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