The Bureau's sample consisted of 412 X accounts with documented promotional activity for Solana memecoins between June 2024 and December 2025, filtered to retain only accounts using Milady-aesthetic PFPs at time of analysis. For each account, the Bureau cross-referenced wallet activity (where on-chain attribution was available) against the timing of public promotional posts.

The 87% figure represents the proportion of accounts in the sample for which the Bureau identified at least one promote-and-dump cycle within a 24-hour window. The median number of such cycles per account, over the 18-month analysis window, was 11. Several accounts in the sample exhibited more than 40 documented cycles.

The Bureau is not asserting that the Milady aesthetic causes coordinated dumping. Causation is, in the Bureau's view, almost certainly the reverse: accounts engaged in coordinated dumping appear to be statistically drawn to the Milady aesthetic for reasons that may relate to perceived anonymity, in-group signaling, or aesthetic alignment with the broader "schizo-trading" subculture. The Bureau notes this is an empirical observation, not a value judgment about the original Milady collection or its legitimate holders.

The advisory recommends that retail traders treat Milady-PFP-promotion of low-cap Solana memecoins with elevated skepticism. The Bureau notes that this does not mean all Milady-PFP accounts are operating coordinated dumps — clearly many are not — but that the base rate is sufficiently elevated to warrant additional scrutiny before acting on such recommendations.

Related Bureau advisories on Retardio-PFP, Pudgy-PFP, and BAYC-PFP promotional cohorts are in preparation and will be released in subsequent quarters.

"If the avatar is anime," said a Bureau analyst, "the exit liquidity is you."