In the past 24 hours, the Water team has come under scrutiny for allegedly selling a substantial amount of $WATER tokens.
On-chain analysis by Lookonchain revealed that the developers transferred 844.44 million $WATER to 11 new wallets that did not participate in the pre-sale. These wallets have since sold the $WATER tokens, amassing over 18,600 $SOL, equivalent to $2.35 million.
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
— Lookonchain (@lookonchain) June 24, 2024
One notable transaction saw an individual make an impressive 22,379 $SOL ($2.9 million) in under 20 minutes. This individual created a new wallet just five hours ago and withdrew funds from Bybit.
They then spent 16,900 $SOL ($2.1 million) to snipe 612.23 million $WATER (22.71% of the pooled $WATER) in the same block where the deployer added liquidity. Subsequently, they sold all the $WATER tokens, netting 39,279 $SOL ($5 million) in the process.
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
— Lookonchain (@lookonchain) June 24, 2024
Another sniper also engaged in this frenzy, spending 15,000 $SOL ($1.9 million) to snipe 177.9 million $WATER. However, this individual’s strategy did not yield the same lucrative results.
$WATER Token Whale Loses Over 5,694 $SOL
After selling all their $WATER tokens, they only managed to recover 9,306 $SOL ($1.2 million), resulting in a loss of 5,694 $SOL ($716.4K) within a mere 10 minutes.
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
— Lookonchain (@lookonchain) June 24, 2024
These events have sparked considerable controversy and debate within the crypto community. The transfer of $WATER tokens to new wallets and their subsequent sale has raised suspicions about the Water team’s intentions and transparency. Moreover, the actions of the snipers underscore the highly volatile and risky nature of cryptocurrency trading, where fortunes can be made or lost in a matter of minutes.
As the situation unfolds, investors and traders will be closely monitoring the Water team’s next moves and the market’s reaction. This episode serves as a stark reminder of the rapid and often unpredictable dynamics of the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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