Original | Odaily Planet Daily (@OdailyChina)
Author | Nan Zhi (@Assassin_Malvo)
In the Meme market, besides narrative + community as core driving forces, there is a category of tokens controlled by what is known as 'Cabal'. The operators of these tokens accumulate early chips through insider wallets and manipulate the price with various wallets, cashing out profits at peaks.
The author previously discovered that the number of independent addresses for early traders of MOODENG is far lower than usual, while ACT has several internal addresses that had never purchased any tokens before, and there were cases of ACT single-token profit reaching hundreds of thousands of dollars before cashing out.
Therefore, this article will explore whether there are referable patterns by comparing the number of 'early independent addresses', the 'source of profits' for TOP profits, and the 'proportion of new wallets' for some leading tokens and zero-value tokens.
Basic Situation
Research Subjects
The top tokens discussed in this article include Pnut, MOODENG, ACT, Fart, LUCE, BARSIK, Fred, Rif, MemesAI, BUCK, LESTER, sci-hub, vvaifu, Banana, fur among fifteen tokens, all from pump.fun.
The zero-value tokens discussed in this article include 🦅, PNUTNI, qnn, CLIP, TOGA, Pythia, ૮⍝•, RST, nounsfctry, $bot among ten tokens, with the highest market cap in the millions before retreating.
The above twenty-five tokens have statistically analyzed their top 100 profit addresses.
Data Source
This article uses GMGN's statistical data, with early trader data sourced from 'Token Interface - Activities - Time Reverse Order', where each token summarizes the first two thousand transactions.
The sources of funds and wallet creation times are from 'GMGN's Token Interface - Traders - All - Total Profit in Descending Order'.
Token creation times are sourced from the pump.fun front-end API, with 'Token Creation Time - Wallet Creation Time' less than 24 hours considered as new wallets.
Pattern Exploration
Number of Early Independent Addresses
The situation of early independent addresses for each token is illustrated in the following image. On average, there is little difference between the two, with those significantly deviating from the average including Pnut, Moodeng, Rif, MemesAI, and PNUTNI, most of which belong to the category of leading tokens, suggesting that 'a low number of early independent addresses' may be one of the signals of insider trading.
Source of Funds
The sources of funds for the top 100 profit wallets of leading and zero-value tokens are shown in the following two images. On average, the proportion of fund sources from exchanges for leading tokens is slightly higher than that for zero-value tokens, but the difference is not significant.
However, there is a significant pattern that the proportion of profits from leading tokens comes from Coinbase and Bybit is significantly greater than that of zero-value tokens, while the proportion of profits from zero-value tokens comes from Binance and OKX is significantly greater than that of leading tokens.
Source of Profit for Leading Tokens
Source of Profit for Top Zero-Value Tokens
Proportion of New Wallets
The new wallet situation of the top 100 profit addresses of the leading tokens is as follows: among 1500 addresses, only 22 are new wallets, with no significant pattern. Therefore, it can only indicate that 'the early controlling wallets of the manipulators will not hold until the top, but will transfer to other addresses during the process', but it is difficult to serve as a sufficient condition for the rise.
Recommended Reading
(Meme Cultivation Manual: Rebirth as I Want to be a Diamond Hand) Series: One, Two, Three, Four
Diamond Hands, High Risk-Reward Ratio? What are the Winning Factors for Solana Meme Trading?
