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.