RFC Token big pump 2000% Behind: Whale operators and the encryption capital game under Musk's narrative

The RFC event reveals the conflict between community governance and institutional manipulation in the crypto market.

Written by: Alvis

I. Phenomenal Surge: From Marginal Meme to Hundredfold Myth

Late at night on April 13, 2025, the Solana on-chain monitoring alarm suddenly sounded - the price of a meme token called RFC (Retard Finder Coin) soared by 200% in 15 minutes, with a market cap of more than $100 million, and the price peaked at $0.199. The climax of this carnival was ignited by a huge purchase order worth $1.2 million. While the market is still speculating whether this is the collective madness of retail investors, the on-chain data reveals a more complex capital game: a sophisticated network of at least 3 linked address groups, 5 market makers, and $180 million in travel capital is pushing this "community carnival" into an unpredictable abyss.

1.1 Capital Riot: Achieve a Hundredfold Leap in Two Weeks

Since Elon Musk first liked the "Retard Finder" social media account on March 29, RFC has entered a frenzied upward trend. From $0.003 on April 1 to a historical high of $0.2 on April 13, its price curve shows a typical "stair-step control" characteristic: every time it breaks through an integer barrier, there is a massive buy order supporting it, and the pullback is always controlled within 15%. This abnormal stability is quite rare among Meme coins, which are usually known for high volatility.

1.2 The Giant Whale Revealed: The Secret of 120 Million US Dollars in Liquidity

On the early morning of April 14, on-chain detective @CaNoe disclosed key evidence: a whale address starting with 0x3d... purchased RFC worth 1.2 million dollars through four transactions, driving the market capitalization to exceed 100 million dollars.

But this is just the tip of the iceberg—this address completed fund splitting through 14 associated wallets within 3 days, with an actual purchase scale exceeding 8 million dollars, accounting for 23% of the total trading volume.

Even more shocking is the flow of funds:

• Upstream fund pool: 100 million USDC from a certain TRUMP market maker address, transferred through Gg5yX...
• Relay Network: 8hsoX... address group completed 10 cross-chain conversions, involving ETH, SOL, and BASE three public chains.
• Terminal operation: Finally completed RFC shopping through 5 newly created addresses on the SOL chain

This tiered flow of funds exposes the adept skills of the operators in evading regulation. As crypto analyst Yu Jin stated: "This is not a spur-of-the-moment speculation, but a capital layout planned for months."

II. Dissecting the Giant Whale: The Capital Landscape of Cross-Ecological Operators

2.1 TRUMP Market Maker's Comeback

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

This address has only interacted with three coins, namely $TRUMP, $VIRTUAL, and $LIBRA. Particularly with $TRUMP, there have been nearly 50 frequent interactions in total, with total purchases of $7.3m and total sales of $11.2m. This interaction pattern can basically be confirmed as a market maker's address.

Activities were also conducted on $LIBRA and $VIRTUAL, both of which are recognized as super strong manipulated coins, not to mention that $LIBRA is deeply mired in the manipulation scandal behind the entire foundation (though not many people bring it up now).

This typical market maker behavior pattern was perfectly replicated in the RFC campaign. It is worth noting that this address group suddenly emptied all TRUMP holdings on March 15, which coincided with the timing of the RFC launch and the subsequent increase.

2.2 The Underlying Network of Hidden Currents

Further digging into the flow of funds, we have drawn a larger association map:

• (Data Source: GMGN On-chain Analysis Platform) *

These projects collectively outline the strategy preferences of traders: selecting tokens with strong narratives, low circulation, and celebrity endorsements, and creating a false sense of liquidity through high-frequency trading. The RFC happens to meet all these conditions—interactions with Musk, support from the Solana ecosystem, fixed supply, and other characteristics make it an ideal target for trading.

3. The Musk Effect: The Deadly Temptation of Decentralized Narratives

3.1 From Twitter Interaction to Code Mysteries

The outbreak of RFC is by no means a coincidence. On March 7, when Musk replied to the account "Retard Finder" about the statement that "the crypto market needs more rebellious spirit," keen capital had already sensed the opportunity. On-chain data shows:

• March 8-10: 6 new addresses aggressively bought $800,000 worth of RFC
• March 15: Project official website updates code repository, "XCorp" key appears (company owned by Musk)
• April 1: Eric Trump retweeted posts related to RFC, sparking frenzy in the right-wing community.

This three-stage marketing of "celebrity interaction - code hints - community dissemination" precisely hits the narrative hunger of the crypto market. Even though Musk has never publicly admitted to a relationship with RFC, enough "coincidences" have driven speculators into a collective frenzy.

3.2 The Sword of Damocles of Concentrated Chips

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

This level of concentration even exceeds that of SHIB in 2021 (when the top 10 addresses accounted for 27%), giving the whales absolute market control.

We simulated price shocks under different sell-off scenarios:

(The data model is built on historical liquidity data of Meme coins)

This means that out of the current daily trading volume of 120 million dollars, at least 40 million dollars belong to "fake liquidity"—once the whales start selling off, the price collapse could be measured in hours.

IV. Ecological Resonance: Solana's Wealth Creation Machine and Risk Breeding Ground

4.1 The Mysterious Backer of the Foundation

The deep involvement of the Solana ecosystem injects additional momentum into the surge of RFC. On-chain data shows:

• March 25: The SOL Foundation address transferred 5000 SOL to the RFC development team.
• April 5: RFC/SOL liquidity pool appears on Serum DEX, with an initial injection value of 2 million USD.
• April 12: Solana Ventures associated address participates in RFC community governance proposal 7

This interplay of light and dark support allows the RFC to transcend the realm of ordinary Meme coins, becoming a "model project" that showcases the capabilities of the Solana ecosystem. However, the question arises—when the interests of the project team are deeply tied to those of the ecosystem builders, has the so-called "decentralization" become merely a marketing slogan?

4.2 Liquidity Siphon Effect

Since April, SOL's on-chain TVL has increased by 16%, with 63% of that coming from Meme coin-related protocols. The price of the Sol token has risen from a low of 95 dollars to the current 130 dollars, an increase of over 35%. The rise of RFC coincides with a critical period of recovery for the Solana ecosystem.

Future Projection: The Directional Choices of Capital Games

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

• Optimistic scenario: Market makers continue to maintain prices oscillating between $0.08 and $0.12, hedging profits through the derivatives market, extending the lifecycle to 6-8 weeks.
• Pessimistic scenario: New hotspots emerge in the Solana ecosystem, leading to liquidity transfer, with whales starting distribution above $0.15, triggering a pullback of over 60%.

The current market may be more inclined towards the second possibility - the flash crash of OM coin on April 14 (a single-day drop of 90%) has triggered a chain panic, causing investors' risk appetite to shrink rapidly.