Barely one year after the launch of the $LIBRA token, Hayden Davis, CEO of Kelsier Ventures, has reentered the Solana memecoin trading arena. According to a recent investigation by onchain analytics firm Bubblemaps, Davis has returned to active trading after a period of wallet inactivity. This time, however, blockchain data suggests that his trades have resulted in significant losses exceeding $3 million.
Bubblemaps reports that Davis traded tokens such as $PUMP, $TROVE, and $PENGUIN, along with several smaller memecoins. Analysts identified new wallet activity within a cluster previously associated with Davis. These wallets show transactions as recent as five days ago, indicating that he remains actively engaged in the market.
Tracing the Wallet Activity
Bubblemaps stated that it detected large transfers within the past 30 days into a deposit address linked to Davis. From there, investigators traced the funds to six active wallets. Analysts connected these wallets to the same cluster previously attributed to Davis during earlier memecoin activity.
The investigation revealed that Davis bought multiple trending Solana-based memecoins during this recent period. However, most of these trades resulted in losses. Bubblemaps quantified several of the most notable losses: $2.5 million on $PUMP, $100,000 on $PENGUIN, $29,000 on $KABUTO, $1,000 on $LOUD, and $1,000 on $BAGWORK.
Collectively, these trades have resulted in losses exceeding $3 million. The data suggests that Davis entered positions in trending tokens but failed to exit profitably.
Who Is Hayden Davis? - The Strategist Behind High Profile Memecoins
Davis first drew widespread attention during the February 14, 2025, launch of $LIBRA. Argentine President Javier Milei publicly endorsed the token, which promised to stimulate Argentina’s economy by funding small businesses and startups. Following the endorsement, $LIBRA surged to a market capitalization of more than $4 billion.
Onchain analysis quickly raised red flags. Bubblemaps reported that 82% of the token supply linked back to a single cluster of wallets. The token did not disclose clear tokenomics, and the entire 82% allocation remained unlocked. Early holders began selling shortly after launch, and within 45 minutes, $LIBRA lost more than $3 billion in market capitalization. Retail traders absorbed substantial losses while insiders extracted significant value.
Amid public backlash, Milei deleted his promotional post and stated that he did not understand the project’s internal details. Argentine lawyers filed fraud charges, arguing that the President’s actions played an essential role in facilitating widespread losses. The investigation expanded to include Davis, his associates, and other intermediaries.
Subsequent revelations deepened scrutiny. Analysts linked wallets associated with $LIBRA to other high-profile memecoin launches, including $MELANIA, $ENRON, $HOOD, and $M3M3. Meteora co-founder Ben Chow acknowledged that he referred project leads to Davis and Kelsier Ventures, the entity associated with Davis. Chow confirmed that Davis and Kelsier Ventures orchestrated the $M3M3 launch.
SolanaFloor obtained exclusive footage featuring DefiTuna co-founder Dhirk in conversation with Chow and added weight to claims of coordinated market manipulation. In the recording, Chow stated that he had enabled someone he should not have enabled and acknowledged that he would have to step down from his role. Shortly afterward, Chow formally resigned from his position.
Barstool Sports founder Dave Portnoy further complicated matters when he stated that Davis sent him an allocation of $LIBRA tokens and asked him not to disclose the gift. Additional influencers admitted prior knowledge of an upcoming Argentina-themed token, fueling allegations of insider coordination.
Return to the Trenches
Despite the controversy, Davis did not retreat from public visibility. A Manhattan federal judge unfroze $57.6 million in USDC linked to $LIBRA on August 20, granting Davis access to those funds. Meanwhile, Argentine prosecutors continue to investigate the broader circumstances surrounding the token’s launch. Prosecutor Eduardo Taiano confirmed that authorities continue to carry out evidentiary measures, although the courts have not yet summoned witnesses or defendants.
Many observers speculated that Davis would withdraw from onchain activity after the $LIBRA collapse. Bubblemaps suggests the opposite has occurred. Following the unfreezing of assets, reported profits from sniping $YZY, and a substantial $MET airdrop, Davis appears to have resumed direct participation in Solana’s fast-moving memecoin market.
Davis now operates within this landscape as a market participant rather than solely as a launch architect. The wallet data shows that he trades actively, takes sizable positions, but the outcomes suggest that he no longer benefits from the structural advantages that surrounded earlier launches. His recent activity reads more like an attempt to demonstrate that he can generate profits through open market trading alone. The more than $3 million in losses indicate that success in the memecoin arena becomes far less predictable when insider access and launch control disappear. In that sense, his return highlights how difficult and unforgiving memecoin trading can be once any informational edge evaporates.
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