There were interesting developments in today’s onchain data, especially on the memecoin side.
It has been observed that, most likely, an insider, that is, a person from the altcoin team, made a high profit by purchasing a large amount of a cryptocurrency as soon as it was released.
The suspicious altcoin was a newly launched memecoin called EgyptCat (SPHYNX). According to Onchain data, a cryptocurrency whale purchased a large amount of tokens by paying a high transaction fee as soon as this altcoin was launched, in a process called “sniping”.
According to the data, the cryptocurrency whale in question purchased SPHYNX by paying 120 SOL just seconds after the altcoin was launched. Balina wallet then sold these cryptocurrencies for 3,257 SOL and made a total profit of 540 thousand dollars within an hour.
However, cryptocurrency analysis platform Lookonchain claimed in its statement that the SPHYNX altcoin launch was an unfair launch. According to Lookchain, one insider purchased 49.62% of the total SPHYNX supply using 10 different new cryptocurrency wallets. The insider, who spent a total of 670 thousand dollars, later distributed these tokens to almost 300 different wallets.
*This is not investment advice.