Apparent Insiders’ Make Millions After Grabbing Ethereum Version of Dogwifhat

The Ethereum version of dogwifhat pumped, then dumped, within hours on Saturday, but blockchain data shows a few wallets picked up a large chunk of the supply after it was issued.

By Shaurya Malwa
AccessTimeIconFeb 5, 2024 at 5:34 p.m.
Updated Feb 5, 2024 at 5:36 p.m.
(Dogwifhat)

(Dogwifhat)

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Many crypto wallets pocketed over $1.3 million over the weekend after picking up an ample supply of the Ethereum version of meme coin dogwifhat (WIF).

As such, the Ethereum version of dogwifhat isn’t connected to Solana-based WIF, which launched in late November and reached a market capitalization of over $350 million.

Over 12 wallets, termed “insiders” by the on-chain analytics tool Lookonchain, purchased 24 million Ethereum WIF tokens for $3,000 in ether. This purchase was in the same block where the deployer opened trading – implying the trader knew precisely when the tokens would be issued and traded, Lookonchain said.

Hype for the tokens caused prices to jump from fractions of a penny to 30 cents before concerns around their ownership caused prices to dump more than 80% since Saturday.

Ethereum WIF spiked on Saturday, but has slid since. (DEXScreener)Ethereum WIF spiked on Saturday, but has slid since. (DEXScreener)

The Ethereum WIF was issued by X user @issa, who claimed to have first posted about the original dog wearing a pink hat meme in 2019.

“I originally created the meme you all know as “dogwifhat,” @issa said on X. “With so many of you reaching out to me and the $WIF team never acknowledging me as the original creator, I wanted to clarify that I have no affiliation with them and never owned or received any allocation.”

Meanwhile, @issa’s direct involvement with Ethereum WIF tokens has created strong demand for the tokens as it garnered some $7.7 million in trading volumes in the past 24 hours from just over 4,500 holders, DEXScreener data shows.

RELEASE
2024-02-12 22:49:44