The user earned $2.9 million on a meme token in half an hour

On June 24, the meme token WaterCoin (WATER) was listed on the Jupiter and Raydium exchanges. Immediately after the start of trading, the price of the coin jumped by 83%. Some users have already earned millions from this, Lookonchain analysts noted.

Someone made 22,379 $SOL($2.9M) on $WATER in less than 20 minutes!

This guy created a new wallet 5 hours ago and withdrew funds from #Bybit.

Then he spent 16,900 $SOL($2.1M) to snipe 612.23M $WATER(22.71% of the pooled $WATER) in the same block where the deployer added… pic.twitter.com/eRIu0y8rvx

— Lookonchain (@lookonchain) June 24, 2024

One of the traders I bought 612.23 million WATER (22.71% of the total issue) for 16,900 SOL ($2.1 million) in the liquidity addition block. 20 minutes later, against the backdrop of rising prices, he sold all his coins for 39,279 SOL ($5 million).

Profit amounted to 22,379 SOL ($2.9 million).

Another user was not successful in “sniper” trade. He bought 177.9 million WATER for 15,000 SOL ($1.9 million). However, in less than 10 minutes, due to the fall in quotes, the trader received only 9,306 SOL ($1.2 million) on the reverse exchange, losing 5,694 SOL ($716,400).

Not all snipers can make money!

If you are not familiar with sniping, please do it with caution.

This sniper spent 15K $SOL($1.9M) to snipe 177.9M $WATERwhich is less than what other snipers bought.

So he got only 9,306 $SOL($1.2M) back after selling all and lost 5,694… pic.twitter.com/v1uwfti8hM

— Lookonchain (@lookonchain) June 24, 2024

At the same time, a team of analysts noticed strange movements of funds in the wallet of the project developer.

Is the #WaterCoin team selling $WATER?

We noticed that the dev transferred 844.44M $WATER to 11 new wallets that didn’t participate in the pre-sale.

These 11 wallets are for sale $WATER and have obtained more than 18,600 $SOL($2.35M) by selling $WATER! pic.twitter.com/PWItcb06RN

— Lookonchain (@lookonchain) June 24, 2024

He transferred 844.44 million WATER to 11 new wallets that did not participate in the pre-sale. These addresses subsequently received over 18,600 SOL ($2.35 million) in the coin reset.

At the time of writing, the price of the WATER token has fallen by more than 81% to the level of $0.002442 with a capitalization of $216.44 million. The liquidity indicator is $9.48 million, data shows CoinGecko based on Raydium DEX performance.