D. Together
The whole picture, in plain words
The findings in one place: what the record shows, what the named wallets hold, what each activation tree did, and what that could and could not mean.
- Published
- Ledger index
107030551
Contents
- Findings
- What the named wallets hold now
- What each activation tree did
- What the record means for the market
Accounts marked “flow-connected to” an activation tree are those the CULT and OBEY token flow reaches from it at its widest flow threshold, 10 CULT paid in total one way; the token-flow article sets out how it is followed, and the groups at every other threshold. Accounts flow-connected to both activation trees: 17 at 10 CULT, 0 at 30 CULT, 0 at 50 CULT. Being flow-connected does not make an account the activation tree's.
The whole series in one page: what the record shows, set out as findings, then what the named wallets hold, what each activation tree did, and what that could and could not mean. Every figure is the same one the earlier articles compute.
Findings
- Accounts. The 4 wallets known as Pheanor's and the 1 known as Hodler's sit at the top of two activation trees of 35 and 8 accounts. Every account below them was paid into existence by one of them, or by an account one of them created. No account is in both activation trees.
- Supply. 2,607.7275 of the 6,968.8590 CULT in existence — 37.4% — sit in those accounts. 5 of the ten largest holders are activation tree accounts.
- Price. The CULT/XRP pool opened at 0.102649 XRP per CULT, peaked at 290.9880 on 2026-06-17 (×2,834.790), and is 148.9931 now. Up to the peak, 68.2% of the rise came in the activation trees' own transactions: 51.1% Pheanor's activation tree's, 17.1% Hodler's activation tree's.
- Single-asset moves. Pheanor's activation tree took CULT alone out of the CULT/XRP pool 1,073 times, 2,714.1915 CULT, price moves that multiplied to ×26.585; it put CULT alone in 178 times, moves that multiplied to ×0.294; net ×7.819. Hodler's activation tree: 119 withdrawals (×1.678), 12 deposits (×0.863), net ×1.448. Of Pheanor's activation tree's, 347 withdrawals (×3.383) and 175 deposits (×0.298) were the CULT Treasury's,
rwXtqbb49G4eDyikLv77JEHCx25eH3pCsx, which Pheanor publicly names as his “CULT CTO Treasury”: net ×1.008. - Liquidity. At the pool price the activation trees' CULT is marked at 388,533.53 XRP. Sold into the pool, the network's own formula would pay 54,710.77 XRP — 14.1% of the mark.
- XRP in and out. Counted only in XRP that moved, Pheanor's activation tree paid 114,477.16 XRP into the CULT and OBEY market — buying and putting XRP into pools — and took 26,718.61 XRP out: 87,758.54 XRP more in than out so far. Hodler's activation tree paid 20,603.69 and took out 9,830.88: 10,772.81 XRP more in than out. Counting what they still hold at the pool prices, they would be 231,487.63 and 71,857.46 XRP on paper; selling everything into the pools now, all at once, would leave them at -31,338.72 and 25,130.89 XRP.
- Destination tags. 2 destination tags were paid by two or more activation tree accounts and by no other account whose history was read: Bitrue destination tag
183410960, paid by r3rXicdJYKLxxt9mkzhWosLFqUdWwGxVpW and rCk8EwUPhn28a2dz7ZTAb7ZjywkWhgD5S (Hodler's activation tree); Coinbase destination tag2286435599, paid by rJBQA7kvwWLTkLRNkAxz1eytCenf5g6q7Q and rMt3jmRENVnzjTrDcqmQ9hBkX72W3vCREq (Pheanor's activation tree). - Circulation. Activation tree accounts made 9,212 CULT payments, 5,895.71 CULT in all; 8,987 of them, 61.02 CULT, were reward payouts carrying a reward memo, and the other 225 were not. Of the CULT each activation tree holds now, traced first in, first out: moved inside an activation tree — last moved between the activation tree's own accounts — 832.36 (Pheanor's activation tree) and 0 (Hodler's activation tree); units coming back — passed through the activation tree before, left it, and came back from an account outside it — 284.23 and 46.00. Traced last in, first out, the same figures are 1,113.99 and 0 moved inside, 191.22 and 187.01 coming back.
Each is a count of transactions on the public ledger; the articles before this one set out the transactions behind it.
What the named wallets hold now
Table 1. Each named wallet: what it holds now, what its LP tokens can take out, and its first action.
| wallet | name | label | on its holder's own public word | holds CULT | holds OBEY | CULT its LP tokens can take out | first CULT/OBEY action | what that first action was |
|---|---|---|---|---|---|---|---|---|
rJBQA7kvwWLTkLRNkAxz1eytCenf5g6q7Q (Pheanor) |
Pheanor | — | Pheanor publicly names it as his own | 416.856988 | 0.850290 | 0.695114 | 2024-11-05 05:25:51 UTC | opened a trust line for CULT |
rMt3jmRENVnzjTrDcqmQ9hBkX72W3vCREq (Pheanor) |
Pheanor | — | Pheanor publicly names it as his own | 296.936207 | 0.016178 | 0.159774 | 2024-11-05 06:01:01 UTC | opened a trust line for CULT |
rhQFCsXDsma72eDCGaJ8mrSr2mkzsLSgWi (Pheanor, CULT reward program) |
Pheanor | CULT reward program | Pheanor publicly names it as his own, the “CULT LP Reward Distribution” | 8.982958 | 0.045293 | 0.003301 | 2025-07-31 03:40:40 UTC | opened a trust line for CULT |
rwXtqbb49G4eDyikLv77JEHCx25eH3pCsx (Pheanor, CULT Treasury) |
Pheanor | CULT Treasury | Pheanor publicly names it as his own, the “CULT CTO Treasury” | 451.490890 | 0.005417 | 32.261974 | 2025-07-25 20:11:42 UTC | opened a trust line for CULT |
rCk8EwUPhn28a2dz7ZTAb7ZjywkWhgD5S (Hodler) |
Hodler | — | Hodler publicly names it as his own | 346.245131 | 0 | 0.559789 | 2024-11-05 03:57:30 UTC | opened a trust line for CULT |
every row: download named-wallets.csv.
The 50 largest CULT holders
Table 2. The 50 accounts holding the most CULT now, pools left out, with their group and what else they hold.
| rank | account | group | activation tree | holds CULT | share of all CULT | running share | CULT its LP tokens can take out | holds OBEY |
|---|---|---|---|---|---|---|---|---|
| 1 | rwXtqbb49G4eDyikLv77JEHCx25eH3pCsx (Pheanor, CULT Treasury) |
Pheanor's activation tree | Pheanor's activation tree, named wallet | 451.490890 | 6.48% | 6.48% | 32.261974 | 0.005417 |
| 2 | rJBQA7kvwWLTkLRNkAxz1eytCenf5g6q7Q (Pheanor) |
Pheanor's activation tree | Pheanor's activation tree, named wallet | 416.856988 | 5.98% | 12.46% | 0.695114 | 0.850290 |
| 3 | r3NaLaZMNBnRLrV41N7SVjAVdMpfCVy1AJ (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 347.729243 | 4.99% | 17.45% | 0.010814 | 1.043911 |
| 4 | rCk8EwUPhn28a2dz7ZTAb7ZjywkWhgD5S (Hodler) |
Hodler's activation tree | Hodler's activation tree, named wallet | 346.245131 | 4.97% | 22.42% | 0.559789 | 0 |
| 5 | rMt3jmRENVnzjTrDcqmQ9hBkX72W3vCREq (Pheanor) |
Pheanor's activation tree | Pheanor's activation tree, named wallet | 296.936207 | 4.26% | 26.68% | 0.159774 | 0.016178 |
| 6 | rBwAS3Kda2RddnAqa9cyEMJAicKRqjC2dJ |
everyone else | — | 249.846921 | 3.59% | 30.26% | 58.152119 | 1.151887 |
| 7 | rHgoB4epFVeu691DCD1uifF17Kfxk2uQST (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | — | 248.050393 | 3.56% | 33.82% | 0 | 0 |
| 8 | rLvvo3sada5X1qakVQQfzMRD3hZHRtgUNz (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 215.046667 | 3.09% | 36.91% | 21.111445 | 0.218182 |
| 9 | rG2MsCwzgZHhCxh85w2NeVzbpP6ieZtSB9 |
everyone else | — | 202.087406 | 2.90% | 39.81% | 0 | 0.000001 |
| 10 | r4pz5ncRPxVXGhNxn3XpVDJWEUkuaisoGd (Hodler activation tree, generation 1) |
Hodler's activation tree | Hodler's activation tree | 158.862088 | 2.28% | 42.09% | 0 | 0.000000472636 |
| 11 | rKBTQpcoRg9SQ61qvygZTCoHnuXRxNy8yW (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | — | 127.107679 | 1.82% | 43.91% | 0.002602 | 0 |
| 12 | rafKJ9CkwcXbQVp5cYXgHw9J4ANPjd6TUX (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | — | 119.116826 | 1.71% | 45.62% | 0 | 0 |
| 13 | rJ6UP65eus334fYhYJBppCksnMCbiUANR6 (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 118.885245 | 1.71% | 47.33% | 19.990854 | 0.132488 |
| 14 | rsLFad8YFVeyycCSDZFhQjDkXynHM5Ct7o (flow-connected to both activation trees) |
flow-connected to both activation trees | — | 116.192364 | 1.67% | 49.00% | 25.571484 | 0.319638 |
| 15 | rGSDMwnBqbsmoxkjwz1jJkVNRCJs14tVaN (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 113.880475 | 1.63% | 50.63% | 8.886933 | 0.166821 |
| 16 | rnjTZ1MDMTunZtpJCH5vXvUamXz8Wtbe7u (Pheanor activation tree, generation 1) |
Pheanor's activation tree | Pheanor's activation tree | 109.348942 | 1.57% | 52.20% | 0.144159 | 0.004053 |
| 17 | rUjSyoiqHUcEkE1iPBJKRE3APygpo21CHT (flow-connected to both activation trees) |
flow-connected to both activation trees | — | 109.345372 | 1.57% | 53.77% | 26.490596 | 0.012716 |
| 18 | rhhbADpbVmUuG4sNWHkCpggLeXRcpN1VPG (Pheanor activation tree, generation 1) |
Pheanor's activation tree | Pheanor's activation tree | 109.095648 | 1.57% | 55.33% | 0.279617 | 0.010438 |
| 19 | rMTMZd5bXCBRYymJfNjsxGeKLFoyKLQGcT (flow-connected to both activation trees) |
flow-connected to both activation trees | — | 100.312896 | 1.44% | 56.77% | 0 | 0.138515 |
| 20 | riamVDj9fSNsYs52eUCtUe3LbxMZWdGoi (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 88.917471 | 1.28% | 58.05% | 0 | 0 |
| 21 | rsX5cvn3QeoqyQkeMc4J72gxKBG47YH7Ju (Pheanor activation tree, generation 1) |
Pheanor's activation tree | Pheanor's activation tree | 88.602183 | 1.27% | 59.32% | 0.095512 | 0.002451 |
| 22 | rp8384VaUDSJVYH8qmLArmqKx7puGrbz1u |
everyone else | — | 85.048767 | 1.22% | 60.54% | 6.221747 | 0.071088 |
| 23 | rUoaTDmmePcuw79hirzAvGF9nka1XKG98W (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | — | 82.966965 | 1.19% | 61.73% | 0 | 0 |
| 24 | rHT9nZphS75c3c3A2zEp9LT8agEUkLbNtH (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | — | 80.183859 | 1.15% | 62.88% | 0 | 0 |
| 25 | rD8jPWx64sWA5eWsPt5W8ZcN42EjFgWgBP (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | — | 79.896761 | 1.15% | 64.03% | 0 | 0.000035 |
| 26 | rfyPh6DnCbBZUts9sbtQQRC8Pzb84UR8Yg (Pheanor activation tree, generation 3) |
Pheanor's activation tree | Pheanor's activation tree | 79 | 1.13% | 65.16% | 0 | 0 |
| 27 | r9LXucbnVPniyunxWrbdyBuGbb6rLM9pJq (Pheanor activation tree, generation 1) |
Pheanor's activation tree | Pheanor's activation tree | 78.549033 | 1.13% | 66.29% | 0.205220 | 0.005411 |
| 28 | rEF878AyJT8rqNZyTXDAhydu1wD6nTQe7 (Pheanor activation tree, generation 1) |
Pheanor's activation tree | Pheanor's activation tree | 74.893259 | 1.07% | 67.36% | 0.061117 | 0.003086 |
| 29 | ragHnzSQQHxA1enkwBVZCz61WaKa93QEuo (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 73.439992 | 1.05% | 68.42% | 0.095513 | 0.022833 |
| 30 | rhqZKD9fQHRTU3PvMRhpPFxnkePqtSABEv (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | — | 70.045272 | 1.01% | 69.42% | 0 | 0 |
| 31 | rsYLtTpSFFM4jndy7KGc2RYoDoqm5eVkM9 (flow-connected to Hodler's activation tree) |
flow-connected to Hodler's activation tree | — | 69.939709 | 1.00% | 70.43% | 0 | 0 |
| 32 | rP1Q3iqpn3jmaDybno6GUegPqn8TnDDeRz (Pheanor activation tree, generation 1) |
Pheanor's activation tree | Pheanor's activation tree | 69.122869 | 0.99% | 71.42% | 0.041152 | 0.002903 |
| 33 | rDBJA5gpY9SQGaEhApBTu1RDJEZE4KhRqM (Pheanor activation tree, generation 2) |
Pheanor's activation tree | Pheanor's activation tree | 68.989010 | 0.99% | 72.41% | 0.050892 | 0.000702 |
| 34 | rp9oX2SAqaGLWcSKcHaE8Fq9dngEpRbGP6 (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 62.310731 | 0.89% | 73.30% | 8.744994 | 0.027065 |
| 35 | raMid7cLqAasUcQV3bJy8tL5x3Qp9fRUTE (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 61.922575 | 0.89% | 74.19% | 8.333230 | 0.021331 |
| 36 | rBJmztNVkqCZ1gshzw8S2BXho2SeaQZCCH (Pheanor activation tree, generation 1) |
Pheanor's activation tree | Pheanor's activation tree | 61.047311 | 0.88% | 75.07% | 0 | 0 |
| 37 | rQDmCe8kMbVPH3JVwsggg3aU3foR4ughKM (Pheanor activation tree, generation 1) |
Pheanor's activation tree | Pheanor's activation tree | 59.953761 | 0.86% | 75.93% | 0.083991 | 0.004812 |
| 38 | r9wsMJHGs7YUNt4xA6LrQJq4ZGZMd1YfhM (own domain: rBRAD8ntFu3yFhpoo7uLjj4EbVi2UQ1EMR) |
flow-connected to both activation trees | — | 57.712785 | 0.83% | 76.76% | 0 | 0 |
| 39 | rV4mttD3aMUTUpHo7UZGGuVt2v9un72X2 |
everyone else | — | 51.019694 | 0.73% | 77.49% | 0 | 0 |
| 40 | rNB266qn2L3WuuzVyfKjj54sSXxvCYNrFV (Hodler activation tree, generation 2) |
Hodler's activation tree | Hodler's activation tree | 47.081255 | 0.68% | 78.16% | 0 | 0 |
| 41 | rMEWpHQyNSGw8hN4ZRmypZi52gQtCCCsDi (Pheanor activation tree, generation 4) |
Pheanor's activation tree | Pheanor's activation tree | 47 | 0.67% | 78.84% | 0 | 0 |
| 42 | rwqVi3qWX8Cffye3481wDNzZ49FzRBDaWn |
everyone else | — | 46.739929 | 0.67% | 79.51% | 0.255580 | 0.002601 |
| 43 | r9nD2XtrFKHM3Hnc5rt8uRukBwe2n7kpoe |
everyone else | — | 45.613880 | 0.65% | 80.16% | 0 | 0 |
| 44 | rBkX2Sw5Vo4Lbe2KdmM2gRniZ4q4F7uU4d |
everyone else | — | 45.056999 | 0.65% | 80.81% | 2.008020 | 0.002380 |
| 45 | r3SM1Q9Fkt5f5fNNVuD5gdXtox8aoc1aQb (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 38.093034 | 0.55% | 81.36% | 0.040810 | 0.000332 |
| 46 | rvKnfLp79mfvuR1Laq393CEr1yuyP8KKP |
everyone else | — | 34.803838 | 0.50% | 81.86% | 25.122798 | 0.359403 |
| 47 | rLmxSZq3ttFhWZKUkg5vQraYwqS7vE52wF |
everyone else | — | 33.131267 | 0.48% | 82.33% | 4.332844 | 0.006657 |
| 48 | rHwHW4rAur66CbVsp2QauoigWH2icwUB2U (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 33 | 0.47% | 82.80% | 0 | 0 |
| 49 | r473884sarKQdVa6hdSWxWa2783WVXemZ9 (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 33 | 0.47% | 83.28% | 0 | 0 |
| 50 | rEmrhVu9bEFwkCZef92J9BjzCvPSQNVPY3 (flow-connected to Pheanor's activation tree) |
flow-connected to Pheanor's activation tree | — | 30.007621 | 0.43% | 83.71% | 0 | 0 |
every row: download largest-holders.csv.
17 of the 50 are activation tree accounts, 5 of the top ten.
What each activation tree did
Pheanor's activation tree. Besides its named wallets, the activation tree has 31 accounts, created between 2024-10-31 and 2026-02-26, across 4 generations. Its first purchase of CULT was 2024-11-05 05:26:21 UTC: swap through rwyUJtAL1pAUhSnoNhuWm4edjTanGUyvFH (CULT/XRP pool): gave 99.889006 XRP, got 493.201231 CULT — 0.202532 XRP per CULT. Counting each account on its own, it bought 2,405.0467 CULT in 2,362 transactions for 41,754.54 XRP, and sold 174.0521 CULT in 252 for 17,907.97 XRP. Across every pool holding CULT, it put 1,969.1792 CULT into pools (179 single-asset deposits, 626 two-asset) and took 2,905.8416 out (1,085 single-asset withdrawals, 19 two-asset). It paid out 4,569.8637 CULT in 9,162 payments and received 3,456.4542 in 216. It now holds 2,054.2475 CULT, and its LP tokens can take out 34.2379 more.
Hodler's activation tree. Besides its named wallet, the activation tree has 7 accounts, created between 2024-10-15 and 2026-04-02, across 3 generations. Its first purchase of CULT was 2024-11-05 04:09:12 UTC: swap through rwyUJtAL1pAUhSnoNhuWm4edjTanGUyvFH (CULT/XRP pool): gave 49.967638 XRP, got 339.977070 CULT — 0.146974 XRP per CULT. Counting each account on its own, it bought 1,636.3350 CULT in 953 transactions for 11,944.11 XRP, and sold 260.4999 CULT in 219 for 3,822.81 XRP. Across every pool holding CULT, it put 874.0227 CULT into pools (24 single-asset deposits, 91 two-asset) and took 1,083.6763 out (183 single-asset withdrawals, 12 two-asset). It paid out 1,325.8430 CULT in 50 payments and received 293.8344 in 129. It now holds 553.4800 CULT, and its LP tokens can take out 0.5598 more.
What the record means for the market
Table 3. What the figures in this series mean for anyone holding or pricing CULT.
| topic | what the record shows |
|---|---|
| Supply concentration | The two activation trees hold 37.4% of all CULT across 25 accounts, 37.9% with their LP tokens. The ten largest holders, pools left out, hold 42.1%, and 5 of those ten are activation tree accounts. Following the CULT and OBEY payments from the activation trees, LP tokens included, the token flow connects 64 accounts holding 56.0% of all CULT with their LP tokens at 50 CULT, up to 74 accounts holding 57.4% of all CULT with their LP tokens at 30 CULT, up to 123 accounts holding 78.4% of all CULT with their LP tokens at 10 CULT, from the strictest flow threshold to the widest. Weighed by connection profile instead, with the strong band added, 57 accounts hold 52.5%; with the token flow only band added, 164 accounts hold 73.7%; with the token flow on one payment band added, 177 accounts hold 75.7%; with the one other kind only band added, 212 accounts hold 79.8%. If those accounts were theirs, that would be the activation trees' share; the ledger does not say they are, and the token-flow article and connection profiles set out each scenario. |
| Supply spread across many accounts | The activation trees' CULT sits in 25 separate accounts, 1,087.22 CULT (41.7% of it) in accounts that carry no name. 11 of the 43 activation tree accounts were created within 2 hours of another account by the same creator. |
| Moved inside an activation tree, and units coming back | Of the CULT the activation trees hold now, 832.36 moved inside an activation tree — its last move was between an activation tree's own accounts — and 330.23 are units coming back — they passed through the activation tree before and came back to it from outside — traced first in, first out (1,113.99 and 378.24 last in, first out); 1,892.07 CULT held outside the activation trees passed through an activation tree account or a flow-connected account on its way. |
| The activation trees' transactions and the price | From the CULT/XRP pool's opening at 0.102649 XRP to its peak of 290.9880, the activation trees' own transactions account for 68.2% of the net rise; over the pool's whole life to 148.9931 XRP, their single-asset moves alone — 1,192 withdrawals of CULT and 190 deposits — multiplied to ×11.324. The rise to the peak is a small net of very large moves both ways, and the activation trees bought far more CULT than they sold, which raises any pool's price; the price article shows every rise and fall by kind. |
| An illiquid pool | All the CULT in existence is marked at 1,038,312.23 XRP at the pool price; the pool holds 63,783.00 XRP — 16.3 to one. The activation trees' own CULT is marked at 388,533.53 XRP, and selling it into the pool would pay 54,710.77 XRP, 14.1% of the mark. |
| The risk to other holders | If the activation trees sold their CULT into the pool, the pool price would fall from 148.9931 to 2.9884 XRP — 98.0% down — and every other holder's CULT would be marked down with it. The price already stands 48.8% below its peak. |
every row: download market-risks.csv.
Every figure in the tables is computed from the ledger in the articles before this one. What the ledger does not record is who holds the keys to these accounts. It records who is permitted to sign for each, set out in each activation tree's accounts article; who they belong to, this series does not say.
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