found ~20 entities using multiple connected wallets to pledge more than the $186k limit,” the publish learn.
Bubblemaps highlighted pockets 0x9f5c as one of many clearest examples of rule-breaking. In response to their evaluation, the pockets was funded from Kraken after which cut up the funds throughout three new wallets. Collectively, these 4 wallets pledged roughly $600,000, 3 times greater than the official most allocation per individual.
In a follow-up publish, Bubblemaps recognized the pockets that allegedly “rigged” the presale. It traced over $5 million in investments to a single participant who used greater than 20 linked addresses.
Information confirmed that in February, pockets 0x5D8 distributed 159 ETH throughout 159 newly created wallets, and later obtained 0.02 ETH from seven further wallets. Notably, 19 of the 159 wallets and all seven of the senders went on to take part within the MegaETH public sale, every committing the utmost permitted quantity.
“These 26 wallets pledged ~$5 million to the MEGA presale, 26x the allowed allocation. We’d be happy to work with the MegaETH team to help identify as many of these wallets as possible,” Bubblemaps acknowledged.
Whereas auctions purpose to stability value discovery and entry, they’re nonetheless weak to coordination and capital focus. The incident highlights the rising want for stricter verification and transparency requirements in main token launches.
