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Warning Issued for This Altcoin: Data Analytics Company Alerts – Insider Investor Acquired Nearly Half of Total Supply
A data analytics platform has raised a red flag after uncovering that an insider investor has purchased almost half of the total supply of a particular altcoin.
By:
Mete Demiralp
06.06.2024 – 20:22
Last Updated:
10 hours ago
0
Exciting developments emerged in today’s onchain data, particularly in the realm of memecoins.
Evidence suggests that an insider, potentially affiliated with the altcoin team, reaped substantial profits by acquiring a significant amount of a cryptocurrency right at its inception.
The suspicious altcoin in question is a recently-launched memecoin known as EgyptCat (SPHYNX). Onchain data reveals that a cryptocurrency whale swooped in to purchase a substantial number of tokens with a hefty transaction fee immediately upon the coin’s release, a practice commonly referred to as “sniping.”
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As per the data, the cryptocurrency whale in question acquired SPHYNX by paying 120 SOL mere seconds after the altcoin’s debut. Subsequently, the Balina wallet sold these tokens for 3,257 SOL, generating a total profit of $540,000 within an hour.
Nonetheless, data analytics platform Lookonchain has alleged that the launch of the SPHYNX altcoin was unjust. According to Lookonchain, an insider purchased 49.62% of the total SPHYNX supply through 10 distinct new cryptocurrency wallets, amounting to a total expenditure of $670,000. The insider then proceeded to distribute these tokens across nearly 300 different wallets.
*This article does not constitute investment advice.
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