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{"actor":"system:backfill","investigation_id":"6043b7ab-1b06-4f60-b808-1528ac406366","kind":"publish","page_slug":"wagmi","published_at":"2026-10-09T04:07:31.193Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"WAGMI","sections":[{"content":"WAGMI is a fungible SPL token on the Solana blockchain with mint address GnM6XZ7DN9KSPW2ZVMNqCggsxjnxHMGb2t4kiWrUpump. The \"pump\" suffix on the mint address indicates it was created through pump.fun, a permissionless Solana token-launch platform that allows anyone to deploy a token with no vetting. Per Solflare's token page, the token has a total/circulating supply of approximately 999,856,045 to 1,000,000,000 units, a market capitalization that has been observed in the roughly $283,000 to $350,000 range at different snapshot times, liquidity of roughly $112,000 across Solana decentralized exchanges, and 24-hour trading volume as low as $3,500-$3,600 relative to its market cap, indicating thin trading activity. A listing counted approximately 2,650 holders at one snapshot. FXEmpire's profile describes WAGMI as a \"community-driven meme token built on the Solana blockchain\" aiming to build community through memes and social interaction, with no stated utility, product, or team identity. No official project website or verified social media account tied specifically to this mint address was identified in available sources.","heading":"Token Identification and Market Data","severity":"low","sources":[{"credibility":2,"name":"Solflare - WAGMI price page","type":"other","url":"https://www.solflare.com/prices/wagmi/GnM6XZ7DN9KSPW2ZVMNqCggsxjnxHMGb2t4kiWrUpump"},{"credibility":2,"name":"FXEmpire - WAGMI (wagmi-6) profile","type":"other","url":"https://www.fxempire.com/crypto/wagmi-6/profile"}]},{"content":"WAGMI was launched on pump.fun, a platform that research firm Solidus Labs reported in May 2025 has hosted tokens of which approximately 98.6% exhibit characteristics of rug pulls or pump-and-dump schemes. The same report found that of more than seven million tokens issued on pump.fun since its January 2024 inception, fewer than 97,000 maintained at least $1,000 in liquidity, and that 93% of a sample of liquidity pools on the Raydium exchange (where pump.fun tokens typically graduate to trade) showed signs of sudden, \"soft\" liquidity removal. Pump.fun publicly disputed the Solidus Labs methodology. This context does not establish that WAGMI itself is fraudulent, but it means tokens launched on this platform carry a statistically high base rate of abandonment or manipulation, and WAGMI's own thin trading volume relative to its market capitalization is consistent with the low-liquidity pattern the report describes.","heading":"Platform-Level Risk: pump.fun Rug Pull Rate","severity":"high","sources":[{"credibility":2,"name":"Benzinga - \"98% of Pump.Fun Tokens Are Frauds\"","type":"news_article","url":"https://www.benzinga.com/markets/cryptocurrency/25/05/45297511/98-of-pump-fun-tokens-are-frauds-the-extractive-nature-of-solana-meme-coins"},{"credibility":2,"name":"CoinPaprika - \"Solana's Meme Coin Frenzy: 98% of Pump.fun Tokens Are Scams\"","type":"news_article","url":"https://coinpaprika.com/news/98-of-pump-fun-is-scam/"}]},{"content":"The ticker and name \"WAGMI\" is used by numerous unrelated tokens across multiple blockchains, including several other Solana mints, a BNB Chain token, and Ethereum-based tokens also called \"WAGMI\" or \"We're All Gonna Make It.\" Searches for the WAGMI name return at least half a dozen distinct contract addresses with unrelated holder bases, liquidity levels, and (in some cases) separate websites and social accounts. This proliferation of same-named tokens is a known vector for confusion and impersonation in meme-coin markets, where buyers may mistake one contract for another, more established or more legitimate, project. No source reviewed establishes any formal or informal relationship between the GnM6XZ7DN9KSPW2ZVMNqCggsxjnxHMGb2t4kiWrUpump mint and any other token bearing the WAGMI name.","heading":"Name Collision and Impersonation Risk","severity":"medium","sources":[{"credibility":2,"name":"DEXTools - WAGMI/SOL pair explorer (distinct address)","type":"other","url":"https://www.dextools.io/app/en/solana/pair-explorer/2A4tJzQi9o4wu81VxB1mcc3Eu9bg8pQbcP7GmXSevetk"}]},{"content":"No verifiable identity for WAGMI's creator, development team, or treasury wallet was located in available sources, which is typical of pump.fun-launched meme tokens but represents a transparency gap relative to tokens with disclosed teams and audited contracts. Price-aggregator listings describe the token in generic marketing language (\"community-driven,\" \"positivity and inclusion\") without specifying any product, revenue model, or roadmap. Independent holder-concentration and mint/freeze-authority data (e.g., from Solscan or RugCheck) could not be retrieved during this investigation, so this report cannot confirm or rule out whether the deployer wallet retains an outsized token allocation or control over the mint.","heading":"Lack of Disclosed Team, Utility, and Transparency","severity":"medium","sources":[{"credibility":2,"name":"FXEmpire - WAGMI (wagmi-6) profile","type":"other","url":"https://www.fxempire.com/crypto/wagmi-6/profile"}]}],"sources_used":[{"credibility":2,"name":"Solflare - WAGMI price page","type":"other","url":"https://www.solflare.com/prices/wagmi/GnM6XZ7DN9KSPW2ZVMNqCggsxjnxHMGb2t4kiWrUpump"},{"credibility":2,"name":"FXEmpire - WAGMI (wagmi-6) profile","type":"other","url":"https://www.fxempire.com/crypto/wagmi-6/profile"},{"credibility":2,"name":"Benzinga - \"98% of Pump.Fun Tokens Are Frauds\"","type":"news_article","url":"https://www.benzinga.com/markets/cryptocurrency/25/05/45297511/98-of-pump-fun-tokens-are-frauds-the-extractive-nature-of-solana-meme-coins"},{"credibility":2,"name":"CoinPaprika - \"Solana's Meme Coin Frenzy: 98% of Pump.fun Tokens Are Scams\"","type":"news_article","url":"https://coinpaprika.com/news/98-of-pump-fun-is-scam/"},{"credibility":2,"name":"DEXTools - WAGMI/SOL pair explorer (distinct address)","type":"other","url":"https://www.dextools.io/app/en/solana/pair-explorer/2A4tJzQi9o4wu81VxB1mcc3Eu9bg8pQbcP7GmXSevetk"}],"summary":"WAGMI is a Solana meme token (mint GnM6XZ7DN9KSPW2ZVMNqCggsxjnxHMGb2t4kiWrUpump) launched via the pump.fun bonding-curve platform, trading under the symbol WAGMI (a crypto-slang acronym for \"We're All Gonna Make It\"). Price aggregators describe it only as a generic \"community-driven meme token\" with no disclosed team, roadmap, or utility; no identifiable official website or social media account for this specific mint was found, and no scam, rug-pull, or enforcement action specific to this token was located in available reporting. The name \"WAGMI\" is reused by numerous unrelated tokens across Solana, BNB Chain, Ethereum, and other networks, creating meaningful risk of confusion between unrelated projects. This entry's low trust score primarily reflects the generic, high-risk characteristics typical of unverified pump.fun meme tokens rather than any confirmed wrongdoing by this specific token.","timeline":[{"date":"2025-05","event":"Research firm Solidus Labs published a report estimating that approximately 98.6% of tokens launched on pump.fun - the platform through which the WAGMI mint was created - exhibited rug-pull or pump-and-dump characteristics, providing broader risk context for tokens issued on this platform.","source":"Benzinga","source_url":"https://www.benzinga.com/markets/cryptocurrency/25/05/45297511/98-of-pump-fun-tokens-are-frauds-the-extractive-nature-of-solana-meme-coins"}]},"v":1}