Insiders behind a cryptocurrency project have recently managed to turn just over $6,400 worth of cryptocurrency into over $8.28 million in a single day, and are now selling the meme-inspired cryptocurrency they used to make their money at a profit.
According to on-chain analysis service Lookonchain, two newly created cryptocurrency wallets spent 44.78 Solana ($SOL) tokens worth little over $6,400 to buy 52.66% of the total supply of the meme-inspired cryptocurrency $TIM, or around 526.6 million tokens, just three minutes after they started trading.
The funds were then sent to multiple cryptocurrency addresses, and the insiders then moved to dump the tokens in small amounts “to avoid attracting attention,” according to the service.
The insiders’ gains come after months in which Solana-based memecoins have been soaring. As CryptoGlobe reported, other cryptocurrency whales have managed to make significant gains, with insiders often buying up tokens shortly after they started trading.
Earlier this year, a cryptocurrency trader who managed to make $6.9 million trading the Solana-based meme-inspired cryptocurrency $BONK, spent an additional $40,000 worth of Solana’s native SOL token to reinvest into the meme-inspired token, for example.
Notably, Solana whales have been buying up memecoins amid a recent cryptocurrency market downturn that has seen the prices of these assets plunge.
According to data shared by on-chain analysis service Lookonchain, these Solana whales actively started accumulating memecoins as prices started dropping, with two major whales accumulating memecoins including Sloth-theme coin Slerf ($SLERF), Pepe-themed Book of Meme ($BOME,) and Jode Biden-based Jeo Boden ($BODEN).
The whales accumulated these tokens from popular cryptocurrency exchanges including KuCoin and Binance, with one whale moving 31,916 SOL worth over 44.5 million from KuCoin to spend nearly $300,000 on BODEN.
Another whale moved $2.25 million off of leading cryptocurrency exchange Biden, and then used up $1.12 million to buy SLERF, and $660,000 to buy BOME.
Featured image via Unsplash.
