The Pine Analytics team has revealed in their latest report that some memecoin developers on the Solana platform systematically manipulate the market. According to the report, in over 15,000 token launches on the Pump.fun platform, developers financially back their tokens by purchasing them first through wallets known as Snipers to create artificial demand. These wallets are mainly active during US trading hours, quickly buy assets in the initial blocks, and cash out the purchased assets within minutes. Remarkably, about 85% of these sales are completed in less than five minutes. The goal is to deceive ordinary users and create a perception of high demand for the token. Another noteworthy point is that the success rate of these wallets is unusually high, with over 87% of these transactions being profitable. Although this tactic only encompasses about 1.75% of all launched projects, the profits have exceeded 15,000 SOL in the past month. This method is known as market manipulation and has severely undermined user trust. Despite offering solutions to identify wrongdoers, analysts have warned that combating this trend requires genuine commitment from platforms. You can monitor the prices of all tokens and cryptocurrencies live and in real-time on the momentary price page of digital currencies.
