Today’s onchain data revealed intriguing developments within the crypto space, particularly in the realm of memecoins. One notable occurrence was the launch of a new memecoin called EgyptCat (SPHYNX), which raised eyebrows due to suspicious activity surrounding its release.
It appears that an insider, likely a member of the altcoin team, took advantage of their position to make a substantial profit. This individual executed a “sniping” strategy by purchasing a significant amount of SPHYNX tokens immediately after the coin’s launch, paying a premium transaction fee in the process.
The data shows that a cryptocurrency whale acquired SPHYNX by paying 120 SOL mere seconds after the altcoin went live. Subsequently, the Balina wallet offloaded these tokens for 3,257 SOL, resulting in a staggering profit of $540,000 in just one hour.
However, the legitimacy of SPHYNX’s launch has come into question, with the analysis platform Lookonchain alleging that the distribution of tokens was unfair. According to Lookonchain, one insider managed to secure 49.62% of the total SPHYNX supply using multiple new wallets, spending a total of $670,000 in the process before dispersing the tokens to nearly 300 different wallets.
This highlights the importance of transparency and fairness in the crypto industry, underscoring the need for due diligence when participating in new coin launches. As always, it is crucial to conduct thorough research and exercise caution in the volatile world of cryptocurrencies.
