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📌 Memecoin insiders turned $3694 into $177,000 after competitor Dogecoin rose in value based on Solana: Lookonchain

According to data on the blockchain, Solana-based Mimcoin (SOL) insiders have reported seven-figure returns on an investment of just $3,694. Link

– According to data on the blockchain, Solana-based Mimcoin (SOL) insiders have reported seven-figure returns on an investment of just $3,694.

This was first reported by Lookonchain, a blockchain tracking company. 12 fresh wallets sold dogwifhat (WIF) on the Ethereum network through decentralized exchange Uniswap (UNI) and made astronomical profits on their principal.

Twelve fresh wallets (insiders) made a profit of 770 ETH ($1.77 million) on dogwifhat worth just 1.6 ETH ($3,694).”

These wallets were created [Feb. 3] and purchased dogwifhat on the same block where Deployer started trading.

Other users started buying dogwifhat 12 minutes later.

These 12 wallets spent 1.6 ETH ($3,694 USD) to buy 24 million dogwifhat and sold 15.34 million dogwifhat for 771.86 ETH ($1.78 million USD).

In the end, they were left with 8.65 million dogwifats (US$838,000).”

At the time of writing, WIF is trading at $0.219.

Lookonchain also noticed that Chainlink insiders recently transferred hundreds of millions of dollars worth of LINK to cryptocurrency exchange Binance, and according to Lookonchain, LINK prices typically rise after such deposits.

“The non-circulating supply Chainlink wallet contributed 15.95 million LINK ($283 million) to Binance again [on Saturday].”

Since August 26, 2022, wallets have funded Binance every three months for a total of 95.95 million LINK ($1.7 billion).

And in most cases, the price increases after a top-up.”

At the time of writing, LINK was trading at $18.60, up about 4.50% over the past day.

Bitcoin

Bitcoin

$57,177.63

BTC 11.60%

Ethereum

Ethereum

$3,277.17

ETH 7.05%

Binance Coin

Binance Coin

$397.95

BNB 1.98%

XRP

XRP

$0.56

XRP 5.71%

Dogecoin

Dogecoin

$0.10

DOGE 15.23%

Cardano

Cardano

$0.63

ADA 7.51%

Solana

Solana

$110.43

SOL 8.73%