Watch Out for This Meme Coin: It Entered the Market Illegally, Took Half of the Supply in 1 Second

According to the post of Blockchain analysis platform Lookonchain, an altcoin entered the market illegally.

The number of meme coins in the Solana ecosystem is increasing. According to Solscan data, a new token called Egypt Cat was launched yesterday.

Cat-themed meme coins gained popularity in 2021 with the return of the famous Keith Gill (Roaring Kitty) to the market.

Insider trading claims

According to the claims of Blockchain analysis platform Lookonchain, there were some irregularities during Egypt Cat's entry into the market.

A suspected insider used 10 different wallets to purchase Egypt Cat. It was noteworthy that all of these 10 wallets were created 1 hour before Egypt Cat entered the market.

According to Solscan records, these 10 wallets, thought to belong to the same person, withdrew a large amount of Solana (SOL) from Binance, the world's largest cryptocurrency exchange.

Egypt Cat then purchased hundreds of millions of tokens just 1 second after it entered the market. It was announced that this person spent 3,890 SOL (approximately $670,000) to buy a total of 496.2 million Egyptian Cats.

According to Solscan data, the token has a total supply of 1 billion. Thus, the user received 49.62% of the total supply in 1 second.

According to Lookonchain data, the same user then distributed these 496.2 million tokens to approximately 300 different wallets.

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