On Saturday, the Ethereum version of the dogwifhat meme coin experienced a surge and subsequent drop, but blockchain data reveals that a few wallets strategically acquired a significant portion of the supply upon its issuance.
Several crypto wallets profited over $1.3 million over the weekend by acquiring a substantial supply of the Ethereum dogwifhat (WIF) meme coin. It’s important to note that this Ethereum version is distinct from the Solana-based WIF, which launched in late November and achieved a market capitalization exceeding $350 million.
Around 12 wallets, termed “insiders” by the Lookonchain on-chain analytics tool, obtained 24 million Ethereum WIF tokens for $3,000 in ether. Interestingly, this acquisition occurred in the same block where the deployer initiated trading, indicating a precise understanding of when the tokens would be issued and traded, as pointed out by Lookonchain.
The token generated hype, causing prices to skyrocket from fractions of a penny to 30 cents. However, concerns about ownership led to an 80% drop in prices since Saturday.
The Ethereum WIF was issued by user @issa, who claimed to have originally posted about the dog wearing a pink hat meme in 2019.
“I originally created the meme you all know as ‘dogwifhat,'” @issa stated. “With so many of you reaching out to me and the $WIF team never acknowledging me as the original creator, I wanted to clarify that I have no affiliation with them and never owned or received any allocation.”
Despite this, @issa’s direct association with Ethereum WIF tokens has driven strong demand, with trading volumes reaching $7.7 million in the past 24 hours from over 4,500 holders, according to DEXScreener data.
MEXC has announced the listing of the ethereum based Dogwifhat token
The crypto community continues to debate which token holds the true title of the WIF meme token.
