A report by on-chain investigator ZachXBT revealed that the group related to rapper Janae Wherry, higher often called Sexyy Pink, bought over 90% of her newly launched President Pink (PRESI) token provide.
ZachXBT shared a listing of addresses believed to belong to the group members and famous that insiders additionally purchased up the vast majority of the earlier token launched by the rapper, known 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 value 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 important purchases from the token’s liquidity pool. One tackle 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 tackle 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, typically resulting in a value 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 lately hacked to advertise the SWEENEY memecoin.
Having accomplished a Grasp’s diploma in Economics, Politics, and Cultures of the East Asia area, Aaron has written scientific papers analyzing the variations between Western and Collective types of capitalism within the post-World Battle II period.With near a decade of expertise within the FinTech business, Aaron understands the entire greatest points and struggles that crypto lovers face. He’s a passionate analyst who is anxious with data-driven and fact-based content material, in addition to that which speaks to each Web3 natives and business newcomers.Aaron is the go-to particular person for all the pieces and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to rework the area as we all know it, and make it extra approachable to finish novices.Aaron has been quoted by a number of established retailers, and is a broadcast writer himself. Even throughout his free time, he enjoys researching the market tendencies, and in search of the subsequent supernova.
