Twelve Traders Profit Millions from Dogwifhat Meme Token Surge on Ethereum

On February 3, the owners of 12 wallets earned over $1.3 million through a Pump & Dump scheme involving the new meme coin dogwifhat on the Ethereum network. Analysts at Lookonchain highlighted this event.

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

Immediately after launch, they collectively purchased 24 million coins for 1.6 ETH ($3694). Subsequently, 15.34 million dogwifhat were sold for 771.86 ETH ($1.78 million).

Currently, these addresses still hold 8.65 million dogwifhat valued at $838,000.

Other users began purchasing dogwifhat only 12 minutes later. At one point, the price surged to $0.32, but soon plummeted by more than 80%, according to DEXScreener.

The 12 mentioned wallets were created the day before, on February 2, and began purchasing in the same block where trading commenced. Based on this, Lookonchain suspected insider trading.

The dogwifhat token on the Ethereum network was launched by a user named issa, who claims to have originally posted the meme of a dog in a pink hat in 2019.

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

He denied any connection with the team behind the WIF meme token on Solana, launched in late November 2023. The latter’s market capitalization at the time of writing is $220 million, according to CoinGecko.

Earlier, ForkLog reported that a trader lost 90% of funds in a deal involving the WIF meme token.