A report by on-chain investigator ZachXBT revealed that the workforce related to rapper Janae Wherry, higher referred to as 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 workforce 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 via an X submit 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 previously 24 hours.
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Blockchain knowledge confirms that addresses linked to the workforce made important 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.
Among the addresses had been additionally discovered to have beforehand interacted with MASA, with one deal with 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, usually resulting in a worth crash as they unload their holdings. Nonetheless, it stays unclear if any of the wallets talked about certainly belong to Sexyy Pink’s workforce.
The controversy surrounding the PRESI token highlights the continued debate in regards to the integrity and worth of celebrity-backed cryptocurrencies.
In different information, actress Sydney Sweeney’s X account was not too long ago 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 Conflict II period.With near a decade of expertise within the FinTech trade, Aaron understands the entire largest points and struggles that crypto fanatics 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 trade newcomers.Aaron is the go-to particular person for every part and something associated to digital currencies. With an enormous ardour for blockchain & Web3 schooling, Aaron strives to rework the house as we all know it, and make it extra approachable to finish inexperienced persons.Aaron has been quoted by a number of established retailers, and is a printed writer himself. Even throughout his free time, he enjoys researching the market tendencies, and on the lookout for the subsequent supernova.
