Dogwifhat Bags Ethereum Whales $1.77M in Mere Minutes

• Whales perform a potential insider trading trick on Dogwifhat’s ETH launch.
• Crypto enthusiasts took a jab at the deployer on X for keeping 10% of the supply.
• Solana’s Dogwifhat comprises a $220M market cap, 40 times more than on ETH.

Last weekend, twelve cryptocurrency whales banked on Dogwifhat’s (WIF) emergence on the Ethereum network. The whales spent just $3,694 on 24 million WIF, selling 15.32 million to bag $1.77 million.

These whales likely performed a witty insider trick by creating the wallets and buying 24 million WIF on the same block that the deployer used to open trading for the dog-themed memecoin. Said dog later plunged 49% on Ethereum, now trading at $0.05588, according to DexScreener. 

12 fresh wallets (insiders) made a profit of 770 $ETH($1.77M) on #dogwifhat with only 1.6 $ETH($3,694)!😱

These wallets were created yesterday and bought #dogwifhat in the same block where the deployer opened trading.

Other users started to buy #dogwifhat 12 minutes later.… pic.twitter.com/d3cil8DB8t

— Lookonchain (@lookonchain) February 3, 2024

According to the latest blockchain data, the Ether whales still hold 8.65 million WIF, valued at just above one million. This version of Dogwifhat has been launched by issa, a crypto enthusiast who claims to have created the meme token in 2019 as a protest against Solana’s WIF creators.

Eat the Dip or Stay Away?

Claiming no affiliation with the current Solana WIF team, the deployer of Ethereum’s version was roasted on X for allocating 10% to the developer team. Some members uttered, “That’s why you stick with the OG on Sol.”

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

Indeed, the original version of WIF on Solana Layer-1 has lately been the darling of centralized exchanges. Having been listed on Bybit, Binance Futures, KuCoin, HTX, and a lengthy roster of smaller crypto platforms, Solana’s WIF has dropped 30.5% since last week, facing market correction after CEX adoption.

However, Solana’s WIF token trades at a significantly higher price. At press time, Solana’s Dogwifhat (WIF) is exchanging hands at $0.2121, according to CoinGecko. With a noteworthy triple-digit upswing in the last 30 days, the #223 seated dog-themed memecoin has a global capitalization of $220,737,628.

#dogwifhat on $ETH real meme created by issa on 2019. We on good dip rn. eat the dip.$WIF pic.twitter.com/DbmpUvQkMh

— Ron1n Crypto (@Ron1nCrypto) February 5, 2024

Ethereum’s newly-launched WIF trades at $0.0588 as a trending token on UniSwap DEX and DexScreener, with a $5.5 million global market cap and $668K in on-chain liquidity.

On the Flipside

• Issa, the creator of Ethereum’s Dogwifhat, has a huge following of 430,000 on Twitter. 
• However, the coin carries just over 4,500 crypto accounts with the current $5.5M market cap.

Why This Matters

Memecurrency price fluctuations tend to be more volatile than large-cap altcoins due to social hype playing a key role in their market value.

Discover DailyCoin’s trending crypto news:
Binance Leak Murmurs Spark User Data Security Concerns
SUI Price Notches 75% in 30-Day Rally Amid Soaring TVL