Behind the Solana Celebrity Token: A feast for project parties and rat trading

Recently, with the Solana on-chain issuance$TRUMP led by Trump, it has set off a celebrity launch coin boom. Tokens such as $MELANIA, $RYAN, $ENRON, $LIBRA have emerged successively, and the Meteora platform has quickly become the preferred issuance platform for such high-profile projects. These Token projects show astonishing similarities: extremely high FDV, exaggerated volume, and intense price Fluctuation. On the surface, these Tokens are sought after in the market due to the celebrity effect, but a deeper analysis reveals that behind this is actually a meticulously designed wealth harvesting trap.

Meteora platform: Innovative mechanisms become tools for manipulation

The Meteora platform is favored by its DLMM model, which has lower transaction slippage and flexible liquidity management mechanisms. However, these innovative features, which were originally intended to improve capital efficiency, were improperly exploited and used as profit tools for project parties and insider traders.

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The mode of operation of systematic manipulation

In a typical celebrity tokenissuance, the project team usually takes the following steps:

· Create a token in advance

· Establishing DLMM trading pool on Meteora

· Inject liquidity into transactions

Observation reveals that projects often create Token and USDC trading pairs in DLMM pools in advance, only providing one-sided liquidity injection. This means that at the opening, a large number of limit sell orders have been pre-set waiting for liquidity to flow in, and the zero slippage feature of DLMM trading bins further magnifies the profit potential for the projects.

Insider Trading Analysis: Precise Timing and System Operation

$MELANIA, $ENRON, $LIBRA and other cases, the insider trader has the contract address (CA), trading pool information and opening time in advance. The specific performance is as follows:

· $LIBRA created Token on the 14th, and the trading pool was created 20 minutes before the opening on the 15th

· $ENRON Tokens were created on January 25 and the Meteora pool was not set up until one hour before the transaction on February 4

According to GMGN data, $LIBRA saw nearly $4.5 million in funds flow in just 2 seconds after opening.

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A trader (address: 8bZsrR5aRHDZYkWPLQoDFZUKsHCTeJ8uqhPnoMn7baG3) snatched the first place with a single $1.4 million sniper trade, initiating 170 transactions in the opening block, and only succeeded at the moment the trading started. Considering that Meteora opens pools with only one-sided liquidity added every day, such a large and precise investment is obviously based on insider information.

Profit Model Detailed Explanation

This sniper trader has adopted a systematic profit strategy:

· Rapidly exchange 1.8 million Tokens for 530,000 US dollars

** · ** Distribute the remaining Tokens to 8 sub-accounts for distribution

Taking the largest sub-account (DmzEMt7XHwA1tZM5d1XBGvTFWoUpTLutpR5d8cMxNghs) as an example:

· Sell 750,000 Tokens every 20 seconds, 14 times in a row

The remaining Token is added as a unilateral liquidity to the $LIBRA-$SOL trading pair

· Harvest 5500 SOL in just 7 minutes

Within 5 hours after the opening, convert all LIBRA and obtained SOL to USDC, and make a profit of 5 million dollars

In the end, the sniper account made a total profit of 17 million dollars through this batch selling method.

At the same time, the project party's profits are even more considerable. The developer address (DefcyKc4yAjRsCLZjdxWuSUzVohXtLna9g22y3pBCm2z) also uses the one-sided liquidity mechanism to add Token to the Meteora pool, with fee income alone reaching 10 million US dollars.

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Market Impact & Alerts

The $LIBRA case, despite its high attention, is similar to $ENRON, $MELANIA, and $RYAN, all showing a similar operating mode. Investors unknowingly fall into the fund harvesting trap of "celebrities + Meteora + big trucks." The high liquidity mechanism of the Meteora platform has been abused by the project party and insiders, severely overdrawing the liquidity and investor confidence in the cryptocurrency market.

About M7 Research

Based in the field of on-chain investigations, M7 Research combines deep blockchain expertise with forensic analysis to uncover market manipulation. Our team brings transparency to the cryptocurrency market through detailed technical analysis and data-driven insights. Adhering to the fundamental principle of "Code is law", we are committed to providing market participants with actionable intelligence and promoting a more transparent trading environment.

Note: All transactions referenced in this article can be publicly verified on the block on-chain. While presenting the data objectively, readers are encouraged to independently verify the evidence in the text.

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