Memecoins, the popular trend of the last period, continue to wreak havoc. The Turkish crypto community shows great interest in memecoins with political figures that emerged the day after the local elections. But these memecoins are not based on any project by nature.

The extremely high volatility coin CEHAPE is one of them. Although its value increased by almost 100X in a short period of time, its decline was just as fast. CEHAPE’s value plummeted 95 percent from its peak on Wednesday, April 3.

Coinkolik We examined the on-chain data of CEHAPE, which was launched on the Solana network. As a result of some of the transfer transactions we detected, we found that the wallet belonging to the founder of CEHAPE made a large amount of sales. According to the on-chain data, the wallet in question, which made the sale, has divided the crypto assets in SOL into parts and transferred them to newly opened wallets.

Founder sells wallet CEHAPE

Using on-chain data from the Solana network, we analyzed CEHAPE’s owner (founder) wallet. The wallet’s shady transactions attracted attention.

Founder wallet, in the past 4Gow5JYdtDB65UuWhGKG3L3Ca3NpxU9anwC6fmV1KBuM from 1.5 took LEFT. This address, which sent SOL to the founder wallet about three months ago, is registered on Binance 5tzFkiKscXHK5ZXCGbXZxdw7gTjjD1mBwuoFbhUvuAi9 at 0.492 SOL.

The founding wallet sold their newly minted CEHAPE coin after investors got involved. The wallet converted 2,371,054 CEHAPE to 1.10 SOL. The transaction took place on April 3.

CEHAPE sale from another wallet associated with the founder

Another wallet linked to the founder wallet 8Bg3Puk5YWi9adib3wQZCgiLtGWuk7kmNoQYB9dEh658 sold 573,824 CEHAPE for 1.10 SOL 21 hours ago.

According to on-chain data, the wallet in question 5tzFkiKscXHK5ZXCGbXZxdw7gTjjD1mBwuoFbhUvuAi9 about a day ago at 1.4962 SOL received. The same wallet address had been transferred to the founding wallet of CEHAPE by the SOL.

CEHAPE sale from another wallet

Yet another wallet associated with the constituent wallet 9aTbxdofPXxxb3TfaTr4h4vMmZehttJdqV2APfc8Hnuvo sold 11,794,292 CEHAPE for 16.17 SOL on April 3.

Upon further investigation, we discovered that this wallet, which made a lot of sales, is also related to the founder wallet. The wallet in question is also related to the founder wallet. 5tzFkiKscXHK5ZXCGbXZxdw7gTjjD1mBwuoFbhUvuAi9 received 1,618 SOLs on April 3.

Another CEHAPE sale from the founder

Another wallet associated with the founding wallet Ajggs7CogJDfhrWtTGQPxggRihseVdcTxdZe1zyj2JKZ sold 21,790,300 CEHAPE for 13.52 SOL on April 3.

Investigations revealed that this wallet, which made a lot of sales, was similarly 5tzFkiKscXHK5ZXCGbXZxdw7gTjjD1mBwuoFbhUvuAi9 address about a day ago, we found that it had received 1,318 SOLs.

According to on-chain data, SOL wallet registered on Binance 5tzFkiKscXHK5ZXCGbXZxdw7gTjjD1mBwuoFbhUvuAi9transferred SOL to all four wallets that made these large sales. It was especially noteworthy that the wallet that founded CEHAPE similarly received SOL from this wallet.

Coinkolik CEHAPE’s founder wallet has sold approximately 41 SOLs in the last 24 hours. As of the time of writing, 41 SOLs corresponds to approximately $7,588.

Memecoins make a lot of money in a short time, but…

Memecoins on the Solana blockchain are shaking the market. These memecoins are very popular in Turkey as well as around the world, outperforming most crypto projects that are considered promising and solid by investors with their huge market volume. Memecoins, which started out as a joke and do not have any concrete projects in sight, increase the risk appetite of investors thanks to their short-term gains. It is useful to be careful when investing in memecoins, which earn a lot in a short time but have high risk.