White Whale Labs Study Finds Solana Memecoins Advantage Concentrated in Cluster Wallets

White Whale Labs has released a study titled "The Audit Of The Memecoin Casino," documenting all Pump.fun and Stonk new coin transactions on Solana since late August. The study covers over 1 million liquidity pools, 7.7 million wallets, and 384 million exchanges, with data exceeding 56 GB and 820 million rows. The dataset adds 18 to 25 million transactions daily, with up to about 1 million wallets and over 60,000 newly issued projects. The research indicates that among the coins that were actually traded, about one-tenth would double within the following 24 hours. Of the 22.8 million first purchases, 17% doubled before a 40% drop; accounting for profit-taking at doubling and loss-cutting at a 40% drop, the average loss per transaction was about 19%. Clusters consisting of 450 to 2000 wallets often concentrated their purchases within one to two minutes after launch, with the doubling ratio of related coins ranging from 28% to 46%. Their entry point for doubling before a 40% drop was between 50% and 60%, significantly higher than the 17% for other wallets. The daily count of clusters ranged from 9 to 33. Copy trading tests showed that entering two minutes behind the large clusters resulted in a single-coin loss of 41% for 93 coins, with a median drop of 95%; tracking groups with positive records still faced an 11% single-coin loss. White Whale Labs stated that after spending thousands of dollars on API, VPS, and model costs, no monetizable advantage was found, as memecoin trading was almost entirely driven by cluster wallets.

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