Many crypto wallets made over $1.3 million over the weekend after buying a lot of Ethereum-based dogwifhat.
Thus, the Ethereum version of dogwifhat is unrelated to Solana-based WIF, which launched in late November and garnered $350 million in market value.
Over 12 wallets, called “insiders” by Lookonchain, bought 24 million Ethereum WIF tokens for $3,000 in ether.
Lookonchain claimed this purchase occurred in the same block as the deployer launched trading, indicating the trader knew when the tokens will be released and sold.
The tokens rose from fractions of a penny to 30 cents before ownership worries drove values down more than 80% since Saturday.
X user @issa issued the Ethereum WIF, claiming to have originally posted about the original puppy wearing a pink hat joke in 2019.
stated on X, "I developed the meme you all know as "dogwifhat." “With so many of you reaching out to me and the $WIF team never acknowledging me as the original creator, I wanted to clarify that I have no affiliation with them and never owned or received any allocation.
DEXScreener data suggests that @issa's direct participation with Ethereum WIF tokens has driven demand, with $7.7 million in trade volumes from slightly over 4,500 holdings in the previous 24 hours.