小白链上教学:狗庄如何小成本操纵代币价格?散户如何识别夹子钱包?

投研日志Published on 2025-02-11Last updated on 2026-07-07

Abstract

我们的目的是找到项目方拉盘的钱包,那么就需要先锁定项目方拉盘的时间段。一般第一波上涨会分为“放量上涨”和“无量上涨”两个阶段。

原作者:推特@0x_KevinZ

这一篇算是一个前置科普。

我们的目的是找到项目方拉盘的钱包,那么就需要先锁定项目方拉盘的时间段。一般第一波上涨会分为“放量上涨”和“无量上涨”两个阶段。

1⃣放量上涨:一般是制造热度的“烟雾弹”,这时候一般会伴随着推特大新闻或者KOL喊单消息配合拉盘。吸引散户fomo涌入。放量上涨又可以根据池子有无流动性新增(k),分为真实放量和虚假放量。大部分项目方为了节约成本,一般初始流动性都注入特别少,为虚假放量。

2⃣无量上涨:项目方通过抽离流动性,使池子变浅,少量资金即可显著改变价格。这时候散户不敢追高,项目方就可以后续高位出货,最大化利润。

我们把jellyjelly时间调整到放量上涨的7:45 - 8:30,交易类型筛选为加池子。会发现这45分钟内交易量接近260M,但池子里值钱的计价代币总量几乎没有增加。

可能有几个原因导致:

1⃣在价格上涨过程中,部分LP撤出资金,抵消了交易行为对流动性的提升。

2⃣MEV夹子机器人通过大量小额交易推高价格,但实际净寸头为0,未消耗流动性。

3⃣项目方通过自买自卖制造虚假成交量。

我们再按时间倒序排列,发现这个池子的初始计价代币流动性,撑死不超过100SOL,也就是$25,000左右。然后从7:50开始有部分LP地址连续进行了多笔流动性撤出。

所以这么浅的池子是如何价格猛拉10倍并交易出几个亿的成交量的呢?上述提到的原因1⃣和2⃣都有涉及。

对于1⃣,我们可以简单标注一下加池子和减池子比较多的地址,这工作量比较小。

对于2⃣,MEV交易机器人,又称夹子。就是一个比较庞大的工程。

在AMM机制中,MEV (Maximal Extractable Value) 夹子机器人,主要通过套利和夹心攻击来获利。

套利:在Raydium买入,在Orca卖出,低买高卖抹平市场之间的价差。

夹心攻击:通过监听内存池中的大额交易,形成“MEV买入-用户交易-MEV卖出”的夹心结构。

1. 夹心攻击能够用户实际支付更高的价格,短期推高代币价格。

2. 高频夹子可以伪造“活跃”交易量假象,吸引散户入场。

如何识别夹子地址?

1⃣由于成交量比较大,我们把时间线锁定到15m(7:45-8:00)

2⃣交易类型选择“买入”,总额选择 > 1000u

3⃣优先筛选观察交易笔数 > 500,且有机器人图标的地址;点击筛选过滤该地址下的所有交易。

4⃣这个时候再把类型切换为全部。就可以看出这个地址在该时间段的所有操作:

MEV夹子地址有个很典型的特征就是,买入和卖出的数量总是成组的,且数量相同。一般会出现在同一个区块里,感兴趣的朋友可以去验证。

在标记完该代币下的MEV夹子地址后,还需要我们找到这些地址的老巢,以判断他们和狗庄到底是不是一伙的:

1⃣同源资金:夹子机器人的初始资金来自项目方的关联地址(如多签钱包或CEX充值地址)

2⃣利润回流:套利或夹心攻击的收益定期转入项目方控制的地址下

3⃣定制化智能合约:项目方部署部署特殊合约(如限价单路由)或者可访问流动性池内部数据的白名单,仅供MEV夹子机器人调用

确认完毕后,一方面我们找拉盘和砸盘地址会更方便;另一方面,夹子机器人除了在上涨阶段助推上涨趋势,还能在出货阶段掩护抛售。

如果发现标记的MEV机器人突然不交易了,可能是项目方打算收网或者弃盘了。

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