Who Bought FUZZY First

Anyone can create a token on the XRP Ledger. The account that creates it is called the issuer, and it decides how many exist and where they go first. FUZZY’s issuer is rhCAT4hRdi…, and it made exactly one outbound payment in its entire life: 321,000,000,000 FUZZY — every token that will ever exist — to rBCQWyLxdb… at 03:22:01 UTC on 23 January 2025, one second after that account was funded.

That second wallet put the whole amount straight into an AMM pool. A pool is a shared pot holding XRP on one side and the token on the other; instead of matching you with another person, it sells you tokens and takes your XRP, and the price moves automatically as the balance between the two sides changes. The more of a token people buy out of the pool, the more expensive the next purchase becomes.

None of that is unusual. It is the standard shape of a launch through FirstLedger, the service most XRP Ledger meme coins are created with: mint the supply, send all of it to a fresh wallet, have that wallet open the pool. Two transactions, about a second apart.

What the shape does not include is any anti-snipe step — nothing that delays the first trades, caps the first purchases, or opens the pool gradually. The pool is simply there, at full size, from its very first ledger, and the ledger is public, so anything watching for a new pool can buy before a human has finished reading the announcement. That is not a flaw specific to FUZZY; it is how these launches work, and the next section is what it costs.

The upside of the same shape is real: there was no presale, no allocation set aside for the team, and no list of addresses receiving free tokens. Every FUZZY in existence was bought out of that pool by someone. At this launch there was nothing to be an insideron — the only advantage available was speed.

Both accounts were also blackholed afterwards: their master keys were switched off and their spare key set to an address nobody holds, so neither can ever sign anything again. For the issuer that means the supply is fixed forever — no more FUZZY can be created. For the other wallet it means something we come back to at the end.

171 accounts bought inside the first ninety seconds, 38 of them from wallets created less than two weeks earlier. The first wave landed eleven seconds in, while the pool still valued the whole token at a few hundred XRP.

That valuation is the marketcap: the price of one token multiplied by how many exist. It is the cleanest way to compare two buyers who bought at different moments, because it says what the market thought the entire project was worth when each of them pressed buy. A marketcap of 363 XRP means the pool was pricing all 321 billion FUZZY at about the cost of a cheap laptop. Two wallets bought at that price.

Three trades each — and the last of the three is timestamped in the same minute as the first. Neither wallet has touched FUZZY since; both hold zero today.

They were not FUZZY buyers at all. Both were funded by rSNVqytRKt…, which has created 46 wallets between them responsible for 32,206 fills across 3,520 different tokens. On 3,519 of those 3,520 — every one but a single token — the fleet’s first trade landed within sixty seconds of that token’s first trade by anyone, and the median arrival is zero seconds: the same moment the market opened. One of the two wallets here has 4,117 lifetime fills across 1,143 tokens. This is what a sniper is: software that watches the ledger for new pools and buys the instant one appears, then sells into the people who arrive seconds later. And that hit rate — 3,519 of 3,520 tokens entered inside the first minute — is the measurement of what the missing anti-snipe step is worth. These launches are not occasionally sniped. They are sniped by default, and FUZZY was one of three and a half thousand.

In the first seven days, 21,555 trades moved 289 billion of the 321 billion tokens out of the pool, across 2,036 accounts,2,024 of which bought more than they sold. Weighted by how much each one spent, the typical buyer got in at a marketcap of 121,126 XRP. That is several hundred times what the eleven-second wallets paid, and it is the price everybody who was not a machine actually got.

Where did those buyers come from? Start with a yardstick. Take everyone who traded any token at all in the thirty days before FUZZY existed — 114,597 people — and count how many went on to buy FUZZY in its first week. The answer is 1.6%. So 1.6% is what an ordinary trader doing ordinary things looks like. Call it the average.

Now ask the same question of one earlier token’s traders at a time. If about 1.6% of them bought FUZZY, that crowd behaved like everybody else and means nothing. If far more did, that crowd turned up together. The last two columns say what they paid and how long after the launch the typical one of them showed up.

Traded before the launch	Started	People in it	Who bought FUZZY	That is	They paid	Typical one arrived
RIBBLE	13 Jan 2025	3,721	746	20.0% — 12× the average	116,199 XRP	2.2h later
BOX	24 Dec 2024	2,697	462	17.1% — 10× the average	171,507 XRP	2.7h later
JELLY	15 Dec 2024	5,814	613	10.5% — 6× the average	155,477 XRP	2.2h later
Laugh Now	3 Dec 2024	5,696	569	10.0% — 6× the average	168,204 XRP	3.9h later
589 EOY	1 Dec 2024	5,357	450	8.4% — 5× the average	166,404 XRP	2.9h later
DROP	17 Oct 2024	7,286	492	6.8% — 4× the average	145,127 XRP	2.8h later
PONGO	3 Dec 2024	10,875	725	6.7% — 4× the average	167,794 XRP	3.9h later
BEAR	20 Mar 2024	8,016	451	5.6% — 3× the average	141,423 XRP	3.1h later
ARMY	10 Nov 2024	12,764	704	5.5% — 3× the average	174,239 XRP	3.9h later
PHNIX	2 Dec 2024	18,985	936	4.9% — 3× the average	159,081 XRP	3.9h later

Every token on that list is a meme coin launched through FirstLedger — a service that creates tokens on the XRP Ledger for a fee — between October 2024 and January 2025. RIBBLE had gone on sale ten days before FUZZY, and one in five of everyone who traded it bought FUZZY too: twelve times the base rate. What the table describes is a single circuit of a few thousand wallets moving from one new launch to the next, and FUZZY opened directly into it.

The entry-marketcap column is the quiet finding. Every community bought within one doubling of every other — a band from about 116,199 to 174,239 XRP, inside a two-hour window. Being in the right group was worth showing up; it was not worth a better price. Put every group on one scale and the gap that matters is not between communities at all:

A first-week buyer who never sold is up about 84 times. The snipers, had they done nothing at all, would be up 28,024 times. They chose 668 XRP instead.

The same test, now on NFT collections instead of tokens: of the people who owned a given collection before FUZZY launched, how many bought FUZZY in week one, measured against the same 1.6% yardstick. One caveat worth stating plainly — only 33 of the 150 largest first-week buyers had bought any NFT at all beforehand. This crowd trades tokens first and collects second, so these counts are small.

Held before the launch	Started	People in it	Who bought FUZZY	That is	They paid	Typical one arrived
ZERP $ZOO ALPHA PASS	5 Dec 2024	212	50	23.6% — 14× the average	107,069 XRP	5.9h later
Bearable Bears XRPL	23 Dec 2024	117	27	23.1% — 14× the average	109,596 XRP	5.9h later
Doginal Dick Heads	28 Dec 2024	139	20	14.4% — 9× the average	126,063 XRP	2h later
LUCKY $DROP	13 Jan 2025	341	47	13.8% — 8× the average	121,588 XRP	5.9h later
Chimps Of XRP	17 Dec 2024	160	19	11.9% — 7× the average	176,361 XRP	10.6h later
Degen Cubes	28 Dec 2024	511	53	10.4% — 6× the average	121,473 XRP	7.5h later
Ugas Brethren	13 Dec 2024	458	44	9.6% — 6× the average	109,152 XRP	2.7h later
Laugh Apes	30 Dec 2024	473	45	9.5% — 6× the average	140,284 XRP	5.5h later
BEAR Pixel Collection	23 Dec 2024	649	58	8.9% — 5× the average	138,548 XRP	5.9h later
Milady XRPuppets	13 Jan 2025	526	42	8.0% — 5× the average	134,350 XRP	7.9h later
Bored Apes XRP Club	5 Nov 2022	806	30	3.7% — 2× the average	130,313 XRP	10.8h later
Pixel Ape Rowboat Club	4 Dec 2022	1,085	39	3.6% — 2× the average	151,829 XRP	5.5h later
Holiday HODL Achievements	28 Nov 2024	3,862	73	1.9% — 1× the average	149,396 XRP	7.2h later

The collections at the top of that list are not separate communities at all: they are the NFT side of the same meme coins from the previous table. Laugh Apes belongs to the Laugh Now token, BEAR Pixel to BEAR, LUCKY $DROP to DROP. The long-established XRP Ledger collections — greyed out above — sit at or barely above the base rate and bought later in the day than anyone else. The older, blue-chip NFT audience simply did not turn up.

What that cohort holds now closes the loop. Every Fuzzy NFT collection postdates the token: Fuzzybears (Mar 2025), Fuzzy Bars (Jul 2025), Fuzzycards First Edition (Mar 2026), sraebyzzuF (Oct 2025). Nineteen of those 150 wallets hold Fuzzybears today, nineteen hold Fuzzy Bars, thirteen hold Fuzzycards. They did not arrive from a Fuzzy NFT community — they became one. The token pulled the circuit in, and the collections were minted to the audience it created.

Sort every community by when its middle buyer arrived and an order appears. It is not a relay — each community had somebody in within the first hour, and the biggest single moment for everyone was hour one, which took 33% of the entire first week. What moves is the centre of gravity.

New buyers per hour, everyone. 33% of the whole first week arrived in hour one.

Doginal Dick Heads2h

RIBBLE2.2h

JELLY2.2h

BOX2.7h

Ugas Brethren2.7h

DROP2.8h

589 EOY2.9h

BEAR3.1h

PHNIX3.9h

ARMY3.9h

Laugh Now3.9h

PONGO3.9h

Laugh Apes5.5h

Pixel Ape Rowboat Club5.5h

ZERP $ZOO ALPHA PASS5.9h

BEAR Pixel Collection5.9h

Bearable Bears XRPL5.9h

LUCKY $DROP5.9h

Holiday HODL Achievements7.2h

Degen Cubes7.5h

Milady XRPuppets7.9h

ClonedXRPunks9.8h

Chimps Of XRP10.6h

Bored Apes XRP Club10.8h

0h6h12h18h24h

The token communities cluster first, between two and four hours: RIBBLE and JELLY at 2.2, then BOX, DROP, 589 and BEAR, then the larger and older crowds — PHNIX, ARMY, Laugh Now, PONGO — at 3.9. The NFT communities follow between five and eleven hours, in the same order the previous section found: the meme coins’ own collections first, the long-established XRP Ledger collections last. Bored Apes XRP Club’s middle buyer arrived at 10.8 hours, five times later than RIBBLE’s.

That shape is what word of mouth looks like when it starts inside one group: the closest circles move first, and each ring further out is a few hours behind. It is consistent with the news spreading outward from the FirstLedger trading crowd — but arrival order alone cannot prove one community told the next, and this chart does not claim it. What it does show is that by the time the outer rings arrived, the price had already been set by the inner ones: every median in the chart sits after the 50% mark, and the whole spread happened inside a single band of marketcap.

84 accounts finished week one with more than a billion FUZZY. Counting each of them together with the wallets it later funded, those families hold 19.9% of the supply today — about 10% still in the original wallets and the rest moved into fresh ones. The wallets that held are the wallets that made money.

The largest single position in FUZZY is not in tokens at all. It is in the pool. When you put money into an AMM pool you get LP tokens back — a receipt for your share, which you can hand in later for whatever the pool holds at the time. Whoever holds most of those receipts can take most of the money out of the pool. There are 475 holders and the top three have 70.4% of the 56,257 million receipts between them.

A receipt in someone’s hands does not tell you how it got there, so here is what each of the three actually did — and they could hardly be more different:

• 18%locked foreverrBCQWyLxdb… — the wallet the issuer sent the whole supply to. Creating the pool minted it 10,100M LP, and it has never deposited or withdrawn since — because it cannot. It is blackholed.
• 24.4%genuinely providedrMbgT6UuKM… — an active outside provider: 80 deposits and 10 votes on the pool fee, mostly on 17 October 2025 — 33,777 XRP plus about 6 billion FUZZY of its own.
• 28%handed overrhKX7w7Kne… — given 15,508M LP as three payments on 28 June 2026 by the Fuzzybears NFT issuer, on the same day FUZZY’s creator sent it 3.1 billion tokens. Its own deposits come to 231M.

Read together they say something fairly reassuring and one thing worth watching. The 18% held by the pool-creating wallet can never move: that account is blackholed, so its share of the liquidity is locked in place permanently. That is the same 18% you will see reported elsewhere as “burned”, which is what burned means here — not destroyed, but held by an account with no keys. Another 24.4% belongs to an outside provider who put in real XRP and real tokens.

The 28% that was handed over is the part to keep an eye on. It is the largest single holding in the pool, it never provided anything, and it sits in a wallet that can still sign — so unlike the locked share, it can be withdrawn. That is the open question in FUZZY today, and it has nothing to do with who bought early.

Everything here is public. Read the token’s life at xrpl.to/token/FUZZY, and any wallet by pasting it into xrpl.to. For the raw ledger, account_tx against a full-history server returns every transaction of an account; the balance change you want is in each transaction’s metadata, under AffectedNodes.

One methodological note, because it is easy to get wrong. A trade table is not a ledger: a wallet also acquires and disposes of tokens through Payment, AMMDeposit, AMMWithdraw and CheckCash, none of which are trades. Every figure above that describes how a position was formed — the bots’ three fills, the LP rows, the supply that went to the pool — is taken from the transactions themselves rather than inferred from trading activity.

More XRP Ledger forensics in our insights, including the real FuzzyBear, the man the token is named after.