Original author: Ai Yi (X: @ai_9684xtpa)
This morning I saw the news "Wintermute becomes the third largest holder of $GOAT, holding 1% of the total supply of tokens," but just like airdropping tokens to V God is a promotional tactic, airdropping tokens to market makers is not a new thing either.
So the question arises:
- How to determine if a market maker is genuinely participating?
- Typical examples of market participation
- Examples used solely as promotional tactics
1/ Taking GOAT as an example
1. Falsification: Indeed holds 10 million GOAT tokens and the contract address is correct; do not underestimate this step, as many issuers promote market makers under the guise of tokens with the same name.
2. Clarify the source of funds: Tracing back reveals that four addresses transferred several million tokens to 7GNPT….snUM1, all of which are addresses with extremely high returns from early entry, accumulating profits of 11.63 million USD!
The four early entry addresses that sent tokens to Wintermute:
3kjF7ZXfMYo1dqxFNE7WVtQ38zZSciptu1deWYibre1m (the source purchase address of CAnS7…JZT86)
BNPntzDuH7EofLrHGA7gjbeNvJQbEvvrGrCPCTCNXf7v
9pLzvD3s5g7nWbMbURPvYQgHp4piosoVLrxiEgr58v3d
EUES49UdAkevnREj5YShNXpWjX5DN44uCJQo7yfaggot
3. Check market maker operations: After receiving the tokens, two actions were taken: first, transferring 1 token to Wintermute1 and immediately transferring it back, which is a clear confirmation address action; second, distributing all tokens to the Wintermute3 address through two intermediaries.
At this point, it is basically confirmed that Wintermute is actively participating in GOAT market making, but whether it is an OTC purchase or at the project party's suggestion or a spontaneous action is unknown.
4. Keep an eye on it: Ultimately, it is necessary to see if Wintermute3 frequently engages in GOAT trading; if so, it can be confirmed.
2/ Typical examples of market participation
Wintermute participated in the large $NEIRO market making: once held 4.35% of the total supply of tokens and was once the largest holder, actively maintaining frequent trading with major exchanges and DEX after receiving the tokens.
3/ Typical examples used solely as promotional tactics
This type generally has several characteristics:
Directly airdropped by the project party / DEV
Usually airdropped simultaneously to market makers and well-known founders in the crypto space, such as V God and Sun Ge
Market makers take no action after receiving (V God may sell directly)
The community loudly promotes that a certain institution has participated in market making
Involving negative comparisons, I won't provide specific examples here; everyone can check these characteristics themselves.
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