At least 15 blockchain wallets suspected of insider trading turned an initial $14,600 investment into over $20 million following the launch of the Focai.fun (FOCAI) memecoin on Solana. These wallets reportedly secured more than 60.5% of the total token supply. After selling all their tokens for approximately 94,175 SOL, the profits marked a staggering 136,000-fold return on investment. Blockchain analysts have criticized the concentration of tokens in a few wallets, raising concerns about the risks to decentralization within the crypto space. Notably, one wallet, identified as '9DtTb', generated $3.47 million in just three hours. Despite such high returns for a small number of insiders, the majority of memecoin traders remain unprofitable, with over 99% of users on Pump.fun losing money or earning less than $1,000. Only a handful of wallets showed significant profits in the Focai trading ecosystem.

Source 🔗