Bubblemaps reveals that the associated wallet of top Solana meme trader Cupsey made a profit of $1.74 million from trading approximately 3,000 tokens, selling to followers after public purchases.

Written by: ChandlerZ, Foresight News

On November 10, the on-chain data analysis institution Bubblemaps released an investigation report that had been in the works for several days, targeting the well-known Solana meme coin trader Cupsey, who has over 230,000 followers on X.

In the eyes of many retail investors and copy trading software, Cupsey's public wallet is a golden signboard. Whenever this address buys a new coin, subscribed followers receive pop-ups, and accounts equipped with copy trading tools automatically follow the buying according to preset conditions.

The on-chain tracking by Bubblemaps tore away this layer of transparency; since May 7 of this year, about 30 hidden addresses related to Cupsey's public wallet on Pump.fun have traded over 27,000 types of tokens in a few short months. Among these, approximately 3,000 tokens were used by this batch of accounts employing strategies of "early stockpiling, public calls, and offloading with buy orders," cumulatively cashing out about $1.74 million. As of publication, Cupsey has not responded clearly to specific accusations.

Who is Cupsey?

Before entering the crypto circle, Cupsey was an ordinary competitive player of Fortnite on PC, previously part of the First Gaming team. Between 2022 and 2023, he frequently participated in official events such as Duos Cash Cups, Solo Cash Cups, and FNCS (Fortnite Champion Series), and achieved a top 10 finish in a Solo cash event in 2022.

Around 2022, he began to get involved with Solana's NFTs (such as entering the DeGods community), and then transitioned to the Pump.fun platform during the meme coin craze in 2024. Benefiting from the internet speed and reflexes developed through intense gaming, he spends 12 to 16 hours a day scanning new coins and during peak times can execute hundreds or even thousands of transactions daily.

According to incomplete statistics at the time, in the August 2025 rankings, Cupsey's address topped with about $5.14 million in revenue over the past three months, with a winning rate of 67.7%. The transaction rhythm of this wallet was also much faster than ordinary investors, averaging about 910 transactions daily over the observed week, with many tokens held for only seconds or minutes after purchase.

Community statistics show he set a record for 271 consecutive days of profit, turning a very small initial investment into assets worth tens of millions of dollars through high-frequency trades, earning him the nickname "the meme coin printing machine" in the circle.

With the spread of trading records, Cupsey's followers continued to increase. By November 2026, his X account had over 230,000 fans. In September 2025, he also posted that around $500,000 from his wallet was transferred out overnight.

4 wallets buy, 12 wallets distribute, a streamlined operation to offload

On today's crypto social trading platforms, publicly disclosing wallet addresses has become standard for top traders to attract traffic. However, on-chain records can only show the buying actions of public addresses, while other related holdings remain completely invisible.

Bubblemaps reconstructed this repetitive trading process, which occurred three thousand times:

Step one, four core operational wallets quietly enter the market to buy new coins, rapidly dispersing the chips to 12 associated wallets; step two, Cupsey's public wallet buys the same token and issues a recommendation on social platforms, attracting follow traders' funds to flood in; step three, the lurking associated wallets start selling off as the buy orders pour in.

On-chain timestamps show that some associated wallets immediately dump their holdings right after public addresses make purchases; other cases indicate that while Cupsey was still editing and publishing recommended content, the lurking small accounts had already sold off their chips.

Newly issued meme coins have extremely thin liquidity, and the influx of copy trading buy orders rapidly pushes up the transaction price. The early-position small accounts successfully offload their assets thanks to this buying rush, while later entrants are left with the high-priced chips and bear the subsequent downturn alone.

The investigation also linked Cupsey's related addresses with a token issuing address starting with "3z4vj." This address had issued tokens in bulk and retreated shortly after opening, which included a token named CUPSEY. The related small accounts identified by Bubblemaps had early purchases of over 400 tokens launched by this address. It is estimated that the trading profits from "3z4vj" amount to about $1.3 million. The investigation report classified this money as revenue from the issuing address, and has not directly attributed it to Cupsey himself.

Breaking the gun 20 seconds, coordinating hundreds of wallets

Before naming Cupsey, Bubblemaps had recently exposed multiple traders active near the top of the rankings by analyzing similar on-chain characteristics.

After analyzing 534 recommendations from trader Anglio, Bubblemaps investigators discovered five wallets closely related to him. Among them, 61% of recommended tokens had already been purchased by associated wallets before publication, with an average lead time of about 20 seconds, then sold within minutes. Anglio later admitted to using similar methods.

Trader 0xEthan had an even tighter rhythm. In his recent 49 recommendations, the public wallet would buy at the same second as three associated wallets, immediately followed by issuing recommendations and offloading. This batch of transactions earned about $125,000, including $45,000 from trading differences and $80,000 from recommendations on Pump.fun.

Another trader who had ranked highly in the social trading app FOMO, Solstice, also repeatedly recommended low market cap meme coins. Some tokens saw numerous new wallets simultaneously purchase at the moment of issuance, with individual wallets holding only a small supply, while Solstice's public wallet had an on-chain intersection with some issuing addresses. Independent on-chain data agency Bitquery later verified the related trades, uncovering a group of 542 associated wallets where multiple issuing addresses bought large supplies at opening and sold them shortly thereafter. Solstice responded under the post, stating that he knows some project teams and will support trusted teams, while often refusing paid promotional collaborations.

Objectively speaking, on-chain tracking can pinpoint the path of transactions and the order of buy and sell actions, but assessing the flow of funds between addresses requires a comprehensive judgment combining actual control and the party's responses. However, such highly similar operating models are frequently seen on crypto Twitter.

"Everyone is doing bundle warehouses; that's just how the industry works." Bubblemaps revealed that every time they expose a KOL, they hear this justification.

In response, the agency posed a counter-question: If you truly believe in the projects, why resort to using numerous small accounts to deliberately conceal holdings?

The answer is implied; from the moment of stockpiling, these chips are meant to be dumped.

Behind the $330,000 platform subsidy, who is nourishing the small account business?

What makes this secret business increasingly profitable are the high incentives offered by issuing platforms.

In addition to token trading differences, Cupsey also received about $331,000 in rewards for recommendations on Pump.fun. Pump.fun allows users to post token recommendations and send notifications to followers; recommended content also has a chance to appear on the platform's information feed and leaderboard.

At the launch of the incentive program, rewards were distributed directly based on the trading volume brought by recommendations. In October of this year, the platform's co-founder Alon announced rule adjustments, reducing the weight of trading volume in calculations, increasing the consideration for the profitability of followers, while cutting recommendation rewards for low market cap tokens. Currently, the platform is still modifying its algorithms, with its service terms stating that specific indicators and calculation methods are determined by the official and not publicly disclosed. Although the terms explicitly prohibit manipulating prices through recommendations, inflating trading volumes, or coordinating high sell-offs, as of publication, Pump.fun has not made a public statement regarding Cupsey.

In Bubblemaps' view, the existing incentive mechanisms in the industry are amplifying traders' misconduct. The original intention of social trading was to encourage KOLs to remain honest by making every transaction public; in actual operation, public wallets have become bait for attracting followers with small accounts secretly offloading. What used to be strategies only accessible to top influencers can now be easily replicated by anyone squeezing into the rankings, turning follow fans into exit liquidity that can be realized at any time.

At the same time, most token launchpads are excessively obsessed with trading volume metrics. The platforms spend millions of dollars on recommendation bonuses, promotional rebates, and creating leaderboards, while taking almost no action to detect bundled chips, investigate insider trading, or ban fraudulent traders. After all, scams can also generate significant trading volumes.

"Scrutinize top traders, expose their small accounts, and ban habitual offenders." Bubblemaps concluded in a tweet, "There are already ready-made detection tools in the industry, but what’s missing is the willingness to use them. No one will come to save us."