Original Article Title: "The 2000% Surge of RFC Token: The Cryptocurrency Capital Game Amid Whale Manipulators and Musk Narrative"

Original Article Author: Alvis, Mars Finance

1. Phenomenal Surge: From Meme Coin to Hundredfold Myth

On the night of April 13, 2025, a Solana on-chain monitoring alert suddenly sounded—an meme token named RFC (Retard Finder Coin) saw its price surge 200% in just 15 minutes, surpassing a market capitalization of $1 billion, with the price peaking at $0.199. The climax of this frenzy was ignited by a massive buy order worth $1.2 million. While the market was still speculating whether this was a collective frenzy of retail investors, on-chain data revealed a more complex capital game: a precise network woven by at least 3 associated address clusters, 5 liquidity providers, and $180 million of speculative capital was propelling this "community frenzy" into an unpredictable abyss.

1.1 Capital Riot: Achieving a Hundredfold Leap in Two Weeks

Since Elon Musk first liked a "Retard Finder" social media post on March 29, RFC has entered a frenzied uptrend. From $0.003 on April 1 to a peak of $0.2 on April 13, its price curve exhibits the typical "stair-step manipulation" characteristic: a massive buy order is placed at each integer breakthrough, and the retracement remains within 15%. This abnormal stability is rare in meme coins known for their high volatility.

1.2 Whale Unveiled: The Secret of $1.2 Billion Liquidity

In the early morning of April 14, on-chain sleuth @CaNoe revealed key evidence: a whale address starting with 0x3d... made four transactions to buy $1.2 million worth of RFC, driving the market cap above $1 billion.

But this is just the tip of the iceberg—the address, within three days, split the funds across 14 associated wallets, with actual purchases exceeding $8 million, accounting for 23% of the total trading volume.

More shocking is the fund flow path:

1. Upstream Liquidity Pool: $100 million USDC from a certain TRUMP liquidity provider address, routed through Gg5yX...

2. Relay Network: The address group 8hsoX... completed 10 cross-chain transfers, involving the ETH, SOL, and BASE blockchains

3. Terminal Operation: Finally, 5 newly created addresses on the SOL chain completed the RFC sweep

This three-tiered fund flow exposes the adept skill of the operator in evading regulation. As crypto analyst Yu Jin said, "This is not a spur-of-the-moment speculation, but a capital layout planned for months."

II. Dissecting the Whale: The Capital Landscape of a Cross-Ecosystem Operator

2.1 TRUMP Market Maker's Heavy Reinforcement

By retracing the historical behavior of the 0x3d address, we found a deep connection with the 2024 election concept coin, TRUMP.

This address has only interacted with three coins, namely $TRUMP, $VIRTUAL, $LIBRA, especially on $TRUMP, with nearly 50 frequent interactions, totaling buy $7.3m/sell $11.2m. This interaction pattern can be confirmed as typical of a market maker address.

It has also been active on $LIBRA and $VIRTUAL, both of which are recognized as super-strong manipulated coins, not to mention that $LIBRA was deeply involved in the manipulation scandal behind the entire foundation (although not many people mention it now).

This typical market maker behavior pattern was perfectly replicated in the RFC battle. It is noteworthy that this address group suddenly liquidated all TRUMP holdings on March 15, coinciding perfectly with the start of the RFC rally.

2.2 The Surging Undercurrents of the Associated Network

Delving further into the fund flow, we have drawn a larger network map:

(Data Source: GMGN On-Chain Analytics Platform)

These projects collectively outline the operator's strategic preference: selecting tokens with strong narratives, low circulation, celebrity endorsements, and creating liquidity illusions through high-frequency trading. RFC meets all the criteria—Musk interaction, Solana ecosystem support, fixed supply, and other characteristics, making it an ideal target for manipulation.

3. Musk Effect: The Fatal Temptation of Decentralized Narrative

3.1 From Twitter Interaction to Code Enigma

The RFC outbreak was by no means accidental. On March 7, when Musk replied to the "Retard Finder" account on Twitter regarding the "need for more rebellious spirit in cryptocurrency," sharp-eyed capital had already sensed the opportunity. On-chain data shows:

· March 8-10: 6 new addresses made a rush purchase of $800,000 worth of RFC

· March 15: Project website updated codebase, revealing the "XCorp" key (a Musk-affiliated company)

· April 1: Eric Trump retweeted RFC-related tweets, triggering enthusiasm in the right-wing community

This three-stage marketing of "celebrity interaction - code hints - community dissemination" precisely hit the narrative hunger of the crypto market. Even though Musk has never publicly acknowledged any relationship with RFC, a sufficient number of "coincidences" have plunged speculators into collective frenzy.

3.2 The Damocles' Sword of Chip Concentration

M7 Research's on-chain report has revealed an even more dangerous reality: the top 500 addresses control 36.46% of the RFC's total supply, with the green cluster single address group accounting for 29.61%.

This concentration even surpasses SHIB in 2021 (where the top 10 addresses held 27%), giving whales absolute market control.

We simulated price impacts under different sell-off scenarios:

(data model based on historical Meme coin liquidity data)

This means that out of the current $120 million daily trading volume, at least $40 million belongs to "fake liquidity" – once the whale initiates a sell-off, price collapse could be calculated in hours.

4. Ecological Resonance: Solana's Wealth Creation Machine and Risk Incubator

4.1 The Foundation's Mysterious Mover

Solana's deep involvement in the ecosystem injected additional momentum into RFC's meteoric rise. On-chain data shows:

· March 25: SOL Foundation address transferred 5000 SOL to the RFC development team

· April 5th: RFC/SOL Liquidity Pool Appears on Serum DEX, with an Initial $2 Million Value Injection

· April 12th: Solana Ventures’ Associated Address Participates in RFC Community Governance Proposal 7

This intertwined support has propelled RFC beyond the realm of a typical meme coin, transforming it into a “showcase project” demonstrating Solana’s ecosystem capabilities. However, the question remains—when project teams are deeply intertwined with ecosystem builders, has the so-called “decentralization” devolved into a marketing slogan?

4.2 Liquidity Siphoning Effect

Since April, SOL’s on-chain TVL has grown by 16%, with 63% of that growth coming from meme coin-related protocols. The Sol token price has surged from a bottom of $95 to the current $130, representing a gain of over 35%. RFC’s rise comes at a crucial moment in Solana’s ecosystem recovery.

Future Speculation: The Direction of the Capital Game

Based on historical data modeling, we anticipate that RFC may face two possible paths:

· Optimistic Scenario: Liquidity providers continue to maintain a price fluctuation range of $0.08-$0.12, offsetting profits through the derivatives market, extending the lifecycle to 6-8 weeks

· Pessimistic Scenario: A new hotspot emerges in the Solana ecosystem, leading to liquidity migration, with whales initiating distribution above $0.15, triggering a correction of over 60%

The current market may lean towards the second scenario—the flash crash of OM Coin on April 14th (a 90% single-day decline) has already sparked a chain reaction of panic, causing a rapid contraction in investor risk appetite.

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