Five wallets, likely owned by a single individual, sold 14.53 million WIF tokens for approximately $24 million, as noted by analysts at Lookonchain.
5 wallets(may belong to the same person) sold 14.53M $WIF($24M) 7 hours ago!
Incredibly, this guy bought 14.53M $WIF on Nov 30, 2023, and the cost was only $5,340!
He got a 4,497x return!
If he sold at the highest price, he would have made a profit of more than $69M, a 12,927x… pic.twitter.com/Of1kpEwOze
— Lookonchain (@lookonchain) August 3, 2024
According to experts, the trader acquired the tokens on November 30, 2023, for a total of $5,340, thereby increasing his deposit 4,497 times.
“If he had sold them at the peak, he would have earned over $69 million, achieving a 12,927-fold profit,” analysts noted.
Over the past week, WIF has fallen by 37.8%, according to CoinGecko. At the time of writing, the token is trading at $1.53.
Previously, an insider trader earned $5.6 million on DADDY, promoted by Andrew Tate. The former kickboxer launched the meme token as a competitor to the MOTHER coin by singer Iggy Azalea.
In June, some users made millions from the listing of WaterCoin (WATER) on the Jupiter and Raydium exchanges. Immediately after trading began, the meme token surged by 83%, bringing $2.9 million to one trader.
Ethereum co-founder Vitalik Buterin has criticized celebrity experiments with meme coins, urging a focus on projects that benefit the public rather than enriching insiders.