As a seasoned analyst with years of experience navigating the often murky waters of the cryptocurrency market, I find myself intrigued by the latest development involving Michael Bouhanna and his memecoins. The rapid success of his latest creation, Nothing (VOID), has undeniably caught my attention, but it’s not the million-dollar profit in 30 minutes that truly piques my curiosity.
In simpler terms, a new meme-based cryptocurrency similar to Solana was launched by a high-ranking executive at Sotheby’s, which allowed a trader to make over a million dollars in digital currency within half an hour.
On December 4th, I caught wind of another intriguing art-themed memecoin hinted by Michael Bouhanna through his X account. Subsequently, a wallet address linked to the executive saw the birth of a fresh memecoin known as Nothing (VOID).
Following the debut of the memecoin, a trader invested approximately $8,200, or 35 Solana units, to acquire an astonishing 462 million VOID tokens, which represented 44% of the total available supply. However, only 30 minutes later, the same wallet swiftly sold off 439 million tokens, netting a staggering 4,604 SOL, worth more than $1 million.
Previously, Bouhanna unveiled a distinct memecoin known as Comedian (BAN), which drew inspiration from the $6-million artwork of a banana purchased by Tron founder Justin Sun. Yet, his initial foray into memecoins was clouded with accusations of insider trading.
Bouhanna’s memecoin “insider” controversy
Initially, the executive’s venture into memecoins using BAN attracted attention, as it was alleged by blockchain analysis company Lookonchain that Bouhanna had gained financially through illegal insider trading.
According to Lookonchain, it’s alleged that a Sotheby’s executive earned $1 million from the BAN token using an “insider” wallet. The company, on the other hand, stated that Bouhanna had purchased numerous meme-tokens prior to launching his own, but only made minimal profits. This suggests that this may have motivated the executive to create their first memecoin.
Contrary to the claims asserted against me, I refuted using an insider wallet to amass a million dollars. This is the stance I took when questioned about my actions as a Sotheby’s executive.
“Recently, a tweet suggested that I made $1 million in profit, which is completely false. The wallet in question does not belong to me, and most of this amount was unrealized value.”
In addition, he mentioned that the token was simply a personal interest of his, with no connection to his position at Sotheby’s. Furthermore, he emphasized that the Comedian memecoin does not have any affiliation with the auction house.
Bouhana claimed that he initially wanted to launch BAN anonymously to avoid associating it with his personal profile or professional affiliations. “I didn’t even verify if my wallet could be traced, which shows how little I anticipated the token would attract attention,” he wrote.
The executive stated that once the community became aware of his connection, there were efforts made to link it with Sotheby’s in order to boost the token, a move which he did not endorse himself.
Community responds to Bouhanna’s memecoins
Some cryptocurrency enthusiasts didn’t seem overly pleased with Bouhanna’s pastime of creating a memecoin on Solana. A user from platform X expressed their opinion that instead of hiding fraudulent activities, Bouhanna openly adopted what they referred to as the “lifestyle.
Others raised doubts about the auction house by asking if they approved of their staff engaging in activities like “misleading people about meme-based cryptocurrencies.
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2024-12-05 11:41