RFC: From Musk Memes to Control Conspiracy? The Truth Behind a Carnival

Author: M7 Research

On March 7, as the entire cryptocurrency market wailed in a crash, a meme project called "RFC" (Retard Finder Coin) defied the trend, with its price skyrocketing over 200% within 48 hours, and its market cap approaching 30 million dollars at one point. In the midst of the sluggish market, it became the "light of carnival" that investors rushed to chase.

However, behind the popularity of RFC, is it truly a miracle driven by the community, or a carefully orchestrated manipulation game? M7 Research's on-chain analysis reveals an unknown truth about the chip distribution.

$RFC Background: The Rise of a Meme Craze

The social media account "Retard Finder" of RFC quickly attracted the attention of Musk and Eric Trump by criticizing the "white left" and supporting right-wing rhetoric in favor of Trump. Especially, Musk's multiple interactions with the account even sparked speculation in the market that it might be Musk's "political account."

The slogan "RFC is the next DOGE" has spread in the community, even making it to CCTV's financial news at one point. However, is there really no conspiracy behind this celebration?

On-chain Analysis: The Secret Control Network of RFC

We conducted an in-depth analysis of the top 500 holders of RFC and found that the project exhibits significant chip concentration and control behavior. Here are the main findings:

Green Cluster: The "Puppeteers" of RFC

Number of addresses: 181

Controlling Ratio: 29.61%

Feature: This is the largest controlled supply cluster, accounting for nearly 30% of the total supply.

Fund Flow Analysis: There are frequent fund transfers between these addresses, which are closely associated with the same external funding sources and target addresses. These signs indicate that these addresses may be controlled by the same entity, constituting the main "operators" of the RFC.

Gray Clusters: Hidden Powerful Supporters

Number of addresses: 3

Control ratio: 1.90%

Characteristics: Funds in grey clusters 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 Outflow?

Number of addresses: 2

Control allocation ratio: 1.83%

Features: The blue cluster mainly establishes connections through a consistent fund outflow pattern and may reduce token holdings through small, dispersed amounts during market peaks.

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Other Clusters: Small-Scale Manipulation Network

Light red cluster: 2 addresses, control ratio 1.31%, interconnected through bidirectional capital flow.

Pink cluster: 3 addresses, control ratio 1.11%, associated with the same external funding source.

Yellow Cluster: 5 addresses, control ratio 0.70%, there are frequent capital transactions between the addresses, and they are interconnected with external addresses.

Behind the control: Where are the risks of $RFC?

Through on-chain data, we found that among the Top 500 addresses of RFC, 6 major clusters collectively control 36.46% of the token supply. This highly centralized control model hides significant market manipulation risks:

Ease of Market Manipulation

Pump behavior: The green cluster can create false market demand by concentrating funds to attract retail investors to chase the rise.

Dumping behavior: Once the price reaches the target, these clusters can trigger market panic through synchronized selling to complete the offloading.

Control of Liquidity

High-level control over the supply ensures that these clusters have absolute say over the liquidity pools, and may even manipulate liquidity to interfere with trading depth and price stability.

The Illusion of Decentralization

On the surface, RFC is a community-driven Meme project, but on-chain data indicates that its control is actually concentrated in the hands of a few clusters, leaving ordinary investors at a disadvantage in terms of information and chips.

Conclusion: Under Musk's halo, is RFC a miracle or a conspiracy?

The rise of RFC is undoubtedly an exciting "crypto narrative": meme culture, Musk's endorsement, market euphoria... But the on-chain data revealing the truth about the control of funds casts a shadow over this celebration.

1. Nearly 30% of the tokens are controlled by a green cluster, with a high concentration of chips.

2. Six major clusters collectively control 36.46% of the supply, possessing strong market manipulation capabilities.

3. The project's decentralized narrative may just be a carefully packaged illusion.

We advise investors to remain highly vigilant when participating in RFC, conduct in-depth analysis of on-chain data, and avoid becoming victims of market manipulation.

Blockchain does not lie, but the narrative of the market may.