Crypto insiders earned more than $ 20 million on Solana blockchain meme coin

Editor’s note: not investment advice!

A group of insiders earned more than $ 20 million on the launch of the FOCAI memecoin on the Solana network SOL $195.42 Solana -9.78% Market capitalization $94.52 billion VOL. 24 hours $0.95 billion . According to the Lookonchain analytical platform, 15 wallets that purchased more than 60.5% of all tokens turned a $ 14,600 investment into a multi-million dollar profit by selling coins for 94,175 SOL (about $ 20.5 million). This case drew criticism in the community for threatening the principles of decentralization.

The FOCAI token reached a market capitalization of $ 46 million immediately after its launch on January 4, 2025. However, in a few hours, this figure dropped by 14% and remained at $ 38.9 million. One of the wallets, 9DtTb, showed particularly exceptional results: it earned $ 3.47 million in three hours, investing only $ 1,168 and increasing its investment 2973 times.

Despite the fact that meme coins often have no practical utility, they remain popular among traders due to their high speculative potential. At the same time, such cases point to the need to increase transparency in the cryptocurrency industry, experts say.

This situation is another reminder of the risks associated with meme coins. The community has previously faced price crashes and fraud allegations, as was the case with the Hawk Tuak token, which lost more than 90% of its value shortly after launch.

The No Worries editorial team strongly recommends that readers do not invest their own funds in dubious crypto projects and little-known digital assets!