Apparent 'Insiders’ Make Millions After Grabbing Ethereum Version of Dogwifhat

The Ethereum version of dogwifhat pumped, then dumped, within hours on Saturday, but blockchain data shows a few wallets picked up a large chunk of the supply after it was issued.

AccessTimeIconFeb 5, 2024 at 10:34 a.m. UTC
Updated Feb 5, 2024 at 10:36 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Many crypto wallets pocketed over $1.3 million over the weekend after picking up an ample supply of the Ethereum version of meme coin dogwifhat (WIF).

As such, the Ethereum version of dogwifhat isn’t connected to Solana-based WIF, which launched in late November and reached a market capitalization of over $350 million.

Over 12 wallets, termed “insiders” by the on-chain analytics tool Lookonchain, purchased 24 million Ethereum WIF tokens for $3,000 in ether. This purchase was in the same block where the deployer opened trading – implying the trader knew precisely when the tokens would be issued and traded, Lookonchain said.

Hype for the tokens caused prices to jump from fractions of a penny to 30 cents before concerns around their ownership caused prices to dump more than 80% since Saturday.

Ethereum WIF spiked on Saturday, but has slid since. (DEXScreener)
Ethereum WIF spiked on Saturday, but has slid since. (DEXScreener)

The Ethereum WIF was issued by X user @issa, who claimed to have first posted about the original dog wearing a pink hat meme in 2019.

“I originally created the meme you all know as “dogwifhat,” @issa said on X. “With so many of you reaching out to me and the $WIF team never acknowledging me as the original creator, I wanted to clarify that I have no affiliation with them and never owned or received any allocation.”

Meanwhile, @issa’s direct involvement with Ethereum WIF tokens has created strong demand for the tokens as it garnered some $7.7 million in trading volumes in the past 24 hours from just over 4,500 holders, DEXScreener data shows.

Debates around which is the real WIF meme token continue to rage on in crypto circles.

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about