Crypto Wallets Pocket Over $1.3 Million in Ethereum Version of Meme Coin Dogwifhat

According to CoinDesk, over the weekend, several crypto wallets pocketed more than $1.3 million after acquiring a significant amount of the Ethereum version of meme coin dogwifhat (WIF). It is important to note that the Ethereum version of dogwifhat is not connected to the Solana-based WIF, which launched in late November and reached a market capitalization of over $350 million. On-chain analytics tool Lookonchain identified 12 wallets, referred to as 'insiders,' that purchased 24 million Ethereum WIF tokens for $3,000 in ether. This purchase occurred in the same block where the deployer opened trading, implying that the trader knew exactly when the tokens would be issued and traded. The hype surrounding the tokens caused prices to jump from fractions of a penny to 30 cents before concerns about their ownership led to a price drop of more than 80% since Saturday. The Ethereum WIF was issued by user @issa, who claimed to have first posted about the original dog wearing a pink hat meme in 2019. @issa's direct involvement with Ethereum WIF tokens has generated strong demand for the tokens, with trading volumes reaching $7.7 million in the past 24 hours from just over 4,500 holders, according to DEXScreener data. Debates about which is the real WIF meme token continue to be a hot topic in crypto circles.