Crypto News

Solana Memecoin Zack Morris ($ZACK) Surges 35%, Developer Wallets Dominate Holdings

Solana-based memecoin Zack Morris ($ZACK) has captured attention by soaring 35% in the last 24 hours. According to on-chain data tracking platform Lookonchain, the developer behind $ZACK has been accumulating the token at remarkably low prices on the Pumpfun platform.

A significant portion of $ZACK’s supply is held by developer-related wallets. Specifically, 20 of the top 25 holders are connected to the developer, holding a total of 393.66 million $ZACK, which is 41.3% of the total supply and valued at over $33 million. Notably, the acquisition cost for these tokens was only 29.17 $SOL, equivalent to $4,400.

The primary developer wallet, identified as C7ssiU…MSAMnz, created seven wallets, including the main dev wallet “8RAMyL…4VhvMg”. This wallet spent 1.5 $SOL to purchase 51 million $ZACK on Pumpfun while deploying 1 billion $ZACK. Other wallets created by C7ssiU…MSAMnz also bought substantial amounts of $ZACK on Pumpfun.

More Massive Whales Acquires More Large Quantities

In addition, another wallet, D166sF…R4Z34A, created multiple wallets to acquire large quantities of $ZACK on Pumpfun. Both D166sF…R4Z34A and C7ssiU…MSAMnz received funding from DQ5JWb…1bRmsR, with their transactions occurring within the same hour, suggesting coordinated activity.

With such a large concentration of $ZACK held by developer-related wallets, traders are advised to monitor these wallets closely. The potential for significant sell-offs exists, which could impact the token’s price.

In summary, while $ZACK’s recent price surge has been impressive, the dominance of developer wallets in its holdings raises concerns about future price stability. Traders should stay vigilant and be prepared for possible market volatility.

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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