In a rollercoaster ride over the weekend, the Ethereum version of meme coin dogwifhat (WIF) saw a rapid surge and subsequent plunge, with some insiders pocketing over $1.3 million.
Several crypto wallets, labeled as "insiders," seized an ample supply of Ethereum's dogwifhat, making a swift $1.3 million profit after its issuance.
It's crucial to note that the Ethereum variant of dogwifhat is distinct from the Solana-based WIF, which attained a $350 million market cap after its late November launch.
Blockchain data from Lookonchain indicates that 12 wallets, termed "insiders," acquired 24 million Ethereum WIF tokens for $3,000 in the same block where trading commenced. This has raised suspicions of foreknowledge, as the deployer seemingly knew precisely when tokens would be issued and traded.
The hype around Ethereum's WIF caused prices to soar from fractions of a penny to 30 cents. However, concerns over ownership led to an 80% price drop since Saturday.
Ethereum WIF spiked on Saturday, but has slid since. (DEXScreener)
The Ethereum WIF was issued by user @issa, who disassociated from the $WIF team, claiming to be the original creator of the "dogwifhat" meme from 2019. Despite @issa's denial of any connection, the controversy persists.
@issa's involvement with Ethereum WIF tokens has driven strong demand, with trading volumes exceeding $7.7 million in the past 24 hours from over 4,500 holders, according to DEXScreener data.
The Ethereum version of dogwifhat's turbulent journey raises questions about insider activities and the true creator's involvement. As the controversy unfolds, traders are advised to exercise caution in the volatile meme coin market.
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