- Blockchain data sites DEX Screener and Etherscan claim that a meme coin appears to have been issued using a wallet linked to the Ethereum network’s Genesis block.
- Since its inception at approximately 8:15 a.m. ET, the token’s market valuation has already skyrocketed to almost $100 million.
Blockchain data sites DEX Screener and Etherscan claim that a meme coin appears to have been launched via a wallet linked to the Genesis block of the Ethereum network. The coin launched at approximately 8:15 a.m. ET and reached its peak market valuation of nearly $125 million.
On the decentralized exchange Uniswap V2, the so-called PHIL token is presently trading for roughly $0.08, down from a peak price of $0.10 an hour after introduction.
Since the emergence of inexpensive meme coin generators like the recently launched SunPump on Tron and the Solana-based Pump.fun, meme coins have been immensely popular.
The wallet that is identified as the owner of the token on DEX Screener was first funded 3,316 days ago, on July 30, 2015, the day Ethereum was launched, with 2,000 ETH from an entity known as Genesis. Since then, the wallet has transferred almost all of its ETH, including 36.6 ETH, into the smaller meme coins Azalea and Drip and the PHIL token liquidity pool.
There are currently little over 1,000 distinct holders of the 1,000,000,000 PHIL tokens that can be produced. Ten million tokens were bought by each of the top ten holders. After selling over half of his stack, a sniper who purchased 6.5 million tokens made $172,000 in profit, with unrealized gains exceeding $300,000.
According to DEX Screener, PHIL is presently the most traded asset on Uniswap in terms of volume, having had an 86,000% increase in trading volumes since its introduction. At present, its market capitalization exceeds $84 million.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
