Author: M7 Research

On March 7, when the entire crypto market wailed in a plunge, a Meme project called "RFC" (Retard Finder Coin) rose against the trend, and its price soared by more than 200% within 48 hours, and its market value once approached $30 million. In the sluggish market, it has become the "carnival light" that investors are pursuing.

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

$RFC Background: The rise of a Meme carnival

RFC's social account "Retard Finder" was quickly attracting the attention of Musk and Eric Trump for its right-wing remarks. In particular, Musk's multiple interactions with the account have even triggered speculation in the market that it is Musk's "small trumpet".

The slogan "RFC is the next DOGE" spread in the community and even appeared on CCTV Financial News for a time. However, is there really no conspiracy behind this carnival?

On-chain analysis: RFC's secret control network

We conducted an in-depth analysis of the top 500 holders of RFC and found that the project has obvious chip concentration and control behavior. The following are the main findings:

Green cluster: RFC's "behind the scenes manipulator" Number of addresses: 181 Control ratio: 29.61% Features: This is the largest controlling cluster, accounting for nearly 30% of the total supply.

Funding behavior analysis: There is frequent fund transfer between these addresses, and the same external fund source and target locationThe address is closely related. These signs suggest that these addresses may be controlled by the same entity, forming the main "traders" of RFC.

Grey cluster: hidden strong supporters

Number of addresses: 3

Control ratio: 1.90%

Feature: The funds of the gray cluster are mainly transferred through the same inflow and outflow addresses, showing a high degree of synergy.

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Blue cluster: signal of funds escaping?

Number of addresses: 2

Control ratio: 1.83%

Features: The blue cluster mainly establishes connections through consistent capital transfer mode, and may reduce its holdings of tokens through small-scale decentralization at the highs of the market.

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Other clusters: small-scale manipulation network

Light red cluster: 2 addresses, the control ratio is 1.31%, and it is related to each other through two-way capital flows.

Pink cluster: 3 addresses, with a control ratio of 1.11%, which is related to the same external funding source.

Yellow cluster: 5 addresses, the control ratio is 0.70%. There are frequent fund transactions between addresses and they are related to external addresses.

Behind the control of funds: What are the risks of $RFC?

Through the on-chain data, we sendAmong the top 500 addresses of RFC, 6 major clusters control a total of 36.46% of the token supply. This highly centralized control model hides huge market manipulation risks:

Convenience of market manipulation

Pulling behavior: Green clusters can create false market demand by concentrating funds to attract retail investors to chase the rise.

Shrunk market behavior: Once the price reaches the target, these clusters can trigger market panic through synchronous selling and complete shipment.

Control liquidity

High control of liquidity allows these clusters to have absolute voice in liquidity pools, and may even interfere with transaction depth and price stability by manipulating liquidity.

The illusion of decentralization

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

Conclusion: Is RFC a miracle or a conspiracy under Musk's aura?

The rise of RFC is undoubtedly a wonderful "crypto narrative": Meme culture, Musk's endorsement, market carnival... But the truth about the controlling funds revealed by the data on the chain casts a shadow on this carnival.

1. Nearly 30% of tokens are controlled by green clusters and the chips are highly concentrated.

2 and 6 major clusters control a total of 36.46% of the supply and have extremely strong market control capabilities.

3. The decentralized narrative of the project may be just a carefully packaged illusion.

We recommend that investors stay highly alert when participating in RFC, analyze on-chain data in depth, and avoid becoming victims of market manipulation.

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