During the weekend, it seems that some crypto wallets that collected a large supply of the Ethereum version of dogwifhat (WIF) pocketed over $1.3 million. The incident suggests that these are apparent “insiders” of the project.
Ethereum Dogwifhat: 12 probable insider crypto-wallets of the project pocket over $1.3 million
On Saturday, it seems that the Ethereum version of dogwifhat (WIF) was pumped and then dumped within a few hours, showing some suspicious data.
And indeed, it seems that there are 12 crypto-wallets that, thanks to their wide supply of the memecoin version Ethereum, have managed to pocket a whopping 1.3 million dollars.
The suspicions suggest that these crypto wallets are apparent “insiders” of the project. This is confirmed by the on-chain analysis tool Lookonchain, which shows that these crypto wallets have purchased 24 million Ethereum WIF tokens for 3,000 dollars in ETH.
The purchase took place in the same block in which the deployer opened the negotiations, which implies that the trader knew exactly when the tokens would be issued and traded.
Anyway, on Saturday, the Ethereum WIF went from prices of fractions of a cent to 30 cents in just a few hours, and then crashed by over 80%.
Ethereum Dogwifhat: word from the creator
Always on Saturday, on X, the issa account came forward, claiming to be the creator of the crypto dogwifhat.
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.
With so many of you reaching out…
— issa (@issa) February 3, 2024
“As many of you know, I originally created the meme that you all know as ‘dogwifhat’. Recently, it has gained a lot of popularity in the cryptocurrency space, especially thanks to a coin called $WIF, launched on Solana and currently traded with a market cap of 270 million dollars. Since many of you have contacted me and the $WIF team has never recognized me as the original creator, I wanted to clarify that I have no affiliation with them and I have never owned or received any allocation. Today I officially announce that I will launch the REAL $dogwifhat, but on Ethereum. The website explaining the origin story of dogwifhat is directly linked below this text. If you are not familiar with the cryptocurrency space, please proceed with caution, this is not financial advice. All other tweets following this can be found on the official website @dogwifhat_eth”
In practice, the Ethereum version of dogwifhat is not connected to Solana-based WIF, which was launched at the end of November.
Seventh crypto in the “Meme” category
Meanwhile, looking at the meme crypto ranking by market capitalization, the dogwifhat (WIF) based on Solana blockchain is in seventh place.
WIF has a total market cap of over 217 million dollars, not far from the other meme cryptos like FLOKI (265 million dollars) and MEME (227 million dollars).
On the memecoin scene, the dominant one is Dogecoin (DOGE) with over 11 billion dollars of market cap, followed by SHIB with 5.2 billion dollars and BONK with 655 million dollars.
In the last month, WIF Solana-based has seen a price pump of 97%, with the price going from $0.09 to the current $0.21. However, during the month, its highest recorded price was $0.45.
