PANews
3 days issued 11 tokens, 100% win rate, $25,000 in profit. This may be the ideal self of countless MEME players. But the reality is, this is just one of the hundreds of addresses of the industrialized RUG team.
Author: Frank, PANews
3 days issued 11 tokens, 100% win rate, $25,000 in profit. This may be the ideal self of countless MEME players. But the reality is, this is just one of the hundreds of addresses of the industrialized RUG team. While retail investors are still rushing to the "thousand-fold myth", professional teams have used robots, multi-signature contracts and public opinion engines to transform the MEME track into a 24-hour harvesting machine. On-chain data shows that this type of industrialized RUG operation is not an isolated case.
From tracing the source of funds to the initial address of the exchange, to the hundreds of related wallets derived, a "dark game" orchestrated by technology, capital and human greed is devouring the wallets of speculators.
Block address $25,000 in 3 days, hundreds of addresses forming a RUG production line
PANews used on-chain data to dissect the complete harvesting route and tried to reveal a cruel reality: when the issuance of MEME tokens becomes a mathematical probability game, when the "community consensus" is mass-produced by industrial water armies, the ending of this carnival may have been predetermined.
For example, the address FrRqEYFfJ3VEHodfiZdrPnM3vAHTm2u9ewBN6HR9RxZE (hereinafter referred to as "FrRqE") issued 11 MEME tokens in the past 3 days, with a total profit of $25,000 and a 100% win rate.
How was this achieved? From the holding time, FrRqE's buy and sell intervals are only a few tens of seconds, and no more than 1 minute at most. First, FrRqE will buy a large amount of the token after the opening, usually about 48 SOL, so that other users see that there is a big player buying in, and they will quickly follow up and buy in, while FrRqE's holdings have already exceeded 70%. He will then sell all these tokens in a matter of tens of seconds. The average profit rate is around 20%-30%, and each time the profit is around $2,500.
Of course, now that various monitoring tools are very sophisticated, when the developer's holding ratio is too high, many experienced old players will not buy in blindly.
Therefore, FrRqE will quickly distribute these tokens to 400 wallet addresses after a single large purchase, in order to avoid on-chain robot monitoring. And when, with more and more addresses buying in, the Pump internal pool is about to be filled, FrRqE will repeat the trick, transfer all the tokens back to the same address, and then dump them all at once, instantly reducing the tokens to zero.
Interestingly, the source of funds for this address seems to be deliberately hiding something. After more than a hundred on-chain penetrations, PANews finally saw that the initial funds of this address came from the OKX exchange, with the initial receiving address being 3SrXcoKQ97xwFAwELnraHtpuycjGvmG82E9SBGs6UcQd.
From the operation time, this address has been carrying out such activities for more than 2 months. Each time an address issues about 10 tokens, the funds will be transferred to a new address to start the next round of rug. Currently, there are hundreds of derived rug addresses.
Of course, in addition to these on-chain actions, the DEV who wants to complete the rug needs to do more, such as, these tokens in the Pump internal pool usually have dozens or even hundreds of replies, and in the early stage, the traces of a large number of robot buying can be clearly seen. Both in terms of trading volume and discussion, it makes users feel that this project is a normal MEME token.
Even more terrifying is that these tokens are not specifically selected and discovered by PANews, but are accidentally discovered on the surface of Pump.fun. For users who frequently participate in MEME investment, they should be able to encounter similar rug traps frequently.
The operation process of such rug traps is not something that ordinary users can achieve. First, you need professional address distribution tools and aggregation addresses to complete flexible and unified token transfer operations. Second, you need real-time monitoring tools for social media hot spots to ensure that each token issuance is on the latest hot spot. Third, you also need a large number of Pump.fun water armies and social media water armies, such as the @r999d999z account, which was created in January 2025 and has repeatedly promoted FrRqE's tokens, and there seems to be a close connection between the two. Fourth, a dedicated trading robot responsible for hype and sending packaged transactions. To complete the above steps, it may really require a powerful technical team and an operation team to achieve.
One in ten thousand retention rate, the MEME forest has no place for retail investors
According to dexscreener data, in the past six months, among the tokens issued on Pump.fun, the number of tokens with a current market value of more than $50,000 is 1,987, of which only 27 tokens have survived for more than 1 month since issuance. 72 tokens have survived for more than 1 day, and the remaining 1,915 were issued within the last 24 hours. 6 of them were issued yesterday. Based on this ratio, on February 13, a total of 49,153 tokens were issued on Pump.fun, with a graduation rate of 1.23%, and 606 tokens graduated. And the proportion of graduated tokens that can still maintain a market value of over $50,000 within 1 day is only 0.9%. From the overall data, the probability of a token issued on pump.fun being able to maintain a market value of $50,000 or more after 1 day is about one in ten thousand.
We take the 6 tokens that were still in existence after being issued on February 13 as a research sample, and see what characteristics these surviving tokens have (during the observation process, this sample size has dropped from 6 to 4).
Looking at these four tokens, we can summarize several characteristics. First, the tokens behind these are all project tokens or have clear spokespersons. Three of them are AI-related project parties, and 1 is a personal token issued by a network celebrity. Among them, there is no trace of ordinary players randomly issuing tokens.
Second, the LP lock-up ratios of these tokens are very high, basically above 95%, and the lock-up amounts are all over $100,000. Third, the number of followers on social media is all over 2,000, and although the creation time of several accounts is not long, due to the interaction of KOLs, their social media scores are not low.
In summary, the PVP era seems to be over, and individual-issued tokens in this market are almost impossible to break out or reach a high market value. This is something that many players with issuance experience may have known long ago. Against this background, the DEVs who still choose to issue a large number of tokens every day obviously have their own unique business model. And this kind of "dark forest" gameplay is still in an unregulated environment.
Exhausting the pond, a large number of players are painfully withdrawing
The MEME token track is changing from a casino where everyone is looking for an angle to a hunting ground for technology and major players against ordinary retail investors. Users may sometimes find it difficult to see through the tricks of the rug players, but as the actual losses gradually expand, more and more users are painfully withdrawing from this dark forest.
According to a report by The Block, the trading volume of Pump.fun tokens on Solana has cooled recently, with a daily average trading volume of only $560 million in the past week, a new low since Christmas 2024, down 82% from the single-day high of $3.13 billion three weeks ago.
The on-chain data of Solana also shows a similar trend. In the past three months, the number of active wallets on the Solana chain reached 7.22 million on November 16, but by February 1, this number had dropped to 3.18 million, a drop of more than half. And the active users of aggregators like Meteora and Jupiter, which were once hot due to the TRUMP token, have also plummeted after the heat cooled down.
Even some KOLs whose main business is MEME claim that the current environment is no longer suitable for "rushing on-chain meme", and the blogger named Laughing said: "I have completely given up betting on the opening pvp of meme, those who buy lottery tickets can never beat those who sell lottery tickets".
Paradigm researcher Arjun Balaji pointed out bluntly, "Memecoins used to be interesting and pure, but the industrialized trenches have turned an innocent PvP game into a predatory game dominated by internal advantages".
Although the market is becoming increasingly grim, we may still be able to gain some insights from the dual nature of the blockchain. On the one hand, the lack of regulation on the blockchain has led to the rampant malicious DEVs. On the other hand, it is precisely because of the traceability of the blockchain that we can always find some clues on the chain, no matter how the opponent hides. For players who are dedicated to research, after mastering these malicious tricks, they can also avoid similar scams.
In addition, although the token retention rate of Pump.fun has dropped to one in ten thousand, players may also be able to directly avoid the needle in the haystack in the earliest stage, and instead choose to let the bullets fly for a while, focusing on the tokens that have been issued for more than one day and are still "alive". Time seems to be becoming the most practical screening tool. As for those teams that hope to issue token projects through MEME, due to such a market environment, sincerity has become a simple and effective narrative, and bad money is destroying the market, while good money will strike bad money.
