Robinhood Chain memecoins padded their holder counts with 49,000 addresses nobody uses

01 · OvernightTwelve thousand holders in a day

BLORB is a memecoin on Robinhood Chain, the chain run by the trading app of the same name. On the morning of September 22 it had about a thousand holders. By the end of the day it had nearly 13,000.

They all arrived the same way. The wallet that created BLORB sent a small amount to 11,900 addresses, a hundred at a time. Sending tokens to addresses that never asked for them is called a push, the same move behind the fake airdrop flood on Optimism. Not one of those addresses has ever sent a token or signed a transaction. The next day, the creator of GOOSE did exactly the same thing.

Both tokens are part of the ring of eight memecoins in our report on Robinhood Chain wash trading, where about 26,000 wallets faked $322.5 million of trades. Fake trading makes a token look busy. A fake crowd of holders makes it look popular. We checked all eight tokens to see how much of that crowd was real.

02 · Why it mattersThe number traders check first

Holder count is one of the first things a memecoin trader looks at. Explorers, token scanners and trading apps all show it, often next to the share held by the top ten wallets. Many holders and a small top ten read as a token that is widely owned and hard to dump on.

Both numbers are easy to fake. Every address that holds any amount counts as a holder, and sending tokens costs almost nothing on Robinhood Chain. DogBull's creator reached 20,201 addresses for about 0.015 ETH in fees.

03 · Eight tokensOne pattern, eight times

The chain's explorer, RobinScan, showed 53,125 holders for the eight tokens on the morning of September 30. We rebuilt the lists from every transfer, using our token holder data, and checked what each holder had ever done.

About 96% of the holder slots belong to addresses that have done nothing else. There are 49,040 of them, and a few hold more than one of the tokens. The rest, the real crowd, is under a thousand wallets for every token, and under a hundred for three of them. For DogBull, the largest, it is about three hundred against an explorer count of more than 20,000.

04 · The launchMost of the supply, parked before trading

The pattern starts at launch. Each creator minted the whole supply to its own wallet, usually one billion tokens. Within about two days, and in four cases within half an hour, it sent most of that supply to a thousand or more fresh addresses. Trading on Uniswap, a DEX, began less than two hours after the last of those transfers.

Each slice is small. At Goose, BLORB and HOOD, each of the thousand got less than a tenth of a percent of the supply, so no single holder looks large. DogBull went further and spread 85% of its supply across more than 20,000 addresses before its first trade.

05 · The scanner viewA top ten that hides the other 85%

Here is what that does to the numbers a trader sees. For DogBull, Goose and BLORB, the top ten holders own about 15% of the supply, and the largest is the Uniswap contract that holds the trading pool. That looks spread out. The never-used slots hold about 85%.

A scanner cannot tell these apart. An address that received a token and never did anything else looks the same as a buyer who is holding for the long run.

06 · The top-upDust for the holder count

The September jumps from the opening worked differently. Those late pushes added holders without moving much of the token. BLORB's 11,900 new holders got less than half a percent of what its creator pushed in total. The launch push had already placed the supply. This one only raised the count, about twelve times over in a day. Both top-ups came four weeks after launch, a day apart.

Nine in ten of each token's current holders arrived that day.

07 · Same handsEvery push came from the creator

In all eight tokens, the wallet that received the minted supply is the one that signed every push. The patterns also repeat across tokens. MowCat and Ansem Cat each launched twice. Each second version went to almost the same list as the first: 999 of a thousand for MowCat and all 1,000 for Ansem Cat.

These are the same tokens whose trading we showed was faked. The wash-trading ring made them look busy, and the pushes made them look widely held.

08 · The keysWho controls the 49,000 addresses?

The chain cannot tell us. If the creators made them and kept the keys, the creators still control most of these tokens and can move them whenever they like. If nobody holds the keys, those tokens can never move again. In both cases the holder count on the explorer shows a crowd that does not exist.

For anyone checking a small token, three checks help. Did thousands of addresses get the token from the creator in one burst? Have they ever done anything else? And does the top ten look small only because the rest of the supply is split into thousands of small slices? Anyone can run these checks with the Bitquery MCP.

09 · The answerHow we checked, and what it means

We used Bitquery's Robinhood Chain data up to September 29, 2026. For each of the eight tokens we found every sender that pushed to a thousand or more addresses, then checked whether each of those had ever sent a token or signed a transaction. Holder counts come from adding up every transfer of each token, and match RobinScan within a few dozen. We first spotted DogBull and BLORB while building our 2026 airdrop scorecard, which leaves pushes like these out.

So how many people hold these tokens? About two thousand across all eight. The explorer shows 53,000. The rest of the holder count is addresses the creators filled, most of them before anyone could trade. On Robinhood Chain, as on other chains, a big holder count is only as good as the history behind it.

FAQ

How can a token have fake holders?

Anyone can send a token to any address, and every address holding any amount counts as a holder. A creator can send tiny amounts to thousands of fresh addresses and the holder count rises by thousands.

Which Robinhood Chain tokens were padded?

We checked eight memecoins from the wash-trading ring we reported earlier: DogBull, Goose, BLORB, HOOD, two versions of MowCat and two of Ansem Cat. In all eight, most holder slots belong to addresses that have never been used.

How do I check if a token's holders are real?

Look at where they got their tokens and whether they have done anything since. Thousands of addresses that all got tokens from the creator in one burst, and never moved them, are not buyers.

Does a small top-ten share mean a token is safe?

No. In DogBull, Goose and BLORB the top ten hold about 15%, but about 85% sits in never-used addresses that all got their tokens from the creator.