“Cheater” Alert in This Altcoin: Analysis Warned the Company! Insider Investor Bought Almost Half of the Total Supply

There were interesting developments in today’s onchain data, especially on the memecoin side.

Most likely an insider, so altcoin a person from the team cryptocurrency It was seen that it made a high profit due to the large amount of purchases it made as soon as it was launched.

Suspicious altcoin, newly launched EgyptCat (SPHYNX) It was a memecoin named. According to Onchain data, a cryptocurrency whale purchased a large amount of tokens by paying a high transaction fee as soon as this altcoin was launched, in a process called “sniping”.

According to the data, the cryptocurrency whale in question purchased SPHYNX by paying 120 SOL just seconds after the altcoin was launched. Balina wallet then sold these cryptocurrencies for 3,257 SOL and made a total profit of 540 thousand dollars within an hour.

However, cryptocurrency analysis platform Lookonchain claimed in its statement that the SPHYNX altcoin launch was an unfair launch. According to Lookchain, one insider purchased 49.62% of the total SPHYNX supply using 10 different new cryptocurrency wallets. The insider, who spent a total of 670 thousand dollars, later distributed these tokens to almost 300 different wallets.

*This is not investment advice.