Author: M7 Research
On March 7, when the entire crypto market was wailing in a plunge, a meme project called "RFC" (Retard Finder Coin) rose against the trend, with prices soaring by more than 200% in 48 hours, and its market value once approached 30 million US dollars. In the sluggish market, it has become the "carnival light" that investors are scrambling to chase.
However, behind the popularity of RFC, is it really a community-driven miracle or a carefully planned manipulation game? M7 Research's on-chain analysis reveals an unknown truth about the distribution of chips.
RFC's social account "Retard Finder" quickly attracted the attention of Musk and Eric Trump with its right-wing remarks criticizing "white leftists" and supporting Trump. In particular, Musk's multiple interactions with the account even triggered market speculation that it was Musk's "political trumpet."
The slogan "RFC is the next DOGE" spread in the community and even appeared on CCTV Financial News. However, is there really no conspiracy behind this carnival?
We conducted an in-depth analysis of the Top 500 holders of RFC and found that the project has obvious chip concentration and chip control behavior. Here are the main findings:
Green cluster: RFC's "behind-the-scenes manipulator"
Number of addresses: 181
Control ratio: 29.61%
Features: This is the largest control group, accounting for nearly 30% of the total supply.
Fund behavior analysis: There are frequent fund transfers between these addresses, and they are closely associated with the same external source of funds and target addresses. These signs indicate that these addresses may be controlled by the same entity and constitute the main "operator" of RFC.
Gray Cluster: Hidden Strong Supporter
Number of Addresses: 3
Controlled Funding Ratio: 1.90%
Features: The funds of the gray cluster are mainly transferred through the same inflow and outflow addresses, showing a high degree of synergy.
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Blue cluster: a signal of capital flight?
Number of addresses: 2
Control ratio: 1.83%
Features: Blue clusters are mainly connected through consistent fund transfer patterns, and may reduce their holdings of tokens in a small and dispersed manner at market highs.
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Other clusters: small-scale manipulation networks
Light red cluster: 2 addresses, controlling 1.31%, interconnected through two-way fund flows.
Pink cluster: 3 addresses, controlling 1.11%, associated with the same external source of funds.
Yellow cluster: 5 addresses, controlling 0.70%, with frequent fund flows between addresses and interconnected with external addresses.
Through on-chain data, we found that among the top 500 addresses of RFC, 6 major clusters controlled a total of 36.46% of the token supply. This highly centralized control model hides huge risks of market manipulation:
Convenience of market manipulation
Pull-up behavior: Green clusters can create false market demand by concentrating funds to enter the market and attract retail investors to chase the rise.
Dumping behavior: Once the price reaches the target, these clusters can cause market panic by selling simultaneously and complete the shipment.
Control over liquidity
Highly controlled funds give these clusters absolute say in the liquidity pool, and may even interfere with trading depth and price stability by manipulating liquidity.
Illusion of decentralization
On the surface, RFC is a community-driven Meme project, but on-chain data shows that its control is actually concentrated in the hands of a few clusters, and ordinary investors are actually at a disadvantage in terms of information and chips.
The rise of RFC is undoubtedly a wonderful "crypto narrative": Meme culture, Musk's endorsement, market carnival... But the truth of control revealed by on-chain data casts a shadow on this carnival.
1. Nearly 30% of the tokens are controlled by the green cluster, and the chips are highly concentrated.
2. The 6 major clusters control a total of 36.46% of the supply, and have strong market manipulation capabilities.
3. The decentralized narrative of the project may just be a carefully packaged illusion.
We recommend that investors remain highly vigilant when participating in RFCs, deeply analyze on-chain data, and avoid becoming victims of market manipulation.
The blockchain will not lie, but the market narrative may.
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Alex
