Sniper Wallet Scheme Hijacks 15,000+ Solana Memecoins, Report Reveals

According to a Pine Analytics Report, more than 15,000 Solana-based memecoins launched on Pump.fun have been manipulated using sniper wallets – automated wallets that instantly buy tokens at launch and sell them moments later for quick profits.

But this isn’t just a case of fast-moving bots trying to front-run the market. A new report suggests something more coordinated and more troubling. It claims that many of these wallets are secretly backed by the token creators themselves.

It’s a scheme that’s turning memecoin hype into a high-speed trap for retail traders. And it’s happening on a massive scale. Here’s what you should know.

How the Scheme Works

Sniper wallets are usually designed to catch fresh token listings early. But according to the report, deployers themselves are now behind many of these bots. They preload sniper wallets and use them to carry out fast buy-sell loops just seconds after launch, making it look like there’s a surge in demand.

The goal is simple: spark FOMO among retail traders, push prices up quickly, then cash out – leaving everyone else holding tokens that rapidly lose value.

Scale of the Scheme

In just 30 days, the numbers are eye-opening:

• 15,000+ token launches affected
  
• 10,400+ deployers involved
  
• 4,600+ sniper wallets used
  
• 87% of sniper wallets generated profits
  
• Over 15,000 SOL made through this exploit
  

The report notes that at least 50% of all memecoin launches on Pump.fun involve some level of sniping.

Retail Traders Take the Biggest Hit

Retail investors are the ones losing out. Many are fooled by the appearance of fast-growing demand and jump in – only to watch the price collapse minutes later. This kind of manipulation is causing serious damage to trader confidence and is starting to hurt Pump.fun’s reputation, as well as the broader Solana memecoin ecosystem.

Sniper Wallets Are Hard to Trace

One of the biggest challenges in stopping these wallets is that they blend in with normal trading bots. Many also use tricks like proxy wallets and burner addresses to cover their tracks, making them extremely hard to identify.

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A Call for Action

Pine Analytics is urging Pump.fun to step up and tackle the problem by:

• Deploy detection tools for suspicious trading behavior
  
• Flag known sniper wallet patterns
  
• Encourage a shift toward transparency and away from short-term profiteering
  

The report warns that without stronger protections and a serious platform-wide response, this kind of abuse will keep spreading – and could damage Solana’s growing memecoin market in the long run.

If trust keeps slipping, even the wildest memecoin rallies may not be enough to bring traders back.