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Ethereum's Wild Ride: Meme Coin Dogwifhat's Rollercoaster Sparks Controversy

2024/02/05 19:59

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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.

Wallets Snatch $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.

Unlinked to Solana-based WIF

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.

Suspicious Transactions Raise Eyebrows

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.

Price Surge and Subsequent Plunge

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)

Issuer Denies Affiliation

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.

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

@issa's Impact on Token Demand

@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.

Conclusion:

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.

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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