In 2019, the “dogwifhat” meme emerged, a movement centered around images of Dogecoin (DOGE) Shiba Inu dog wearing all sorts of funny hats. For the crypto community, this meme was enough material to create one Memecoin with the ticker WIF. A rival has now emerged from this, but things immediately felt strange.
Meme creators revolt
The altcoin in question is not the first version, but a rival founded by the creator of the meme himself. the X user issa (@issa). He explains that it has nothing to do with the publishers of the existing memecoin of the same name on Solana (SOL). On the website dogwifhat.io, he explains that this new Ethereum (ETH) version of the token is the “original” version.
This new coin was launched on February 3rd. The previously introduced Memecoin was launched on the Solana blockchain in mid-December. The currency experienced a significant rise at the time, a move that appears difficult for its new rival to replicate.
Insiders sell new memecoin “WIF 2.0”.
But things are going a little strange with the new coin, the blockchain analyst concludes Lookonchain on the social media platform X. Twelve wallet addresses made a profit of 770 ETH (currently about $1.8 million) on UniSwap using the brand new version of this memecoin.
Such a winning number doesn’t mean much if you don’t know the amount invested. In this case we know; that was just 1.6 ETH ($3,700). This money was enough for 24 million WIF, but they would have only sold 15.3 million coins.
This means they have about 8.7 million WIF left, which is worth about $840,000. The 12 wallets were said to have been created on the same block on the blockchain on February 3, when the coin’s creator made them available for trading.
These 24 million coins represent about 2.4% of the outstanding coins, according to data from CoinGecko. Immediately after its launch, the token crashed by more than 80%. The price briefly rose to just over 30 dollar cents, but then began to fall to around 5 cents.
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