Amidst meme coin frenzy, a Solana-based token Egypt Cat [SPHYNX] became a hot topic after it hit almost $100 million in trading volume in less than 24 hours. Concerning supply distribution: The top 10 wallets control 30% of the supply and have profited heavily. Additionally, it conducted an airdrop game before launch.
Egypt Cat has experienced a meteoric rise in the last couple of hours. The project team reportedly burned $7 million at the onset of the launch. Just a few hours after launch, Egypt Cat reached an all-time high with a market capitalization of $50 million. It soon gained listings on leading price aggregating platforms CoinMarketCap and Coingecko. There were rumors of impending CEX listings.
However, there was no information about the token’s origin other an a mysterious X account that has been teasing the project for a couple of weeks per Crypto Rug Muncher. The project’s dubious origins have prompted speculation with experts cautioning users to proceed with caution and do their due diligence on the team and community before investing, so as not to be farmed.
![Egypt Cat Skyrockets to $100M– But Is It a Scam? 2 Egypt Cat](https://www.tronweekly.com/wp-content/uploads/2024/06/image-11.png)
Top 10 Egypt Cat Wallets Control 30% of Supply
But soon on-chain sleuths like lookonchain and CryptoRugMunch suggested an unfair launch after finding an insider allegedly using 10 new wallets to buy 496.2M SPHYNX, 49.62% of the total supply! These 10 wallets were created 1 hour before the token launch and withdrew SOL from Binance to buy SPHYNX. The insider spent 3,890 Solana tokens worth $670K to buy 496.2 million SPHYNX within one second of opening trading. Then distributed the 496.2 million SPHYNX to nearly 300 wallets.
Egypt Cat – $SPHYNX This project has skyrocketed in the last couple of hours. Supply Distribution: The top 10 wallets control 30% of the supply and have been profiting heavily. Origin: This is another mysterious X account that has been teasing the project for a couple of weeks. Advice: As always, proceed with caution and do your due diligence on the team and community before investing, so as not to be farmed.