{"paper":{"title":"Coordinated Sniper Cohorts on Pump.fun: Detection of 1,012 Persistent Wallet Rings and the Limits of Naive Causal Inference for First-Hour Buyer Flow","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":["q-fin.CP","q-fin.ST"],"primary_cat":"q-fin.TR","authors_text":"Arati Uday Kamat","submitted_at":"2026-07-02T22:13:51Z","abstract_excerpt":"We study coordinated buyer behavior on the Solana pump.fun bonding-curve marketplace using 1,578,333 buyer observations from 166,098 token launches between June 12 and June 26, 2026. A two-stage detection pipeline - intra-launch first-buyer-window extraction followed by cross-launch persistent-cohort surfacing via union-find on co-occurrence graphs - identifies 1,012 persistent wallet cohorts (2 to 12 wallets each, drawn from 2,965 unique addresses) that systematically co-fire as early buyers across multiple launches. 153 qualify as high-tier (>= 10 launches or score >= 100); 22 hit >= 20 laun"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2607.02795","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2607.02795/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"}