Memecoin Insiders Turn $3,694 Into $1,770,000 After Rally of Solana-Based Dogecoin Rival: Lookonchain

Insiders of a Solana (SOL)-based memecoin reportedly made seven-figure profits off a mere $3,694 investment, according to on-chain data.

First reported by blockchain tracking firm Lookonchain, 12 newly created wallets sold off dogwifhat (WIF) on the Ethereum network through the decentralized exchange Uniswap (UNI), making astronomical profits on their principal.

“12 fresh wallets (insiders) made a profit of 770 ETH ($1.77 million) on dogwifhat with only 1.6 ETH ($3,694)!

These wallets were created on [Feb 3] and bought dogwifhat in the same block where the deployer opened trading.

Other users started to buy dogwifhat 12 minutes later.

These 12 wallets spent 1.6 ETH ($3,694) to buy 24 million dogwifhat and sold 15.34 million dogwifhat for 771.86 ETH ($1.78 million).

They still have 8.65 million dogwifhat ($838,000) left.”

Source: Lookonchain/X

At time of writing, WIF is trading at $0.219.

Lookonchain also recently spotted Chainlink insiders moving hundreds of millions of dollars worth of LINK to crypto exchange Binance. According to Lookonchain, LINK’s price usually increases after such deposits.

“Chainlink Noncirculating Supply wallets deposited 15.95 million LINK ($283 million) to Binance again [on Saturday].

The wallets deposited LINK to Binance every three months since Aug 26, 2022, with a total of 95.95 million LINK ($1.7 billion).

And most of the time the price will increase after the deposit.”

At time of writing, LINK is trading for $18.60, up about 4.50% in the past day.

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