White Whale LabsOct 20, 2026
White Whale Labs says Solana memecoin trading is driven almost entirely by wallet clusters
White Whale Labs has published a study titled The Audit Of The Memecoin Casino, built from a dataset tracking all new-token trading on Pump.fun and Stonk on Solana since late August. The firm said the dataset covers more than 1 million liquidity pools, 7.7 million wallets, and 384 million swaps, totaling over 56 GB and 820 million rows. It adds 18 million to 25 million transactions a day, as many as roughly 1 million wallets, and more than 60,000 newly issued projects.
According to the study, about one in 10 tokens with real trading activity goes on to double within the next 24 hours. But across 22.8 million first buys over two weeks, only 17% doubled before falling 40%. Using a take-profit at 2x, a 40% stop-loss, and including costs, the average trade still lost about 19%.
The report said clusters of 450 to 2,000 wallets often buy within one to two minutes of launch. Tokens tied to those clusters showed a 28% to 46% doubling rate, and entries by those wallets reached a 50% to 60% chance of doubling before a 40% drawdown, versus 17% for other wallets. Copy-trading tests and neural-network selection improved hit rates in some cases, but White Whale Labs said neither approach produced a monetizable edge after spending thousands of dollars on APIs, VPS infrastructure, and models.