On June 24, the WaterCoin (WATER) meme token was listed on the Jupiter and Raydium exchanges. Immediately after the start of trading, the price of the coin jumped by 83%. Some users have already earned millions on this, analysts at Lookonchain have noticed.
Someone made 22,379 $SOL($2.9M) on $WATER in less than 20 minutes!
This guy created a new wallet 5 hours ago and withdrew funds from #Bybit.
Then he spent 16,900 $SOL($2.1M) to snipe 612.23M $WATER(22.71% of the pooled $WATER) in the same block where the deployer added… pic.twitter.com/eRIu0y8rvx
One of the traders purchased 612.23 million WATER (22.71% of the total issue) for 16,900 SOL ($2.1 million) in the liquidity addition block. After 20 minutes, amid rising prices, he sold all his coins for 39,279 SOL ($5 million).
The profit amounted to 22,379 SOL ($2.9 million).
Another user did not succeed in \"sniper\" trading. He bought 177.9 million WATER for 15,000 SOL ($1.9 million). However, in less than 10 minutes, due to a drop in quotations, the trader received only 9306 SOL ($1.2 million) on the reverse exchange, losing 5694 SOL ($716,400).
Not all snipers can make money!
If you are not familiar with sniping, please do it with caution.
This sniper spent 15K $SOL($1.9M) to snipe 177.9M $WATER, which is less than what other snipers bought.
So he got only 9,306 $SOL($1.2M) back after selling all and lost 5,694… pic.twitter.com/v1uwfti8hM
At the same time, the team of analysts noticed strange movements of funds in the wallet of the project developer.
Is the #WaterCoin team selling $WATER?
We noticed that the dev transferred 844.44M $WATER to 11 new wallets that didn't participate in the pre-sale.
These 11 wallets are selling $WATER and have obtained more than 18,600 $SOL($2.35M) by selling $WATER! pic.twitter.com/PWItcb06RN
He transferred 844.44 million WATER to 11 new wallets that did not participate in the presale. Subsequently, these addresses received more than 18,600 SOL ($2.35 million) on the coin dump.
At the time of writing, the price of the WATER token has fallen by more than 81% to the level of $0.002442 with a capitalization of $216.44 million. The liquidity indicator is $9.48 million, according to CoinGecko data based on DEX Raydium indicators.
Earlier, ForkLog reported that the largest stake holder of the Ethena governance token sold most of the deposit at a loss.