“Warning: Insider Investor Acquires Almost Half of New Altcoin’s Total Supply, Analytics Firm Reveals”
In a surprising turn of events in the world of cryptocurrencies, an analytics firm has uncovered evidence suggesting that an insider investor has managed to purchase nearly half of the total supply of a newly launched altcoin.
The altcoin in question is a memecoin known as EgyptCat (SPHYNX), and according to onchain data, a cryptocurrency whale wasted no time in swooping in to acquire a significant amount of tokens immediately upon the coin’s release. This strategic move, known as “sniping”, involved the investor paying a hefty transaction fee to secure a large portion of the SPHYNX tokens.
Reports indicate that this cryptocurrency whale swiftly purchased SPHYNX using 120 SOL just moments after the altcoin went live, only to later sell the tokens for 3,257 SOL, resulting in a staggering profit of $540,000 within a mere hour.
However, Lookonchain, a reputable cryptocurrency analysis platform, has raised concerns about the fairness of the SPHYNX altcoin launch. Their investigation revealed that an insider had acquired 49.62% of the total SPHYNX supply through the use of 10 different new cryptocurrency wallets, spending a total of $670,000. The tokens were subsequently distributed to nearly 300 different wallets.
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