Solana meme coin schemes are revealed to be orchestrated by cabals and amplified by social media influencers, utilizing readily available platforms for launch and manipulation.
Illustrating this modus operandi, Dave Portnoy, the founder of Barstool Sports, revealed in a February 16th X (Twitter) space that he received pre-launch offers for Libra tokens.
He was directly solicited to publicly promote the coin and even suggested conducting a promotional interview with Javier Milei.
Portnoy explicitly stated he rejected the offer, refusing to accept any tokens.
His account validated the systematic mechanism: token creators utilize influencer networks, providing privileged early token access and allocations in exchange for extensive promotional campaigns aimed at virally disseminating information, long before the tokens become widely accessible to the average public investor.
Influencer Hype Draws in Unsuspecting Investors
Behind the seemingly decentralized facade of meme coin markets, intricate networks of clandestine trading cartels operate, meticulously orchestrating every facet of these ventures.
These “cabals,” typically operating as invitation-only private groups, assume end-to-end control—from initial token conception and elaborate marketing to sophisticated price manipulation strategies.
A particularly prominent cabal is Kelsier Ventures, headed by Hayden Davis, who himself has publicly admitted his organization’s central involvement in the launches of the Libra, Melania, and Enron-themed meme coins.
Davis’s name gained prominence in a leaked audio recording featuring conversations with Moty Povolotski, co-founder of DeFiTuna, and Ben Chow, co-founder of the decentralized exchange Meteora.
During the conversation captured in the leaked recording, Moty Povolotski disclosed that Hayden Davis and his associates engaged in aggressive “sniping” of Enron tokens right upon their initial market deployment.
Subsequently, Povolotski validated the authenticity of the leaked audio to Bloomberg News.
Ben Chow declined to formally address inquiries and shortly after the considerable public fallout from the Libra token launch controversy, he abruptly resigned from his executive role at Meteora.
Launch Platforms Lower Barriers for Exploitation
Notably, Meteora had served as the principal platform for launching the Trump, Melania, and Libra meme coins, linking the exchange directly to the controversial launches.
These cabal networks frequently function under pseudonymous and shifting identities—examples cited include “Fantom Troupe” and “LA Vape Cabal”—with most members rigorously preserving their anonymity.
Hayden Davis represents a notable exception, having moved towards greater public visibility, especially following in-depth scrutiny by the popular YouTube investigator “Coffeezilla.”
The pervasive availability of user-friendly token launch platforms substantially lowers barriers for cabals to enact these schemes on a mass scale.
Pump.fun, due to its ease of use and technical accessibility, has become the most favored platform for rapidly deploying and listing new meme coins, enabling near-instantaneous market creation and liquidity generation.
This has led to an unprecedented proliferation of new meme coins launched daily, flooding the market.
However, Meteora is the platform that has evolved into the premier launchpad for high-visibility, politically charged meme coins.
Meteora operates within the broader Jupiter ecosystem, which also includes Moonshot—a highly user-accessible application that facilitates meme coin acquisition via conventional financial instruments like credit cards and widely adopted digital payment systems such as Apple Pay.
This accessibility lowers entry barriers so profoundly that even individuals with no prior crypto trading experience can readily participate, often without adequate comprehension of the considerable financial risks inherent in these volatile assets.”
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