A report by on-chain investigator ZachXBT revealed that the workforce related to rapper Janae Wherry, higher often called Sexyy Purple, bought over 90% of her newly launched President Purple (PRESI) token provide.
ZachXBT shared a listing of addresses believed to belong to the workforce members and famous that insiders additionally purchased up nearly all of the earlier token launched by the rapper, known as Make America Attractive Once more (MASA).
Sexyy Purple promoted the Solana-based PRESI token on July 2 by way of an X put up 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. Nevertheless, on the time of writing, it stands at $0.00055, an 83% lower up to now 24 hours.
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Blockchain information confirms that addresses linked to the workforce made vital purchases from the token’s liquidity pool. One handle acquired practically 182 million PRESI tokens from Raydium’s liquidity pool, whereas one other purchased over 69 million tokens.
A few of the addresses had been additionally discovered to have beforehand interacted with MASA, with one handle holding about 82% of its complete provide, practically 819 million tokens.
ZachXBT expressed his astonishment on the scale of the purchases, noting, “Shopping for up 90% of the provision is simply hilarious tbh.”
Insiders shopping for tokens is a typical tactic in memecoin launches, typically resulting in a worth crash as they dump their holdings. Nevertheless, it stays unclear if any of the wallets talked about certainly belong to Sexyy Purple’s workforce.
The controversy surrounding the PRESI token highlights the continued 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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