Insider Investor Sold Ethereum (ETH) and Collected This from Memecoin!

An investor emerged who took insider information and bought GME.

The memecoin craze in the cryptocurrency industry still continues. Following the increases in GameStop shares today, crypto investors turned to the memecoin called GME. GME has increased more than 20 times in the last 24 hours.

Look On-Chain, a successful data provider, said that an investor received insider information before the rise and shared the following report on his X/Twtter account:

“We noticed that an insider spent 5.98 ETH ($17.7K worth) to buy 146.11B GME (34.73% of supply) across 21 wallets.

These purchased 146.11B units of GME are now worth $1.96 million.”

“Also, a different trader spent 4,086 SOL ($408k worth) to buy 69 million GME on FOMO 3 months ago.

"As the process progressed, although this trader lost more than 90%, he did not sell his investments and now made a profit of 282 thousand dollars."

Although the rises in GME-style memecoins are very sharp, sales by insiders can also trigger huge declines in such products.