- Original WIF was based on Solana, Ethereum version of Dogwifhat is not connected
- Solana WIF reached market capitalization of over $350 million
Apparent insiders pocketed over $1.3 million this weekend after collecting an ample supply of the meme coin Dogwifhat’s (WIF) Ethereum version, CoinDesk wrote.
The original WIF was based on Solana, and the Ethereum version of Dogwifhat is not connected to it. The Solana-based WIF was created at the end of November last year and reached an astounding market capitalization of over $350 million. It is one of many highly successful altcoins on the market, which could be worth investing in.
A dozen wallets bought 24M Ethereum WIF
More than a dozen wallets paid a total of $3,000 in ether for 24 million Ethereum WIF tokens. According to Lookonchain, a blockchain analyst quoted by CoinDesk, they were so-called “insider” wallets. They believe they were insiders because they made this purchase in the same block as the one where trading opened, indicating the trader knew exactly when the tokens would be issued and traded.
Hyperinflation of the token value
WIF was worth just fractions of a penny before the hype, which provoked hyperinflation of the value to 30 cents per WIF. Concerns surrounding token ownership then led prices to drop by more than 80% since Saturday.
Creator issues
A pseudonymous X user issued the Ethereum WIF. He claimed to have posted about the original dog meme back in 2019. He wrote on X that he originally created the “dogwifhat” meme, after which a lot of people reached out to him, but he was not recognized as the creator by the current WIF team. He says he is not connected to the team and never owned or made money from any WIF tokens.
The user’s direct involvement with Ethereum WIF tokens propelled demand. According to data cited by CoinDesk, fewer than 5,000 people hold WIF, but WIF trading volume reached $7.7 million in the past 24 hours.
