The dark forest of MEME coins: the industrial harvesting assembly line is one million a day, and retail investors are unable to make money under one-tenth of the retention rate

Author: Frank, PANews

11 tokens were issued in 3 days, with a 100% winning rate and a profit of US$25,000. This may be the ideal self of countless MEME players. But the reality is that this is just one of the thousands of addresses of the industrialized RUG team. While retail investors are still following the "Thousand Times Myth", the professional team has transformed the MEME track into a 24-hour harvesting machine using robots, multiple contracts and public opinion engines. On-chain data shows that this type of industrialized RUG operation is not an isolated case.

From the source of funds to the initial address of the exchange, to the hundreds of associated wallets derived, a "dark game" co-conspired by technology, capital and human greed is devouring speculators' wallets.

Single address is $25,000 in 3 days, and hundreds of addresses form the

RUG pipeline

PANews uses on-chain data to dissect the complete harvesting link and tries to reveal a cruel reality: when the issuance of MEME coins becomes a mathematical probability game, and when the "community consensus" is forged in batches by industrialized naval forces, the end of this carnival may have long been doomed.

Taking this address as an example, FrRqEYFfJ3VEHodfiZdrPnM3vAHTm2u9ewBN6HR9RxZE (hereinafter referred to as "FrRqE") issued 11 MEMEs in the past three days, with a total profit of US$25,000 and a 100% winning rate.

How is it achieved specifically? From the perspective of holding time, the selling interval of FrRqE is only a few dozen seconds each time it buys, and the maximum is no more than 1 minute. First of all, FrRqE will buy the token in large quantities after the opening, with the general amount of about 48 SOLs, so that other users will think that this token was bought by a large number, so they will quickly follow the trend. At this time, FrRq's position has exceeded 70%. He will then sell the tokens in one go within a few dozen seconds. The average rate of return is between 20% and 30%, and the profit is about US$2,500 per time.

Of course, since various monitoring tools are now very complete, when the developer's holding ratio is too large, many skilled veteran players will not buy them at all.

Therefore, FrRq will quickly distribute these tokens to 400 wallet addresses after buying in one fell swoop to escape the monitoring of on-chain robots. And as more and more addresses are bought, and the amount of the Pump pool is about to be fully filled, FrRq will reuse the same trick, transfer all the tokens back to the same address again, and then sell them at one time. The tokens will be reset to zero instantly.

Interestingly, the funding source of the address seems to want to deliberately hide something. After hundreds of penetrations on the chain, PANews finally saw that the funds at this address were originally from the OKX exchange, and the address for the initial receiving funds was 3SrXcoKQ97xwFAwELnraHtpuycjGvmG82E9SBGs6UcQd.

Judging from the operation time, it has been more than 2 months since the address has been conducting such activities. Every time an address issues about 10 tokens, the funds will be transferred to a new address and continue with the next round of RUG. Currently, there are hundreds of RUG addresses derived.

Of course, besides the actions on these chains. There is more to do to complete the RUG DEV. For example, these tokens in the Pump disk usually have dozens or hundreds of replies, and in the early stages, you can clearly see traces of buying a large number of robots. In terms of transaction volume and discussion, users feel that this project is like a normal MEME token.

What's even more terrifying is that such tokens were not discovered by PANews on purpose, but by chance by randomly clicking on tokens on Pump.fun. For users who often participate in MEME investment, they should often encounter similar RUG projects.

This type of RUG bureau operation process cannot be achieved by ordinary users. First, professional address distribution tools and collection addresses are required to complete flexible and unified token transfer operations. Second, tools are needed to monitor social media hot spots in real time to ensure that every token issuance must also be on the latest hot spots. Third, a large number of Pump.fun naval forces and social media naval forces are needed. For example, the X account @r999d99z was created in January 2025 and has promoted FrRqE tokens many times. There seems to be thousands of thousands of threads between the two. A tangible connection. Fourth, the exclusive trading robot responsible for building momentum and sending packaged transactions. To complete the above steps, a strong technical team and operation team may really need to implement it.

With a retention rate of one in ten thousand, MEME Forest has no place

for retail investors to stay

According to dexscreener data, among the tokens issued on Pump.fun in the past six months, the current market value of 1,987 are still above US$50,000, of which the number of tokens retained after the issuance period exceeds one month. There are 27. There are 72 for more than one day, and the remaining 1,915 are issued in the past 24 hours. There are 6 tokens issued yesterday. Based on this ratio, a total of 49,153 tokens were issued on Pump.fun on February 13, with a graduation rate of 1.23%, and a total of 606 tokens graduated. After graduation, the market value ratio of tokens can still maintain above US$50,000 within one day is 0.9%. From the overall perspective, the probability that the market value of US$50,000 can be maintained after one day of release on pump.fun is about one in ten thousand.

We use the 6 tokens that have remained after the issuance on February 13 as a research template to see what characteristics these remaining tokens have (during the observation process, such data specimens dropped from 6 to 4 indivual).

Looking at these four tokens, you can summarize and summarize several characteristics. First, behind these tokens are project tokens or have clear spokespersons. Three of them are AI-related project parties, and one is a personal token issued by internet celebrities. Among them, there are no tokens randomly issued by ordinary players.

Second, the LP locking ratio of these tokens is very high, basically above 95%, and the locking amount is above 100,000 US dollars. Third, the number of followers on social media is above 2,000. Although several accounts have not been created for a long time, their social media scores are not low due to the interaction of KOLs.

Overall, the era of PVP seems to have passed, and tokens issued by individuals are almost unlikely to become popular or reach a very high market value in this market. Many players who have released experience may have known this for a long time. Against this background, DEVs who still choose to release large amounts of tokens every day obviously have their own unique business practices. And this dark forest-style gameplay is still in an unregulated environment.

A large number of players are leaving the field with great pain

The MEME currency track is changing from a casino that is looking for the perspective of the whole people to a hunting ground for technology and the main force against ordinary retail investors. Perhaps it is sometimes difficult for users to see the routines of RUG players, but as the actual losses gradually expand, more and more users are reluctant to leave this dark forest.

According to The Block, the trading volume of Pump.fun tokens on Solana has cooled down recently, with an average daily trading volume in the past week being only $560 million, a new low since Christmas 2024, compared with a single-day high of 3.13 billion three weeks ago The US dollar fell sharply by 82%.

The data on the Solana chain also showed a similar trend. In the past three months, the number of active wallets on the Solana chain reached 7.22 million on November 16, and by February 1, the number fell to 3.18 million. The maximum drop was more than half. Some time ago, the active users of Meteora and Jupiter, such as the aggregators that were popular due to TRUMP tokens, also dropped rapidly after the heat cooled down.

Even many KOLs with MEME as their main business claim that the current environment is no longer suitable for "striking for local dogs". A blogger named Laughing said: "I have completely given up betting on the opening of the meme PVP, and those who buy lottery tickets will always be Can't play lottery tickets."

Paradigm researcher Arjun Balaji pointed out incisively that “Memecoins used to be fun and pure, but the industrialized trenches turned a harmless PvP game into a predatory game dominated by internal strengths.”

Although the market is becoming increasingly severe, we may still get some inspiration from the duality of blockchain. On the one hand, because of the unregulation of blockchain, the unscrupulousness of malicious DEVs has led to the unscrupulousness of malicious DEVs. On the other hand, it is precisely because of the traceability of blockchain that no matter how the opponent hides it, we can always find some clues on the chain. For players who are devoted to research, after being familiar with these malicious routines, they can avoid similar scams.

In addition, although the token retention rate of Pump.fun has been as low as one in ten thousand, players may also be able to directly avoid looking for needles in haystacks in the earliest stages, but choose to let the bullets fly for a while, focusing on the fact that they have been issued for more than one day. "Sanying" token. Time seems to be becoming the most practical filtering tool. For those teams who expect to issue project tokens through MEME, sincerity becomes a simple and effective narrative because of such a market environment. Bad money is destroying the market, while good money will hit bad money.