Data shared by cryptocurrency analysis company Lookonchain shows that an inside whale made a large purchase in a newly launched memecoin.
According to the data, the insider in question created a completely new cryptocurrency wallet and used the $230,000 Solana coin to purchase 63.2% of the total supply of the memecoin called CAT as soon as it was released.
Then, after the price of the token increased extremely rapidly, he sold some of his CAT tokens for $5 million.
On the other hand, another whale seems to have purchased a large amount of this token. A cryptocurrency wallet thought to belong to the market-making company Wintermute used $301,000 worth of Solana tokens to buy CAT tokens, and at the time of this writing, they have an unrealized profit of $886,000.
At the time of writing this article, CAT's total market value has reached up to 25 million dollars. However, memecoins are known to be extremely volatile and risky assets and do not have any intrinsic value other than the expectation of price growth.
*This is not investment advice.