Within just 24 hours of its creation, the new MEMEcoin $RTR has already generated significant activity in the crypto market.
In a surprising turn of events, five newly created wallets, suspected to be controlled by insiders, earned over $4 million in just six hours.
These five wallets collectively spent approximately 5,580 $SOL (equivalent to $882,000) to purchase 104.64 million $RTR tokens as soon as trading opened. Afterward, they sold 92.77 million $RTR for a total of 31,994 $SOL, which translates to $5.05 million. This quick turnaround netted them a staggering profit of 26,414 $SOL, or $4.17 million.
5 Insider Wallets Earned Over $4M on $RTR in Just 6 Hours!$RTR is a new #MEMEcoin created 6 hours ago.
5 wallets spent ~5,580 $SOL($882K) to buy 104.64M $RTR the first time $RTR opened trading, and sold 92.77M $RTR for 31,994 $SOL($5.05M), making 26,414 $SOL($4.17M).
These 5… pic.twitter.com/oAEZFeYE39
— Lookonchain (@lookonchain) August 8, 2024
Suspicious Discovery About The $RTR Wallets
What’s particularly suspicious is that these wallets were all created on the same day, withdrew funds from Coinbase and Bybit, and exclusively purchased $RTR, strongly suggesting insider activity.
However, not everyone had such a profitable experience. One trader, driven by fear of missing out (#FOMO), lost a substantial amount in just four hours. He invested 5,800 $SOL, worth $916,400, to acquire 7.2 million $RTR at the peak price. Unfortunately, when the price of $RTR plummeted, he was forced to sell all his holdings for only 113.3 $SOL, or $18,000, resulting in a loss of 5,687 $SOL ($898,500).
Please don't #FOMO buy #MEMEcoins!
This guy lost 5,687 $SOL($898.5K) on $RTR in just 4 hours!
He spent 5,800 $SOL($916.4K) to buy 7.2M $RTR at the highest price point due to #FOMO, and sold all for only 113.3 $SOL($18K) after the price crashed, losing $SOL($898.5K)!… pic.twitter.com/d5j4l3KgqS
— Lookonchain (@lookonchain) August 8, 2024
This stark contrast between insider gains and individual losses underscores the volatility and risks associated with new and untested cryptocurrencies like $RTR.
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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