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On-chain data reveals that a crypto whale has purchased the vast majority of the total supply of a newly launched altcoin.
According to data shared by crypto analytics firm Lookonchain, an insider whale made a significant purchase in a newly launched memecoin.
Whale, altcoin, memecoin, CAT, Lookonchain, Wintermute, Solana, price, market cap, risk
The data shows that the insider created a completely new crypto wallet and used $230,000 worth of Solana coins to purchase 63.2% of the total supply of the memecoin called CAT as soon as it was released.
Following the purchase, the whale sold some of the CAT tokens for $5 million, after which the token’s price skyrocketed.
Another whale also appears to have made a large purchase of the token. A crypto wallet believed to belong to market maker Wintermute used $301,000 worth of Solana tokens to purchase CAT tokens and currently holds an unrealized profit of $886,000 as of this writing.
CAT’s total market capitalization has reached $25 million as of this writing. However, memecoins are known to be highly volatile and risky assets, with no intrinsic value other than the expectation of a price increase.