Lookonchain analysts have identified 15 wallets that they suspect of insider trading in the FOCAI memcoin. According to the experts, the address owners turned their investment of about $14,600 into $20 million, acquiring more than 60,5% of the total token supply.
As experts noted, insiders purchased the FOCAI memcoin at the earliest stage of the launch, which allowed them to increase their investments by more than 136 times.
Subsequently, the tokens were sold by wallets for 94 Solana (SOL), which is equivalent to approximately $20,5 million. The incident has sparked criticism in the community, raising the issue of virtual coin concentration, which threatens the principles of decentralization of the ecosystem.
FOCAI's market cap peaked at $46 million immediately after its launch on January 4, 2025, but fell 14% just a couple of hours later.
Analysts specifically mentioned a cryptocurrency wallet ending in 9DtTb. It earned $3,47 million in three hours by buying tokens for $1168 and then selling them for a profit of 2973 times.
Such events once again highlight the need for increased transparency in the cryptocurrency community, experts say.
