It looks like some insiders just hit the jackpot with Solana’s latest memecoin, Focai.
A group of at least 15 wallets suspected of insider trading managed to turn a $14,600 investment into $20 million.
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Presale?
These wallets purchased more than 60.5% of the FOCAI token supply before flipping it for 94,175 SOL, which translates to around $20.5 million.
Lookonchain shared that they sold off their tokens and walked away with 94,108 SOL.
Of course, not everyone is celebrating. Blockchain analysts are raising eyebrows over how concentrated this token ownership is.
When so few wallets hold such a massive chunk of tokens, it raises serious questions about fairness and transparency in the crypto space. And that $20 million came from somewhere.
Fortune favors the brave?
The FOCAI token itself had quite the rollercoaster ride, peaking at over $46 million in market cap before dipping nearly 14% to around $39.6 million just hours later.
Among those insider wallets, one stood out with a profit of nearly $3.5 million in just three hours.
This particular wallet, dubbed “9DtTb,” made an impressive move by buying 123.32 million FOCAI tokens for just 5.39 SOL, around $1,168 on Pump.Fun.
They then flipped those tokens for 16,070 SOL, raking in about $3.47 million.
Bad jokes
Now, let’s be real, we all know that while memecoins can sometimes lead to outrageous profits for a lucky few, they’re not exactly known for their utility.
Just last month, one crafty trader turned $27 into $52 million with the Pepe token, but after two years of waiting.
On the other hand, over 99% of traders on Pump.fun have found themselves in the red or barely scraping by with less than $1,000 in profit.
Out of nearly 9.8 million wallets, only about 50 have seen returns of up to $1,000, and just one wallet has managed to break the $10,000 level.
So while some insiders are cashing in big time, most traders are left wondering where their luck went.
