Original | Odaily Planet Daily (@OdailyChina)

Author | Nan Zhi (@Assassin_Malvo)

In the Meme market, in addition to narrative + community as core driving forces, there is also a category of tokens controlled by what is known as 'Cabal'. The manipulators of such tokens accumulate early chips through insider wallets and control the trend with various wallets for pumping, dumping, and selling, cashing out profits at high points.

The author previously found that when exploring the early wallets of MOODENG and ACT, the number of independent addresses for early traders of MOODENG was far lower than usual, while ACT had several internal addresses that had never purchased any tokens before. There was a case where ACT's single token profit reached hundreds of thousands of dollars and was fully withdrawn. (See 'Meme Concept Review: AI, Artists, Zoos, and My World')

Therefore, this article will explore whether there are referenceable patterns by comparing some Solana leading tokens and zero-currency tokens in three aspects: 'number of early independent addresses', TOP profit 'source of funds', and 'proportion of new wallets'.

Basic Information

Research Subjects

The leading tokens involved in this article include Pnut, MOODENG, ACT, Fart, LUCE, BARSIK, Fred, Rif, MemesAI, BUCK, LESTER, sci hub, vvaifu, Banana, fur, and other fifteen tokens, all from pump.fun.

The zero-currency tokens involved in this article include PNUTNI, qnn, CLIP, TOGA, Pythia, ૮⍝•, RST, nounsfctry, $bot, and other ten tokens, with the highest market value in the millions of dollars and then retreating.

The above twenty-five tokens have statistics on their TOP 100 profit addresses.

Data Source

This article uses statistical data from GMGN, where the data for early traders comes from 'token interface - activity - time descending', and each token counts the first two thousand transactions.

The source of funds and wallet creation time come from 'GMGN's token interface - traders - all - total profit descending'.

The token creation time comes from the pump.fun frontend API, where 'token creation time - wallet creation time' less than 24 hours is considered a new wallet.

Pattern Exploration

Number of Early Independent Addresses

The situation of early independent addresses for each token is shown in the figure below. From the mean perspective, the differences between the two are insignificant, with notable deviations from the mean including Pnut, Moodeng, Rif, MemesAI, and PNUTNI, most of which belong to the leading token category. 'Fewer early independent addresses' may be one of the signals of insider activity.

Source of Funds

The source of funds for the TOP 100 profit wallets of leading tokens and zero-currency tokens is shown in the two figures below. From the mean perspective, the proportion of profit addresses from exchanges for leading tokens is slightly higher than that for zero-currency tokens, but the difference is not significant.

However, there is a significant pattern that the proportion of profit addresses for leading tokens coming from Coinbase and Bybit is significantly greater than that for zero-currency tokens, while the proportion of profit addresses for zero-currency tokens coming from Binance and OKX is significantly greater than that for leading tokens.

Source of Funds for Leading Tokens TOP Profits

Source of Funds for Zero-Currency Tokens TOP Profits

Proportion of New Wallets

The situation of new wallets in the TOP 100 profit addresses of leading tokens is as follows. Among 1500 addresses, only 22 are new wallets, showing no obvious patterns. Therefore, it can only indicate that 'the manipulators' early control wallets will not hold until the top but will transfer to other addresses during the process', making it difficult to serve as a sufficient condition for the rise.

Recommended Reading

(Meme Cultivation Manual: Rebirth to Be a Diamond Hand) Series: One, Two, Three, Four

Diamond Hands, High Profit and Loss Ratio? What are the Winning Factors of Solana Meme Trading?