In the fast-paced world of crypto, where tokens can skyrocket or plummet in hours, allegations of behind-the-scenes manipulation always stir up a storm. Recently, a thread on X (formerly Twitter) by MartyParty (@martypartymusic), a well-known crypto commentator and macro analyst, has put the spotlight on Wintermute, a major market maker, and their activities with the DoubleZero ($2Z) token on Raydium.

For those new to the scene, DoubleZero is a decentralized physical infrastructure network (DePIN) project aimed at optimizing blockchain performance by reducing latency for validators. It's not your typical meme coin—think more utility-driven, like enhancing the backbone of blockchains such as Solana. The $2Z token powers this ecosystem, and it's been making waves since its launch, even getting listed on big exchanges like Crypto.com.

But according to MartyParty's thread, things aren't as straightforward as they seem. He shared a detailed chart showing Wintermute's buys (marked as green 'B's) and sells (red 'S's) exclusively on the Raydium liquidity pool for $2Z. Raydium is a popular decentralized exchange (DEX) on Solana, where a lot of early trading for new tokens happens.

The chart, pulled from TradingView, illustrates a pattern of heavy selling that correlates with price drops, suggesting coordinated efforts to drive the price down. MartyParty claims Wintermute is hired by centralized exchanges (CEXs) to manipulate prices and "extract trader liquidity." In simpler terms, when retail traders go long (betting the price will rise), market makers like Wintermute allegedly sell aggressively to trigger liquidations—forcing those positions to close at a loss and pocketing the difference.

He quotes another user, EasternSamurai (@eastrnsamurai), who provided a similar "Double Zero chart" focusing on Wintermute's activities only on Raydium, noting it doesn't include other pools. The message is clear: this is predatory behavior that's immoral and hurts everyday traders.

The thread has sparked reactions from the community. One reply from Chad McDonald (@mac51246) calls it "immortal bullshit" that's polluting the market. Mark Soares (@markkasaurus) even tagged SEC Commissioner Hester Peirce, urging an investigation into how such coordinated activities harm retail investors. Others, like Syndotc (@Syndotc), question if Wintermute is truly providing liquidity or just gaming the system, while users like AbelGaming (@IIIIINASTYIIIII) accuse Wintermute and Binance of stifling the industry.

MartyParty's takeaway? Spot buyers—those holding the token long-term without leverage—should sit tight and wait for the "liquidation strategy" to play out before jumping in. It's a lesson in patience amid the volatility that defines crypto, especially for tokens like $2Z that bridge meme-like hype with real tech utility.

This isn't the first time market makers have faced scrutiny in crypto. Firms like Wintermute are essential for providing liquidity, ensuring trades can happen smoothly without massive price swings from small orders. But when their actions appear to prioritize profit over fair play, it raises red flags about the maturity of the market.

For blockchain practitioners eyeing DePIN projects or Solana-based tokens, this thread serves as a reminder to dig deeper into on-chain data. Tools like Dexscreener or TradingView can help spot unusual patterns. If you're trading $2Z or similar assets, consider avoiding leverage during early stages and focus on fundamentals—like DoubleZero's backing from VCs such as Multicoin and Dragonfly, and its goal to create a global mesh network for distributed systems.

Check out the original thread on X for the full discussion and charts. As always, this is for educational purposes—do your own research before making any moves in the crypto space. What's your take on market makers in DePIN tokens? Drop a comment below!