Insiders Reportedly Make Massive Profits on Solana-Based Memecoin
According to on-chain data from Lookonchain, insiders of a Solana-based memecoin called dogwifhat (WIF) have allegedly made seven-figure profits. The insiders reportedly invested only $3,694 and sold off their holdings for $1.77 million.
The data shows that 12 newly created wallets sold WIF on the Ethereum network through Uniswap, a decentralized exchange. These wallets spent $3,694 to purchase 24 million WIF tokens and sold 15.34 million tokens for $1.78 million. They still hold 8.65 million WIF tokens worth $838,000.
Chainlink Insiders Deposit Millions of Dollars Worth of LINK
In addition to the WIF insiders, Lookonchain also observed Chainlink insiders moving large amounts of LINK tokens to Binance, a crypto exchange. These deposits, which have been happening every three months since August 2022, totaled 95.95 million LINK ($1.7 billion).
Lookonchain notes that the price of LINK usually increases after such deposits are made by Chainlink Noncirculating Supply wallets. Currently, LINK is trading at $18.60, up about 4.50% in the past day.
Hot Take: Insiders Profit Big from Solana-Based Memecoin
A group of insiders reportedly made a massive profit on a memecoin called dogwifhat (WIF), which is based on the Solana blockchain. By investing just $3,694, these individuals managed to sell off their holdings for a staggering $1.77 million.
This highlights the potential for quick and lucrative gains in the cryptocurrency market. It also raises questions about the fairness and transparency of such projects, as insiders seem to have an advantage over regular investors.
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