An apparent “insider” made $1.3 million on the Ethereum version of Dogwifhat | CoinDesk JAPAN

After the Ethereum version of meme coin Dogwifhat (WIF) was released, many crypto asset (virtual currency) wallets received more than $1.3 million (approximately 195 million yen, converted at 1 dollar = 150 yen) over the weekend. I got.

The Ethereum version of dogwifhat is not related to Solana-based WIF, which was 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 for $3,000 worth of ETH. This purchase was made in the same block where the deployer initiated the transaction. Lookonchain said this meant traders knew exactly when the tokens would be issued and traded.

The token’s price jumped from a few cents to 30 cents due to hype, but the price has since fallen more than 80% since February 3 due to concerns over ownership of the token.

The Ethereum version of WIF soared on February 3rd, but has since fallen. (DEXScreener)

The Ethereum WIF was created by X user @issa, who claims to have first posted the original meme of a dog wearing a pink hat in 2019.

As many of you know, I originally created the meme you all know as “dogwifhat”. It recently gained a ton of traction within the crypto space, most notably through a coin named $WIF that launched on Solana, currently trading at $270M~ market cap.

With so many of you reaching out…

— issa (@issa) February 3, 2024

@issa wrote on “I wanted to make it clear that I was the original creator.” “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 involvement in Ethereum WIF has created strong demand for the token, with around $7.7 million sold from just over 4,500 holders in the past 24 hours, according to DEXScreener data. Collected.

In the crypto industry, which is the real WIF meme token?discussion continues.

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Dogwifhat
｜Original text: Apparent ‘Insiders’ Make Millions After Grabbing Ethereum Version of Dogwifhat