Recently, I wandered around a major exchange's marketplace and found a bunch of Meme coins being aggressively promoted. One project called "Pig Foot Rice" caught my attention—it seems quite active, with only 4,000 token holders, and the smart contract looks fine. But upon closer inspection, the situation gets complicated.

I pulled up the top holder rankings, and the address in first place holds 13%, which is already suspicious enough. Digging deeper, I found that this top address is making frantic transfers. Tracking the flow of funds revealed the truth—these tokens were all directly distributed from the minting address (0x00).

What's more interesting is that this main controlling address not only manipulates this one project but also created another token called "Pig Foot Rice." Two projects, similar tactics, and comparable holder concentration. Connecting all the clues, it becomes clear: the project team issued multiple tokens with the same or similar names in bulk, then dispersed them to different wallet addresses, organizing promoters in the marketplace to carry out wave after wave of hype. When the hype builds up, the chips are released at zero cost, and then sold off all at once.

Over the years, I've seen many Meme coin stories—some have indeed become popular, but they all follow a pattern: truly valuable projects must be tempered by time and market cleansing. Those promises of overnight riches are often born this way.