It’s possible that the Solana ‘Chapter 2’ mobile device’s whole pre-order value was covered by airdrops from two memecoins with cat themes.
Pre-order customers of Solana’s “Chapter 2” smartphone had a brief opportunity to benefit from the upcoming device since memecoins airdropped to customers momentarily outpaced the phone’s price.
The developers behind two memecoin projects with a cat theme, Maneki (MANEKI) and Cat in a Dog’s World (MEW), airdropped tokens to the wallets of cryptocurrency users who pre-ordered the updated Chapter 2 gadget in April. The device originally cost $450 upfront.
The MEW team airdropped 37,600 tokens to each holder on April 1. According to CoinGecko statistics, this allocation was valued $334 at its highest post-airdrop price of $0.0089.
Comparably, on April 24, 5,199 MANEKI were airdropped to every holder; on April 25, these tokens also reached their highest price of $0.269.
According to airdrop value checker twoloot.com, when paired with other memecoin projects like Wuffi (WUFFI), which airdropped 114,000 tokens to Chapter 2 wallets, the total airdrops would have earned users $480, enabling them to pay off the gadget and even make an additional $30 in profit.
But since then, the value of the memecoins has decreased; at the moment, MEW is only about $220, while MANEKI is only worth $124.
Buyers had to link a Solana wallet address in order to pre-purchase Chapter 2 handsets, which meant that holders could access the airdropped tokens prior to the arrival of the phone.
The “Saga,” Solana’s original mobile gadget, owners likewise received an equal quantity of Maneki in their wallets.
With several evaluations pointing out usability and technical problems with the devices, the first Solana Saga was introduced in May of last year with little enthusiasm.
However, in December, degens realized there was an odd opportunity to profit on a memecoin surge for Bonk (BONK), and the phones started to fly off the shelves.
Last year, from November 15 to December 15, BONK’s price increased by over 1,100%. The 30,000 BONK airdrop was worth almost $1,150 at its highest point in value, $551 more than the $599 price tag that came with the Saga phone.
PEPE and FLOKI retract 7% while Whales continue to reach billions
Whales invest millions in FLOKI and PEPE, believing that these meme coins would continue to expand exponentially.
Several major-cap meme currencies are vying for better rankings in the cryptocurrency charts as the red hot meme coin season returns this week. Of the top 50 meme coins, Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF) saw double-digit increases.
$FLOKI continues to show strength despite the market bloodbath, even as they continue to build and roll out strong catalysts.
There are so many #memecoins today: $DOGE, $SHIB, $PEPE, $WIF, $BONK, etc. However, #Floki will win due to its strong fundamentals!
– 23% of supply…
— Scofield (@Crypto_Scofield) April 24, 2024
As seen by Floki’s (FLOKI) 35% weekly upswing, the less well-known meme coins in the top 100 have thrown down the gauntlet to the more well-known meme coins. In contrast, Solana’s Bonk (BONK) saw the greatest weekly gain, rising a staggering 73% in the last seven days.
Whale spends $1.5M on PEPE amid rally hopes
Crypto whales are taking a gamble by profiting on meme coin price swings in the constantly shifting digital ecosystem. For example, on April 24, 2024, a well-known cryptocurrency whale going by the handle rektdolphin.eth amassed billions of PEPE tokens.
Whale 0x803 (linked to “rektdolphin.eth”) has been steadily accumulating 211.6B $PEPE (now $1.72M) in the past 24 hours, as the price surged back by 17%!
Notably, the whale:
• accumulated PEPE from #Binance, #Gateio, and #Uniswap at ~$0.000007291 (est. cost: $1.54M), now making… pic.twitter.com/1mcZAIi8F2— Spot On Chain (@spotonchain) April 24, 2024
This whale method, which was discovered by the cryptocurrency whale tracking organization SpotOnChain, involves gathering PEPE tokens from cryptocurrency exchanges. In this instance, the trader lost $1.54 million as rektdolphin.eth utilized Binance, Gate.io, and UniSwap to purchase a total of 211.6B PEPE coins at an estimated price of $0.000007291.
Are these Whales expecting another leg?
With a possible unrealized profit of $19.79K, the aforementioned whale now possesses a staggering 259.821 billion PEPE tokens in rektdolphin.eth’s on-chain wallet, close to $2 million in market value. At the time of publication, the #38 PEPE is trading for $0.000007369.
PEPE’s 50% 7-day rise allowed it to re-enter the top 50 cryptocurrencies by worldwide market capitalization. PEPE’s high trading volume—it has surpassed $1 billion in transactions for many days in a row—is one of its greatest advantages over other meme currencies.
A comparable performance to PEPE has been seen by the #61 sitting Viking dog-themed Floki (FLOKI), which peaked weekly at $0.0002036 on April 24, 2024. Comparatively, on April 24, 2024, PEPE likewise reached weekly highs of $0.00000807. Similar to FLOKI, PEPE had a 7% decline during today’s drop in the cryptocurrency market.
Other whales are also building up FLOKI in self-custodial wallets, much as rektdolphin.eth. On April 21, 2024, for example, a single cryptocurrency whale exchanged 137.20 Ether (ETH) for 2.48 billion FLOKI tokens.
A whale just bought 2.48 billion $floki coins worth $ 430.000 dollars. 💰
I don’t know what this creature knows but hey,
if you know, you know. 🐋💵💶💷💴#floki island about to get real. 🏝️✨ pic.twitter.com/oY9y2k5PZS
— Planet138 (@Planet9_138) April 21, 2024
Floki’s price has been in the early phases of the last bull run till April 24, 2024, at that period. Three days later, this crypto whale positioned himself ahead of Floki’s weekly peak by buying 2.48 billion FLOKI tokens at an average price of $0.00016122, realizing significant unrealized profits.
FLOKI is trading at $0.000184 as of the time of publication, falling short of its $2 billion market capitalization. Supporters of FLOKI, however, anticipate a breakthrough once the Valhalla mainnet launches later this year.
Alleging $5.6 million in fraud, the SEC has filed a lawsuit against Bitcoin miner Geosyn
The co-founders of Geosyn Mining were accused by the SEC of embezzling $1.2 million from its investors and using money for nightclubs, vacations, and guns.
The US securities commission brought legal action against Geosyn Mining and its co-founders, claiming that they misled investors about the number of cryptocurrency mining rigs they ran and used client funds for personal spending. The complaint is worth $5.6 million.
In a lawsuit filed on April 24 in a federal court in Fort Worth, Texas, the Securities and Exchange Commission asserted that Geosyn, its CEO Caleb Joseph Ward, and its former operating chief, Jeremy George McNutt, had deceived approximately 64 investors by selling service agreements as securities between November 2021 and December 2022.
The agreements to purchase and manage cryptocurrency miners for clients for a fee were allegedly “falsely claimed,” according to the SEC. Although Geosyn had agreements with electrical suppliers for low-cost energy, the actual expenditures were “as high as 40–50% above” the rates it told customers.
The SEC asserted that Ward and McNutt misled investors regarding Geosyn’s business practices. It claimed that out of the 1,400 mining rigs for which Geosyn signed service contracts, it was unable to acquire 400 of them and that it “never brought most of the purchased mining machines online.”
According to the lawsuit, Geosyn’s agreements gave investors the freedom to select which cryptocurrency to mine, but the company turned down requests to mine cryptocurrencies other than Bitcoin (BTC).
The company allegedly produced “bogus documents” with “fabricated mining production rates and profits” and paid out Bitcoins to investors to lead them to “believe that their mining machines were operational and profitable when they were not,” according to the SEC.
The SEC said that although it made $320,000 from mining Bitcoin, it offered investors around $354,500 in value instead. According to the regulator, McNutt bought Bitcoin to make up the deficit and gave it to Ward to provide to investors.
The SEC further alleges that Ward and McNutt embezzled approximately $1.2 million in investor funds for personal expenses like dining out, nightclubs, trips, firearms, watches, and legal bills. One such instance involves McNutt allegedly using the company credit card to pay for Ward’s $20,000 “Las Vegas nightclub wedding celebration” and a $49,000 family trip to Disney World.
During a June 2022 cryptocurrency conference, it was alleged that Ward and McNutt spent an additional $22,000 of investor cash on a breathalyzer and other costs connected to McNutt and a Geosyn employee’s purported separate arrests and convictions for driving under the influence.
The SEC said that Geosyn was “unable to make a profit because it did not have the favorable electricity contracts that Defendants touted to investors” by the end of 2022, when investor funding dried up and the company had less than $1,900 in the bank.
It was stated that McNutt quit and handed up ownership in October 2022. According to the SEC, Ward reported McNutt for embezzlement to the authorities “without disclosing his own misappropriations.”
According to the SEC, in early 2023, with Geosyn in “dire financial straits,” Ward sent investors “IOU” notes for the Bitcoins they owed, and in June, the company said it would file for bankruptcy. However, that announcement was never made.
The regulatory body requested that the three parties be subject to fines, reparation of the purported misappropriations, and a permanent injunction.
We were unable to quickly get in touch with Geosyn, Ward, or McNutt for comment.
Join FMCPAY 3rd Birthday minigame: Join FMCPAY 3rd Birthday Party to share 1,600,000 FMC in rewards