F. On X
Threads
The threads posted on X about this series, each with the articles its figures come from.
- Published
- Ledger index
107416393
Contents
- Single-sided withdrawals and the price
- Market making and liquidity provision
- Trust lines and holders
- The peak, and the fall since
- One sale of 69 CULT
- Every transaction in the pool
- Top ten supply concentration
- The day the holder count jumped
The threads posted on X about this series, each with the articles its figures come from. The posts themselves are the author's; the figures in them are the ones these articles compute. Where a post and an article disagree, the article is the record.
8 so far. This is the only page in the series that links away from it, and the posts below are loaded from X, so reading them is a request to X rather than to this site.
Single-sided withdrawals and the price
Posted 2 October 2026. Read the thread on X
The price did not rise because people bought CULT. It rose because CULT was taken out of the pool, which lifts the price by arithmetic and brings in no money.
The figures come from How CULT's price is made, Combined effect on the price, Costs and risks, The CULT Treasury.
1) The clearest thing in the $CULT record: the price did not go up because people bought it.
— pour (@pour____) October 2, 2026
It went up because $CULT was taken out of the pool. Here is how that works and who did it... https://t.co/IwrQLQup63
Market making and liquidity provision
Posted 2 October 2026. Read the thread on X
On the XRP Ledger the market maker is the pool itself. A liquidity provider funds it and takes a share of the fee. Neither describes taking the token out of the pool and leaving the XRP.
The figures come from CULT and OBEY, from issue to now, Pheanor and the CULT/XRP pool, Costs and risks, CULT price against liquidity.
1) People defend what @Pheanor589 and @xrphodler420 do with $CULT by calling it "market making".
— pour (@pour____) October 2, 2026
Let's get something straight, it isn't.
On XRPL the market maker is the pool itself, and what they do to that pool is the literal opposite of supplying it... https://t.co/xDr4ISITVh
Trust lines and holders
Posted 2 October 2026. Read the thread on X
What the headline holder count contains: pool accounts, trust lines holding nothing, and hundreds of balances worth a fraction of an XRP.
The figures come from Holders and LP providers by size, CULT and OBEY, from issue to now.
1) $CULT's trustline count is at 1,092, that's every account with a trust line to the $CULT issuer.
— pour (@pour____) October 2, 2026
Watch what happens when you break it down... https://t.co/QqKd91klyy
The peak, and the fall since
Posted 2 October 2026. Read the thread on X
Who bought in the quarter the price peaked, where those buyers stand now, and what the named wallets and the accounts their tokens reach did on the way down.
The figures come from Costs and risks, Combined effect on the price.
1) $CULT topped at 290.99 XRP on 17 June 2026.
— pour (@pour____) October 2, 2026
It's around 152.00 now, half of that.
Let's look at who bought on the way up and what @Pheanor589 and @xrphodler420 did on the way down... https://t.co/PtuhIa7hSU
One sale of 69 CULT
Posted 2 October 2026. Read the thread on X
A single transaction sold 69 CULT for 7,117.99 XRP and took the pool's price down 22.5%, and what the same wallet did in the hour before and the month after.
The figures come from The money flow, Costs and risks, Account files.
1) On 17 November 2025, @Pheanor589's wallet sold 69 $CULT in one transaction for 7,117.99 $XRP:
— pour (@pour____) October 2, 2026
rMt3jmRENVnzjTrDcqmQ9hBkX72W3vCREq$XRP was $2.14 that hour, about $15,250 USD.
Here is what happened around this event... https://t.co/3dnlO1N3xu
Every transaction in the pool
Posted 3 October 2026. Read the thread on X
All 45,367 transactions that have touched the CULT/XRP pool, split between the two activation trees with the accounts their CULT reaches at 50 or more, and everyone else: the swaps, the deposits, the withdrawals, and what trading it costs.
The figures come from Costs and risks, Combined effect on the price, Pheanor and the CULT/XRP pool, Hodler and the CULT/XRP pool, The money flow.
1) I pulled every transaction that has ever touched the CULT/XRP pool: 45,367 of them.
— pour (@pour____) October 3, 2026
Let's break it down, split between @Pheanor589's and @xrphodler420's accounts and everyone else, and what it has cost to trade... https://t.co/ybemohh8Hf
Top ten supply concentration
Posted 6 October 2026. Read the thread on X
The ten largest accounts have held about 45% of the supply, flat for a year and a half. Everyone outside the named wallets and the accounts their tokens reach holds balances mostly worth under 100 XRP, so a growing audience has not changed who holds the token.
The figures come from Combined supply, Holders and LP providers by size, The money flow.
Here is a chart of $CULT's Top 10 account supply concentration showing 45% of the total supply held in the Top 10 accounts.
You'll notice that it has been flat since around May 2025 when i completely exited.
The supply distribution has remained heavily concentrated for a year and a half.
Yet we have seen what appears to be an increase of holder accounts and social media community participants.
What this explains in combination with the data in the trustlines thread below where holder balances outside of @Pheanor589 and @xrphodler420's dozens of accounts are shown to have very small balances mostly below 100 XRP in value, is that the top end supply concentration has remained steady while everyone else has very little value.
So social media community has gotten larger and louder but it is not represented in the market whatsoever.
This also highlights significant profit concentration at the top end meaning everyone else has hardly been able to afford accumulating positions of meaningful value and thus they have not been able to profit meaningfully in respect to the top end either.
In other words, @Pheanor589 and @xrphodler420 have accumulated the majority of supply and therefore the most unrealized profit, especially since they were first day and early buyers who got a lot of the supply at cheap prices, meaning their cost basis are low and their profits are high while everyone has paid a significantly inflated premium for small amounts of the asset and has hardly been able to profit.
These are all very simple concepts and basic mathematics.
— pour (@pour____) October 6, 2026
The day the holder count jumped
Posted 6 October 2026. Read the thread on X
On 8 December 2025 one account bought two thousandths of a CULT and sent it to 218 accounts in 81 seconds, taking the holder count from 511 to 729 for about 0.21 XRP. Every recipient already had a trust line open, so no new holder was created.
The figures come from Holders and LP providers by size, CULT and OBEY, from issue to now.
On 8 December 2025 the number of $CULT holders jumped from 511 to 729 in 81 seconds.
Nobody bought anything. It cost one account about 0.21 $XRP to do it.
Here is exactly what happened...
At 04:58:42 UTC an account called rDUSTFamXaLRMpyYLXFpvDoYNPH2p7r4sp bought 0.002080867 $CULT from the AMM pool for exactly 0.2 XRP.
That is two thousandths of one $CULT. The pool price that minute was 95.15 XRP per $CULT.
Nineteen seconds later it started sending it out.
Between 04:59:01 and 05:00:22 it made 218 payments of 0.00000945 $CULT each.
Every one succeeded. Every one carried source tag 111 and destination tag 111.
Each recipient received 0.00000945 $CULT — worth 0.000899 $XRP at that moment.
Nine ten-thousandths of a single $XRP.
Total cost of the operation:
0.2 $XRP to buy the $CULT 0.0088 $XRP in network fees across 220 transactions Under two $XRP including the account reserves.
Result: accounts showing a non-zero $CULT balance went 511 → 729.
A 43% increase in the holder count in 81 seconds, for pocket change.
You cannot receive an issued token on the XRP Ledger unless you already have a trust line to its issuer.
So all 218 of those accounts already had $CULT trust lines open and sitting at zero.
The duster did not create a single holder. It filled empty trust lines that were already there.
Who were they? I checked every one.
114 had held real $CULT balances before and sold down to zero. Their largest-ever balances totalled 2,209.93 CULT, one of them peaking at 716.3409 CULT.
104 had a trust line but had never held any $CULT at all.
So the 218 "new holders" contained zero new people.
Half of them were accounts that had already bought $CULT, sold all of it, and left.
What they did afterwards, to the present day:
90 of the 218 have never once held more than 0.0001 $CULT in their entire history.
Only 51 received more than 0.0001 $CULT at any point after the dusting. All 218 together hold 1.8429 $CULT today.
And they are still being counted. 761 accounts hold a non-zero $CULT balance right now. 146 of them are there because of this one burst. 133 of those 146 still hold 0.0001 $CULT or less.
This means that one in five "holders" today is a dusted trust line.
More broadly: of those 761 holders, 291 hold 0.0001 $CULT or less.
511 → 729. 81 seonds. 0.21 $XRP.
Every figure above is read from the ledger: the purchase, all 218 payments, every recipient's balance before and after, and where they stand today.
— pour (@pour____) October 6, 2026
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