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How a crypto investor made $540,000 profit in an hour

How a crypto investor made $540,000 profit in an hour

Cryptodnes2024/06/07 17:46
By:Cryptodnes

Yesterday's on-chain data showed some intriguing developments, particularly in the realm of meme cryptocurrencies.

It appears that there may have been insider trading around a newly launched meme coin called EgyptCat (SPHYNX). According to on-chain data, a crypto whale quickly purchased a significant amount of SPHYNX tokens right after the project was launched, a practice known as “sniping”.

The suspicious aspect arises from the high transaction fee paid by this whale, signaling a potentially strategic move.

Within seconds of the altcoin launch, the whale acquired SPHYNX tokens, spending 120 SOL . The wallet subsequently sold these tokens for 3,257 SOL, resulting in a whopping profit of $540,000 in just one hour.

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However, Lookonchain, a cryptocurrency analytics platform, raised concerns about the fairness of SPHYNX's launch.

According to the analytics platform, an insider managed to secure 49.62% of SPHYNX's total supply using 10 different wallets, investing a total of $670,000. These tokens were then distributed to nearly 300 different wallets, raising questions about the coin's distribution.

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