Method
and limits

XRAY started as a notebook. On 4 October 2026 we took the 13 latest coins to graduate from pump.fun to PumpSwap and took each one apart by hand: who bought, when, with whose money, and who walked away with what. XRAY runs the measurements that kept proving useful, on any coin, in about thirty seconds.

What one exam reads

The coin card from pump.fun: creator, creation time, graduation, trust-check status.
Every transaction of the bonding curve, oldest first, up to 6,000. The SOL that enters or leaves the curve account is the trade size; fees are paid elsewhere and are left out.
The first transactions of the PumpSwap pool after graduation, up to 600 or 30 minutes.
First funders of the creator, of every wallet that bought in the first three blocks, of the largest buyers and the largest sellers. A first transfer under 0.01 SOL is ignored: it is usually address poisoning.
Current holders, excluding the curve, the pool and burn addresses.
DexScreener orders (paid profile, boosts) and the creator's earlier launches.

Certainty

Sure: A measurement read directly from the chain. Anyone can re-derive it from the transactions.
Probable: An interpretation of a measurement. Identical bags are probably distributed, not bought; wallets withdrawn from the same exchange within a day are probably one budget. We write these as leads, never as proof.

Findings and thresholds

Graduated in the block it was born: Migration within two blocks of creation. The whole curve was bought before anyone outside could see the coin.
Bought in the creation block: Any wallet other than the creator whose first buy shares the creation slot. Alone, it does not separate a creator's bundle from a fast sniper bot.
Early in, early out: Wallets that first bought within three blocks of creation, then sold at least 80 % of their tokens for at least 0.5 SOL profit on the curve or early on PumpSwap.
Creator sold the dev buy: The creator sold at least 90 % of the tokens they bought, within an hour, on the curve.
Same funder: Sure when two traced wallets share a funder that is not an exchange, or one funded the other. Probable when early wallets came out of the same exchange hot wallet within 24 hours.
Identical bags: At least 20 holders with exactly the same balance, of one token or more. Balances under one token are reported as dust.
Documented wallets: Addresses we tied to repeat operations in our own dissections: a fake-brand factory (555 coins), a display mega-cap series, wash-trading machines, a fake-launchpad series. The list is short on purpose and every entry has a write-up behind it.
Crowd-filled: Graduated after more than two blocks, with at least 150 distinct buyers and less than 30 % of the curve bought in block 0.

What XRAY cannot see

Tweets, Telegram groups, KOL deals, anything off-chain.
Trading after the first window on PumpSwap. A clean early plate does not cover a dump next week.
Wallets funded through bridges, mixers or many hops. Funding is traced one hop back.
Coins that did not launch on pump.fun.

XRAY is an instrument, not an advisor. It will happily show you a beautiful plate of a coin that goes to zero.

The coin