Trader Nets $2.9 Million in 20 Minutes on Meme Coin WATER

On June 24, the meme token WaterCoin (WATER) was listed on the Jupiter and Raydium exchanges. Immediately after trading commenced, the coin’s price surged by 83%. Analysts from Lookonchain noted that some users have already made millions from this.

Someone made 22,379 $SOL($2.9M) on $WATER in less than 20 minutes!

This guy created a new wallet 5 hours ago and withdrew funds from #Bybit.

Then he spent 16,900 $SOL($2.1M) to snipe 612.23M $WATER(22.71% of the pooled $WATER) in the same block where the deployer added… pic.twitter.com/eRIu0y8rvx

— Lookonchain (@lookonchain) June 24, 2024

One trader acquired 612.23 million WATER (22.71% of the total supply) for 16,900 SOL ($2.1 million) in the liquidity addition block. Twenty minutes later, amid the price increase, he sold all his coins for 39,279 SOL ($5 million).

The profit amounted to 22,379 SOL ($2.9 million).

Another user was unsuccessful in “sniper” trading. He purchased 177.9 million WATER for 15,000 SOL ($1.9 million). However, in less than 10 minutes, due to falling prices, the trader received only 9,306 SOL ($1.2 million) on the exchange, losing 5,694 SOL ($716,400).

Not all snipers can make money!

If you are not familiar with sniping, please do it with caution.

This sniper spent 15K $SOL($1.9M) to snipe 177.9M $WATER, which is less than what other snipers bought.

So he got only 9,306 $SOL($1.2M) back after selling all and lost 5,694… pic.twitter.com/v1uwfti8hM

— Lookonchain (@lookonchain) June 24, 2024

Meanwhile, the team of analysts noticed unusual fund movements in the project’s developer wallet.

Is the #WaterCoin team selling $WATER?

We noticed that the dev transferred 844.44M $WATER to 11 new wallets that didn’t participate in the pre-sale.

These 11 wallets are selling $WATER and have obtained more than 18,600 $SOL($2.35M) by selling $WATER! pic.twitter.com/PWItcb06RN

— Lookonchain (@lookonchain) June 24, 2024

The developer transferred 844.44 million WATER to 11 new wallets that did not participate in the pre-sale. Subsequently, these addresses obtained more than 18,600 SOL ($2.35 million) from selling the coin.

At the time of writing, the price of the WATER token had fallen by more than 81% to $0.002442, with a market capitalization of $216.44 million. Liquidity stands at $9.48 million, according to CoinGecko data based on DEX Raydium metrics.

Earlier, ForkLog reported that the largest staker of the Ethena governance token sold most of their deposit at a loss.