Dogwifhat Bags Ethereum Whales $1.77M in Mere Minutes
- Whales perform a potential insider trading trick on Dogwifhat’s ETH launch.
- Crypto enthusiasts took a jab at the deployer on X for keeping 10% of the supply.
- Solana’s Dogwifhat comprises a $220M market cap, 40 times more than on ETH.
Last weekend, twelve cryptocurrency whales banked on Dogwifhat’s (WIF) emergence on the Ethereum network. The whales spent just $3,694 on 24 million WIF, selling 15.32 million to bag $1.77 million.
These whales likely performed a witty insider trick by creating the wallets and buying 24 million WIF on the same block that the deployer used to open trading for the dog-themed memecoin. Said dog later plunged 49% on Ethereum, now trading at $0.05588, according to DexScreener.
12 fresh wallets (insiders) made a profit of 770 $ETH ($1.77M) on #dogwifhat with only 1.6 $ETH ($3,694)!😱
— Lookonchain (@lookonchain) February 3, 2024
These wallets were created yesterday and bought #dogwifhat in the same block where the deployer opened trading.
Other users started to buy #dogwifhat 12 minutes later.… pic.twitter.com/d3cil8DB8t
According to the latest blockchain data, the Ether whales still hold 8.65 million WIF, valued at just above one million. This version of Dogwifhat has been launched by issa, a crypto enthusiast who claims to have created the meme token in 2019 as a protest against Solana’s WIF creators.
Eat the Dip or Stay Away?
Claiming no affiliation with the current Solana WIF team, the deployer of Ethereum’s version was roasted on X for allocating 10% to the developer team. Some members uttered, “That’s why you stick with the OG on Sol.”
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.
— issa (@issa) February 3, 2024
With so many of you reaching out…
Indeed, the original version of WIF on Solana Layer-1 has lately been the darling of centralized exchanges. Having been listed on Bybit, Binance Futures, KuCoin, HTX, and a lengthy roster of smaller crypto platforms, Solana’s WIF has dropped 30.5% since last week, facing market correction after CEX adoption.
However, Solana’s WIF token trades at a significantly higher price. At press time, Solana’s Dogwifhat (WIF) is exchanging hands at $0.2121, according to CoinGecko. With a noteworthy triple-digit upswing in the last 30 days, the #223 seated dog-themed memecoin has a global capitalization of $220,737,628.
#dogwifhat on $ETH real meme created by issa on 2019. We on good dip rn. eat the dip. $WIF pic.twitter.com/DbmpUvQkMh
— Ron1n Crypto (@Ron1nCrypto) February 5, 2024
Ethereum’s newly-launched WIF trades at $0.0588 as a trending token on UniSwap DEX and DexScreener, with a $5.5 million global market cap and $668K in on-chain liquidity.
On the Flipside
- Issa, the creator of Ethereum’s Dogwifhat, has a huge following of 430,000 on Twitter.
- However, the coin carries just over 4,500 crypto accounts with the current $5.5M market cap.
Why This Matters
Memecurrency price fluctuations tend to be more volatile than large-cap altcoins due to social hype playing a key role in their market value.
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