How a crypto investor made $540,000 profit in an hour
Yesterday's on-chain data showed some intriguing developments, particularly in the realm of meme cryptocurrencies.
It appears that there may have been insider trading around a newly launched meme coin called EgyptCat (SPHYNX). According to on-chain data, a crypto whale quickly purchased a significant amount of SPHYNX tokens right after the project was launched, a practice known as “sniping”.
The suspicious aspect arises from the high transaction fee paid by this whale, signaling a potentially strategic move.
Within seconds of the altcoin launch, the whale acquired SPHYNX tokens, spending 120 SOL . The wallet subsequently sold these tokens for 3,257 SOL, resulting in a whopping profit of $540,000 in just one hour.
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PEPE price prediction for the next 6 yearsHowever, Lookonchain, a cryptocurrency analytics platform, raised concerns about the fairness of SPHYNX's launch.
According to the analytics platform, an insider managed to secure 49.62% of SPHYNX's total supply using 10 different wallets, investing a total of $670,000. These tokens were then distributed to nearly 300 different wallets, raising questions about the coin's distribution.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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