On-chain analyst @the_smart_ape says a 43-wallet network tied to Pump.fun has been running what the report describes as a meme-coin issuance pipeline. Since January 2026, the network has launched more than 6,855 meme coins and is still active, according to the analysis.
The structure outlined in the report includes 32 issuer wallets, eight transit wallets, three bundled-buy wallets, two collection wallets, and one treasury-style wallet. The currently active issuer, DRXPafDunsHAMoo6hqyak9J5LfqT1MKBQEp5iUJMFvb7, has launched 1,118 tokens since Sept. 9.
Trail began with the token fun
The analyst says the investigation started with fun, whose contract address is 7nRtEVneLhdc4L4dHyiExoSZoSMJx9VEBTr7wbmDpump. On Oct. 22, fun was launched eight seconds after a post on X. The issuer bought first, three other wallets bought in the same block, and the issuer sold out four seconds later.
Unlike many similar launches, the token did not immediately collapse. The report says fun reached a market capitalization of about $150,000 after 10 minutes. The issuer and the bundled wallets made 13.6 SOL on the trade, but had already exited before the move higher.
Following the funds led the analyst to two collection wallets, where proceeds were converted into USDC and then sent to a wallet holding more than $1 million. The report says 31 other issuer wallets were also feeding that address.
A five-step launch pattern
The report describes a repeatable sequence for each token launch.
- The issuer creates the token and buys 10% to 15% of supply in the same transaction.
- Three other wallets in the network buy in the same block.
- Outside buyers enter, including sniping bots, copy-trading bots, and traders who believe they are early.
- The issuer exits, with a median sell time of about three seconds.
- Profits move to collection wallets and then into the treasury wallet.
In a review of 160 launches, the analyst found 461 bundled buys, all of them in the creation block. About 90% were placed in positions one through three immediately after the creation transaction, and none appeared in later blocks.
The report argues that this pattern shows the launch transaction and the three follow-up buys were submitted as a package, leaving outside buyers no chance to get ahead of them.
The analyst also says the current issuer wallet launched 693 tokens in the reviewed sample, with 88% fully sold within five seconds. The article adds that roughly 3% of tokens issued by the current launcher later post gains similar to fun, but the operating wallets are usually gone before that happens.
Bundled buyers were not separate outsiders
One of the report’s central claims is that the three wallets buying right behind the issuer were not freshly created throwaway addresses. They were other issuer wallets from the same network.
That means one wallet launches a token while several peer wallets act as bundled buyers, then the roles rotate on the next launch. The article cites wallet 3cCqweS8… as having participated in launches by eight different issuers. The analyst says this looks less like random copy trading and more like a coordinated production line.
Same-block transfers from 36 wallets
The report says shared fund flows alone would not prove common control. A more telling signal, in the analyst’s view, came on Oct. 14 at 15:39:14, when 36 wallets emptied their SOL balances into a collection wallet in the same block. Another wallet followed two minutes later. Three minutes after the batch transfer, the collection wallet sent $71,874 in USDC to the treasury wallet.
The analyst says it is difficult to explain 36 independent actors transferring in the same block, and argues that the behavior is more consistent with automation. The article says similar batch collections appeared more than once, with the same group of wallets recurring on the same day.
The report also lays out a timeline from Sept. 9. At 1:07 a.m., the previous issuer wallet, XXXX5JNGhjPpQEsqcFChLtzv4V1HWyqUaW8tEwyjBfW, launched its 938th and final token. At 4:05 a.m., a new collection wallet was funded. Six minutes later, the new issuer wallet, DRXPafDunsHAMoo6hqyak9J5LfqT1MKBQEp5iUJMFvb7, completed its first launch together with three new bundled-buy wallets.
Five days earlier, according to the article, the old issuer had transferred 247 SOL to the new one. The analyst also points to repeated first-buy parameters across hundreds of launches: 110.9m tokens for 3.55 SOL appeared 966 times, while 112.1m tokens for 3.56 SOL appeared 797 times. The report says that level of repetition suggests the same tool and the same configuration.
Treasury wallet has only received funds
The treasury wallet identified in the report is 8wZf1QPda7HeQQYPXebVu8HGEKcCoiSoT7KsuwYLWtFX. The analyst describes it as a standard wallet controlled by a single private key. Since May 9, it has recorded 188 incoming transfers and no signed outgoing transactions.
According to the report, only two wallets sent funds into it: collection wallet #1, DNmciAfumzbkNRxpPym5kiEsquD69JY3Nvj1T8nWGBqD, transferred $742,271 in USDC, and collection wallet #2, Hu92NuUGb9XMKaaqQnBaDfUGph7PnVRmoAtiKpPDrKUu, transferred $284,539 in USDC. That brings the total to $1,026,810 in USDC.
The article adds that the first SOL ever received by the treasury wallet came from one of the issuer wallets in the network.
Identity remains unknown
The analyst says the operator behind the wallets has not been identified. The article says the address has no KOLScan profile, no .sol domain, and no mentions on X.
The report says the wallets were funded through KuCoin, Bybit, and Binance, and argues that only those exchanges may be able to connect the on-chain addresses to verified identities. The analyst also says the network was compared against nearly 1,000 known KOL wallets, with no overlap and no transfers found.
Signals the analyst says traders can watch
The article closes with several checks. One is to inspect the launch block: if three wallets buy immediately after the issuer, the analyst says that may indicate a bundled buy. Another is to review the issuer’s history: a wallet launching 50 tokens a day, in the analyst’s view, is more likely part of a coordinated network than a project team. Traders can also check whether the issuer has already sold, because the median exit time in this network is about three seconds.
The report also warns against buying in the seconds before a token launched by a repeat issuer goes live.
Addresses listed in the article
- Treasury wallet: 8wZf1QPda7HeQQYPXebVu8HGEKcCoiSoT7KsuwYLWtFX
- Collection wallet #1: DNmciAfumzbkNRxpPym5kiEsquD69JY3Nvj1T8nWGBqD
- Collection wallet #2: Hu92NuUGb9XMKaaqQnBaDfUGph7PnVRmoAtiKpPDrKUu
- Current issuer: DRXPafDunsHAMoo6hqyak9J5LfqT1MKBQEp5iUJMFvb7
- Previous issuer: XXXX5JNGhjPpQEsqcFChLtzv4V1HWyqUaW8tEwyjBfW
The original piece was written by @the_smart_ape and translated by AididiaoJP and Foresight News. PANews labeled it as a contributed opinion article that does not represent the outlet’s position and does not constitute investment advice.