Original | Odaily Planet Daily (@OdailyChina)

Author | Nan Zhi (@Assassin_Malvo)

In the meme market, besides narrative and community as core driving forces, there is also a category of tokens controlled by what is known as "Cabal" groups. The manipulators of these tokens accumulate early chips through insider wallets and control the price trends through various wallets for volume manipulation, pump and dump, cashing out at high points for profit.

The author previously discovered that when exploring early wallets of MOODENG and ACT, the number of independent addresses for early traders of MOODENG was significantly lower than usual, while ACT had several internal addresses that had never purchased any tokens before, with cases of single-token profits reaching hundreds of thousands of dollars being cashed out. (See details in “Meme Concept Review: AI, Artists, Zoos, and My World”)

Therefore, this article will explore whether there are referable patterns by comparing the "number of early independent addresses," "sources of funds for top profits," and "proportion of new wallets" between some leading Solana tokens and zero-value tokens.

Basic Situation

Research Subjects

The leading tokens discussed in this article include Pnut, MOODENG, ACT, Fart, LUCE, BARSIK, Fred, Rif, MemesAI, BUCK, LESTER, scihub, vvaifu, Banana, fur, among fifteen tokens, all from pump.fun.

The zero-value tokens discussed include 🦅, PNUTNI, qnn, CLIP, TOGA, Pythia, ૮⍝•, RST, nounsfctry, $bot, among ten tokens, with the highest market cap being several million dollars before falling back.

The above twenty-five tokens have statistics on their top 100 profitable addresses.

Data Sources

This article uses statistical data from GMGN, with early trader data sourced from "Token Interface - Activity - Time Descending," where the first two thousand transactions of each token are counted.

Sources of funds and wallet creation times come from "GMGN Token Interface - Traders - All - Total Profit Descending."

Token creation times are sourced from the pump.fun front-end API, with wallets created within 24 hours of token creation considered new wallets.

Pattern Exploration

Number of Early Independent Addresses

The situation of early independent addresses for each token is shown in the figure below. On average, the differences between the two categories are not significant, with notable deviations from the average including Pnut, Moodeng, Rif, MemesAI, and PNUTNI, most of which belong to the leading token category. "A low number of early independent addresses may be a signal of insider activity."

Sources of Funds

The sources of funds for the top 100 profitable wallets of leading tokens and zero-value tokens are shown in the two figures below. On average, the proportion of profitable addresses from exchanges for leading tokens is slightly higher than that for zero-value tokens, but the difference is not significant.

However, a notable pattern is that the proportion of profitable addresses from Coinbase and Bybit for leading tokens is significantly greater than that for zero-value tokens, while the proportion of profitable addresses from Binance and OKX for zero-value tokens is significantly greater than that for leading tokens.

Sources of Profits for Leading Tokens

Sources of Profits for Zero-Value Tokens

Proportion of New Wallets

The situation of new wallets among the top 100 profitable addresses for leading tokens is as follows: out of 1500 addresses, only 22 are new wallets, showing no obvious pattern. Therefore, it can only indicate that "the early controlling wallets of the manipulators do not hold until the peak but instead transfer to other addresses during the process," but it is difficult to serve as a sufficient condition for price increases.

Recommended Reading

“Meme Cultivation Manual: Rebirth, I Want to Be a Diamond Hand” series: One, Two, Three, Four

Diamond Hands, High Risk-Reward Ratio? What Are the Winning Factors in Solana Meme Trading?

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