In an unprecedented flip of occasions, a meme coin dealer garnered important consideration, buying and selling the newly launched ELIZA token amid its launch controversy. On-chain knowledge on Tuesday identified {that a} dealer made a exceptional $3 million revenue with the abovementioned token. Simultaneously, with one other dealer making large trades amid the crypto’s current launch, speculations of the token being controversial floor throughout the horizon.
Meme Coin Trader Makes $3M With ELIZA, Insider Or Smart Money?
According to knowledge supplied by Lookonchain on November 19, a meme coin dealer turned $1.9K into $3.67M in simply 2 hours, underscoring a staggering 1,925x return. Per the info, the deal with ExYQ spent 7.84 SOL, value $1.9K, to purchase 89.19 million ELIZA. Thereafter, the dealer bought 49.49 million of the identical token for 7,091 SOL, value $1.72 million. Meanwhile, it’s noteworthy that the dealer’s remaining holdings totaled 39.7 million cash, value $1.95 million. Altogether, these trades mirrored a exceptional profit-making technique, garnering important market consideration to the token.
In one other comparable chronicles, crypto whales took motion amid the current bull market to guide large income. Notably, a crypto trader turned $33K into $12.2 million in simply 24 days by buying and selling the newly launched token ai16z. Moreover, one other crypto whale nabbed a $6 million profit with MANTRA (OM). These profit-making methods sparked important market discussions amid a bullish crypto market.
On the opposite hand, one other dealer was recorded closely dumping a token, thereafter funding the abovementioned token. As per an X publish by the famend crypto fanatic Nate Rivers, the wallet address GxkX.. closely dumped one other token with the identical title launched through vvaifu.enjoyable platform, thereby funding the newly launched ELIZA. Scoping in on this commerce swap, Nate tagged crypto investigator ZachXBT, anticipating a suspicious commerce. Notably, the pockets deal with belongs to ai16zdao’s managing companion, Logan.
What’s The Controversy?
Amid the notable revenue booked by the meme coin dealer, Shaw, one other companion at ai16z, took to X, clearing the air round ELIZA. Shaw said that the preliminary launch for the token was deliberate for final Friday. However, it was rescheduled for Monday. Nevertheless, one other token with the identical title was launched on the identical day by unknown creators. “They contributed to our treasury, and used the vvaifu.fun platform,” Shaw added.
Shaw’s staff coordinated with vvaifun-launched token creators in order that the newly launched ELIZA token doesn’t face severities. “They were pretty bummed about this, obviously, but agreed to work with us,” Shaw added. These statements supplied a transparent tint that ai16z was behind the newly launched token, whereas Logan’s funding swap soaked the coin in controversy.
Shaw concluded by saying, “What would you do? If you worked on a project, planned it, resourced engineers and backers and video production and everything for it, and then someone took the art you made and used it to make a meme coin that everyone thought was yours?” This chronicle has in flip ignited a wave of speculations, particularly with shifting buyers’ focus in direction of the leading meme coins.
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