A report by on-chain investigator ZachXBT revealed that the group related to rapper Janae Wherry, higher often known as Sexyy Pink, bought over 90% of her newly launched President Pink (PRESI) token provide.
ZachXBT shared an inventory of addresses believed to belong to the group members and famous that insiders additionally purchased up nearly all of the earlier token launched by the rapper, referred to as Make America Attractive Once more (MASA).
Sexyy Pink promoted the Solana-based PRESI token on July 2 by an X publish that includes a rocket launch animation and the phrase “to the moon.” The token’s worth surged from $0.0067 to $1.48 inside 75 minutes of its launch. Nonetheless, on the time of writing, it stands at $0.00055, an 83% lower prior to now 24 hours.
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Blockchain information confirms that addresses linked to the group made vital purchases from the token’s liquidity pool. One deal with acquired practically 182 million PRESI tokens from Raydium’s liquidity pool, whereas one other purchased over 69 million tokens.
A number of the addresses had been additionally discovered to have beforehand interacted with MASA, with one deal with holding about 82% of its whole provide, practically 819 million tokens.
ZachXBT expressed his astonishment on the scale of the purchases, noting, “Shopping for up 90% of the availability is simply hilarious tbh.”
Insiders shopping for tokens is a standard tactic in memecoin launches, usually resulting in a worth crash as they dump their holdings. Nonetheless, it stays unclear if any of the wallets talked about certainly belong to Sexyy Pink’s group.
The controversy surrounding the PRESI token highlights the continuing debate concerning the integrity and worth of celebrity-backed cryptocurrencies.
In different information, actress Sydney Sweeney’s X account was just lately hacked to advertise the SWEENEY memecoin.
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