An apparent “insider” made $1.3 million from Dogwifhat’s Ethereum version.
After the Ethereum version of the meme coin Dogwifhat (WIF) was released, many cryptocurrency (virtual currency) wallets received more than $1.3 million (about 195 million yen, equivalent to 150 yen to the dollar) over the weekend. I got it.
The Ethereum version of dogwifhat is unrelated to Solana-based WIF, which launched in late November and has reached a market capitalization of more than $350 million.
More than a dozen wallets, described as “insiders” by on-chain analysis tool Lookonchain, purchased 24 million Ethereum WIFs with $3,000 worth of ETH. This purchase was made in the same block where the distributor initiated the transaction. Lookonchain said this means traders will know exactly when tokens will be minted and traded.
The hype caused the price of the token to skyrocket from a few cents to 30 cents, but then concerns over token ownership caused the price to drop by more than 80% since February 3.
The Ethereum version of WIF soared on February 3 but has since fallen. (DEX Screener)
Ethereum WIF was created by user
As many of you know, I originally created the meme you all know as “dogwifhat.” It has recently gained enormous popularity in the cryptocurrency industry, most notably through a coin called $WIF launched by Solana, which currently trades with a market capitalization of $270 million.
So many people have contacted me…
— issa (@issa) February 3, 2024
“I wanted to make it clear that I am the original author,” @issa wrote. “I wanted to make it clear that I have no relationship with them and do not own or receive any allocations.”
Meanwhile, @issa’s direct participation in Ethereum WIF has created strong demand for the token, with approximately $7.7 million sold from over 4,500 holders in the last 24 hours, according to DEXScreener data. collected.
What is the actual WIF meme token in the cryptocurrency industry? The discussion continues.
｜Translator: CoinDesk JAPAN ｜Editor: Toshihiko Inoue ｜Image: Dogwifhat ｜Original text: An apparent ‘insider’ made millions after securing Dogwifhat’s version of Ethereum.
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