The whirlwind rise and fall of the RIPETH meme coin has left many investors scratching their heads, while its creator walks away with surprisingly modest profits. According to on-chain analytics firm Lookonchain, the individual behind RIPETH netted less than $10,000 despite the coin’s brief surge in popularity.
Lookonchain’s monitoring revealed that the creator began withdrawing SOL (Solana) from the Binance exchange nine days ago, amassing a total of 206,111 SOL, equivalent to approximately $36 million USD at the time. Eight days ago, RIPETH was born, initially appearing as a tongue-in-cheek project with no apparent promotional intent.
The situation changed dramatically four hours before press time, as investors began piling into RIPETH, driving up its price. The creator, identified as a whale address due to their significant SOL holdings, noticed the sudden surge and withdrew an additional 200 SOL from Binance to purchase RIPETH. This move, observed by the community, fueled further speculation and buying frenzy.
However, the whale address quickly capitalized on the hype, selling their RIPETH holdings for a profit of 85 SOL (approximately $14,500 USD). This swift exit triggered a sharp downturn in RIPETH’s price, leaving many latecomers in the red.
Undeterred by the market volatility, the address then spent 50 SOL to buy back into RIPETH, only to sell again shortly after for 19.8 SOL, incurring a loss of 30.2 SOL (roughly $5,100 USD) on this particular trade. As of now, the creator no longer holds any RIPETH, leaving the coin’s future uncertain.
