Five Insider Wallets Made $4M From New Meme Coin $RTR in Just 6 Hours

According to lookonchain, these five insiders created a new wallet following the launch of this new meme coin and withdrew funds from Coinbase and Bybit.

Five insider wallets made over $4 million from a new meme coin, while another trader lost nearly $1 million in the same token as its price crashed, an on-chain analytic firm revealed on Wednesday.

According to the analytic firm Lookonchain, these five insiders created a new wallet following the launch of this new meme coin and withdrew funds from Coinbase and Bybit.

After creating the wallets, these insiders spent 5,580 Solana (SOL) , which was valued at $882,000 at the time, to buy 104.64 million RTR meme coins in open trading. They then proceeded to sell 92.77 million RTR coins for 31,994 SOL , which was valued at $5.05 million at the time. In a short period, these five insider wallets made over $4.17 million.

However, another trader, who was likely experiencing FOMO (fear of missing out), lost 5,687 SOL , which was valued at $898,500 at the time, in the same meme coin in just 4 hours, as shared by Lookonchain. According to the report, this trader spent 5,800 SOL , which was valued at $916,400 at the time, to buy 7.2 million RTR meme coins at the highest price and sold them all for just 113.3 SOL , which was valued at $18,000 at the time, as the price crashed. This resulted in a loss of nearly $898,500.

It looks like these insiders pumped the price of meme tokens, and once traders began participating, they dumped all the tokens they had bought in open trading at a higher price. More likely, there is a high possibility that this meme coin was created solely for the pump and dump scheme. While Lookonchain does not mention this in his posts, the current situation suggests it resembles a typical pump-and-dump case.