On the night of June 26, The Black Bull was a corpse.
It was four days old: a Solana memecoin called The Black Bull, ticker $ANSEM, named after the trader but with nothing behind it. That whole day, 336 wallets touched it. Not 336,000. Three hundred and thirty-six. The market cap had drained from a $774,000 launch-day high down to about $340,000, and the chart had gone flat in the way that tells every degen on the timeline to stop looking. Another dead ticker.
I started digging into this one expecting to write the usual autopsy. Instead I got a resurrection, and then a string of claims about it that fall apart the moment you check them against the chain.
Here is what the data actually says.
01 — The ignitionThe minute it came back
The coin did not crawl back to life. It detonated.
The exact moment was June 27, 14:00 UTC. On the main pool, the 1 p.m. hour drew 95 trades. The 2 p.m. hour drew 25,230, and the price ran from $0.00018 to $0.0083 inside it. Call it a 40× in sixty minutes. By the end of the next day the market cap had touched $109 million on 427,000 trades and 27,000 traders: nearly five trades a second, sustained for a full day, at a typical ticket of about $15. The peak came June 29 at $126.4 million. Over the week the coin logged 698,796 trades in all.
What lit it was not on-chain, which is the whole point. The token is named after Ansem, the trader whose Solana calls have moved markets for years, and on the 27th he decided to actually claim it. He embraced the coin in public and said he would airdrop its pump.fun creator fees to holders every week. There was no product, no partnership, no listing. One person with a large audience pointed at a thing, and the thing went up 370×.
The crowd shows up in the numbers, late. Of every wallet that has ever traded the coin, only about a third were there before the 14:00 ignition. The other two-thirds bought a chart that had already moved.
I find that genuinely unsettling, and I say that as someone who has watched this happen for years. The coin sat dead for five days. The chart, the supply, the liquidity: none of it changed on the 27th. The only variable was a man's attention, and it was worth nine figures.
02 — The deployerThe creator who never bought his own coin
The first surprise is the wallet that made it. I traced the deployer, then checked what it did with the token it launched. The answer is nothing. Zero $ANSEM bought. Zero sold. Zero trades across any of the 54 pools that now exist. The creator never held a single one of his own coins.
What the wallet collected was cash, in SOL: between June 21 and June 29 it pulled in 5,585.78 SOL across 1,180 separate creator-fee payments. At a SOL price near $73, that is about $408,000 in a week, earned without ever touching the token. For a memecoin that structure is unusually clean: no bag to dump, no position to defend.
One honest caveat, because it matters. I can prove this wallet is the deployer of record and the one earning the fees. I cannot prove from chain data alone that the keypair is Ansem's personal main wallet rather than a dedicated launch wallet he controls. It never trades or holds, so there is no behavioral fingerprint to match against. pump.fun attributes creator status to it, and Ansem publicly claims the fees. Make of that what you will.
03 — Myth oneThe $37.7 million bag that isn't there
Now to the part that bothers me, because it is everywhere and it is false.
Every exchange wiki and price aggregator currently repeats the same line: Ansem holds roughly $37.7 million of $ANSEM, about 95% of his portfolio. It is not true on-chain.
I ranked every wallet by its real balance: tokens received minus tokens sent, read straight from the transfer ledger. The single largest holder owns about 9.9 million tokens, roughly $870,000, about 1% of supply, and no wallet holds more than ten million. A $37.7 million position would be around 428 million tokens, nearly half the supply, and it would dwarf every other holder by two orders of magnitude. It is not there.
What the data shows is the opposite of a whale. For a memecoin, the distribution is unusually spread out. The top 10 addresses (that count includes the liquidity pools) hold about 5% of supply between them; the top 100 hold about 18%. Combine that with a creator who never premined and never bought, and the structure has no concentrated insider position waiting to collapse the price. The reality here is better for the coin than the myth, but it is still not the myth.
04 — Myth twoThe millionaires who hold nothing
This one is a lesson for anyone who has ever screenshotted a "top traders" leaderboard and felt something.
The public profit rankings crown a wallet ending in …trtoNb as the genius of the trade: bought $7,381 of $ANSEM on June 25, during the dead zone, and supposedly still holds 42.3 million tokens worth $3.7 million, never having sold. The ideal bottom call.
That wallet holds nothing. On June 25 it received 21.1 million tokens and sent 21.1 million back out the same day. It was a pass-through, a router moving funds days before the pump even started.
It is not a one-off. A wallet the leaderboard credits with $1.4 million in holdings actually holds about $17,000. Several of the biggest so-called accumulators are net-zero conduits that kept none of it. The people who bought early and actually held exist, but they are ordinary: the two largest genuine winners are sitting on something like $870,000 and $836,000. Real money, life-changing for most people, but not the seven-figure ghosts the public tools advertise. On tokens like this, only the transfer ledger tells you who owns anything.
05 — The volumeIs the volume even real?
A $120.8 million week sounds like mania, and some of it is. That volume is spread across more than 55,000 distinct wallets, which is not something a small bot farm fakes cheaply. But a real slice of it is machinery.
One wallet alone, AgmLJBMD…, ran 32,291 trades for about $10.4 million, roughly 8.6% of everything on its own, with buys and sells almost perfectly balanced. That is a market-making bot, not a believer. A little fleet of vanity wallets that all start with "gas" fills out the rest of the top of the book.
So discount the headline volume by something like a quarter to a third if you want the organic number. This is real demand with a thick layer of bot churn on top. It is a long way from the 99%-wash ghost towns I have taken apart before. But it is also not the clean $120 million a glance suggests.
06 — The sprawlHow far it traveled
Once it went vertical, the liquidity did not sit in one place. It fragmented into 54 pools across five DEXs: Pumpswap, Meteora, Raydium, Orca, and the Manifest order book. The original Pumpswap pool still did most of the work:
| Venue | Weekly volume | Trades | Traders |
|---|---|---|---|
| Pumpswap (original pool) | $70.7M | ~400,000 | ~45,000 |
| All other 53 pools | $50.1M | ~299,000 | — |
| Total · 5 DEXs | $120.8M | 698,796 | 55,000+ |
Bots opened pairs against anything they could route through: $ANSEM against HYPE, ZEC, cbBTC, and memecoins like SOLANGELES and KINS. Liquidity mushrooming like that only happens to coins big enough to be worth arbitraging everywhere at once. Four days earlier it had 336 traders in a day.
07 — The verdictSo what is it
Strip away the two myths and the picture is clearer than the noise around it. No premine. No dev bag, because the creator never bought a token. No whale, because the biggest holder is under a million dollars. No 99% wash, because tens of thousands of real wallets actually traded it. The concentration here is in the trading bots, not in who owns the supply.
But there is one hard fact left standing, and it runs both directions. Every dollar of this $90 million valuation (already down about 28% from the $126 million peak) rests on one man's attention. There is no treasury underneath it, no product, no insider floor holding it up, and also no insider ceiling waiting to crush it.
It came alive the minute Ansem looked at it. The only question worth asking, if you are holding it, is what happens the minute he looks away.
Every figure read from the ledger, not the leaderboard
Net balance per wallet from the raw transfer record, holder-distribution ladders, the creator's fee stream, volume-by-trader ranking, and transfer-vs-trade reconciliation — all queried against indexed Solana data the moment each block is final. The difference between a dashboard's "$3.7M holder" and the chain's real $0 is exactly this step.
Methodology & legal disclaimer
Every figure here comes from full Solana transfer and DEX-trade history for mint 9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump. Balances were verified against the raw transfer ledger rather than trade-feed profit estimates, which, as shown above, badly misstate who owns what. SOL is valued near $73 and $ANSEM near $0.09 as of June 29, 2026. Trade and holder counts are live and were still climbing at the time of analysis.
This article is provided for informational and educational purposes only and reflects analysis of publicly available on-chain data as of the date indicated. It does not constitute legal, financial, compliance, or investment advice. Blockchain addresses are pseudonymous, and the presence of transactions between addresses does not by itself establish the identity, intent, or knowledge of any party. We can confirm the deployer wallet of record and its fee income; we cannot confirm from chain data alone that the keypair is any specific individual's personal wallet.
The off-chain catalyst is corroborated by public reporting. Sources for the catalyst: the pump.fun coin page; CoinGecko (The Black Bull); KuCoin news; and Coinsprobe coverage of the creator-fee airdrops. References to Ansem describe an on-chain token label and publicly reported statements and do not assert any private fact about any individual. Nothing herein should be relied upon as a definitive determination of fact; readers should conduct their own independent verification before taking any action. All trademarks and names are the property of their respective owners.
Tell real holders from leaderboard ghosts
The same indexed Solana data behind this investigation — net balances, fee streams, and volume-by-trader — is queryable the moment a block is final, across 40+ chains through one schema.