- Insiders of a Solana-based memecoin, dogwifhat (WIF), made a staggering profit of $1.77 million from an initial investment of just $3,694.
- The insiders bought WIF at the time of its launch and sold it on the decentralized exchange Uniswap for a significant profit.
- The price of WIF surged after its launch, allowing the insiders to sell their tokens at a much higher price.
Insiders Profit from Memecoin Rally
A group of insiders associated with a Solana-based memecoin called dogwifhat (WIF) recently made a significant profit from a rally in the token’s price. According to data from blockchain tracking firm Lookonchain, 12 newly created wallets belonging to these insiders sold WIF on the Ethereum network through the decentralized exchange Uniswap, making a profit of 770 ETH (approximately $1.77 million) from an initial investment of only 1.6 ETH ($3,694).
Details of the Insider Trading
The insiders created the 12 wallets on February 3rd and bought WIF in the same block where the deployer opened trading. Other users started buying WIF 12 minutes later. The insiders spent 1.6 ETH ($3,694) to buy 24 million WIF tokens and later sold 15.34 million WIF for 771.86 ETH ($1.78 million). They still have 8.65 million WIF tokens worth approximately $838,000 left.
WIF Price Action
At the time of writing, WIF is trading at $0.219. The token’s price surged significantly after its launch, allowing the insiders to sell their tokens at a much higher price than they bought them for.
Chainlink Insiders Move Funds to Binance
In related news, Lookonchain also reported that insiders associated with the Chainlink (LINK) project recently moved hundreds of millions of dollars worth of LINK tokens to the crypto exchange Binance. According to Lookonchain, LINK’s price usually increases after such deposits.
The insider trading in WIF and the movement of LINK tokens to Binance highlight the potential for significant profits in the cryptocurrency market. However, it’s important to note that these types of trades can also be risky, and investors should always do their own research before making any investment decisions.