An explosive relationship reveals the magnitude of a handling system orchestrated on the Solana blockchain. More than 15,000 soil have been extracted fraudulently in 1 month thanks to a sophisticated technique of “farming” of the same.
Large -scale manipulation
The Pine Analytics report highlights a much larger phenomenon than isolated cases of manipulation known to the general public, like those of the same Libra or Melania.
The figures are edifying: more than 4,600 unique “snipers” wallets and more than 10,400 tokens creators have been identified as active participant in this system on the Solana blockchain.
Info
Sniping consists of massively buying a token from its creation, often in the same transaction block, to take advantage of the artificial increase in its price.
Representation of the number of tokens issued (in blue) and the number of tokens issued identified as snipets (in cyan), on pump.fun
What makes this manipulation particularly pernicious is its exceptional success rate. Snipes portfolios show profitability of 87 %, testifying to methodical coordination rather than a simple luck.
But the reality is even more disturbing. According to the study, Over 50 % of cryptos launched on Solana are now “snipped” in the very block of their creationbefore ordinary investors were able to discover them via public interfaces.
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Ever more sophisticated obfuscation techniques
To escape any detection, manipulators have developed complex and effective strategies, consolidating a well -established value extraction system, close to real institutionalization.
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They notably use multi -wallet structures with ” financing channels »Understanding until 5 or 7 intermediate transactions between the creator of Token and the final sniper. This method, called “multi-hop funding”, makes it very difficult to establish a direct link between the 2 parties.
Another formidable tactic: the “burner” portfolios, which make a single purchase transaction before becoming inactive, thus mimicking the behavior of lambda investors who have forgotten their tokens.
The creators of Tokens also distribute their initial purchases between 2 to 4 different wallets, in order to simulate a diversified organic demand.
Time analysis also reveals suspicious patterns: sniping activity is massively concentrated between 2:00 p.m. and 11:00 p.m. UTC, with an almost lack of activity between midnight and 8:00 am UTC. This distribution is strangely corresponds to American working hourssuggesting either human coordination, or a programmed automation according to this time zone.
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An ultra -fast extraction strategy
The leaving behavior of the snipers reveals a perfectly established extraction strategy. More than 55 % of sniping operations are fully completed (purchase then sale) in less than 1 minute, and near 85 % end in less than 5 minutes. The most extreme group represents more than 11 % of cases and ends its operations in less than 15 seconds.
This speed goes hand in hand with striking organizational simplicity: In more than 90 % of cases, snipers liquidate their positions in just 1 or 2 transactions On decentralized exchanges (Dex).
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This behavior contrasts radically with that of legitimate investors, which would tend to stagger their sales or keep their positions longer.
The first graph represents the number of snipers that liquidate their positions at different time intervals, the 2nd represents the profits recorded by these different cohorts
Paradoxically, it is the fastest portfolios to disengage – more exactly, the cohort that sold for 1 minute – which are also the most profitable. This reversal correlation with conventional investment strategies confirms the existence of boots programmed according to the logic ” enter first, sell quickly, go out completely ».
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Disastrous consequences for the reputation of Solana platforms
This systematic manipulation deeply alters the natural signals on the market. Individual investors, attracted by artificial price increases, actually serve as exit liquidity For manipulators.
They buy tokens at inflated prices that the snipers immediately resells to profit, thus orchestrating a transfer of wealth of small carriers to the initiates.
The Pine Analytics report emphasizes that current defense systems are ” deemed insufficient Faced with the magnitude of the phenomenon. Platforms and protocols are struggling to detect these manipulations in real timein particular because of the constant evolution of obfuscation techniques.
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Tracks to restore confidence
Faced with this generalized manipulation, certain solutions emerge. Pine Analytics recommends that platformsintegrate more transparent indicators concerning the initial activity of tokens, in order to allow investors to identify suspicious launches.
Among the suggested tracks: display of the volume concentrated in the first blocks, or the highlighting of abnormally high priority costs, 2 potential alert signals.
Warning systems could also evolve towards more granularity. Rather than simply banning certain tokens, platforms could develop nuanced approaches that alert risky behavior while leaving the final choice for investors.
Finally, portfolios with dubious history could also be identified and reported, contributing to the establishment of a decentralized form of reputation.
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Source: Pine Analytics
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Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provided a weekly fundamental analysis.
Théo Zananiri
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