HumidiFi is reaping success after the relaunch of its WET token presale. The asset doubled its price on the first day of trading.
HumidiFi, the Solana dark pool DEX, achieved early success with its WET token. The asset was launched after another presale through Jupiter’s platform, after a bot farm sniped a significant part of the total supply.
HumidiFi WET tokens rallied right after their launch, despite some early selling through decentralized markets. | Source: CoingeckoRecently, HumidiFi celebrated its launch, acknowledged by @Weremeow, the founder of Jupiter. The project was still successful in selling its token, despite the initial sniping incident.
The WET token was also added to Jupiter’s router, while also causing a wave of malicious links for trading the high-profile assets.
HumidiFi WET token rose in early trading
WET tokens appreciated by over 114% in early trading, entering up only mode in the short term. WET traded at $0.28, mostly relying on volumes from OKX and KuCoin.
The token also saw speculation on OKX and Bybit futures, though with a limited futures market. For now, the token achieved significant trading liquidity, with $234M in daily volumes. WET is still in the price discovery stage, and may see some selling from insider whales.
WET also gained several decentralized liquidity pairs, allowing over 6,500 early holders to swap and trade. Some of the early whales have sold their entire allocations, though extraction remains limited. The leading WET whale achieved $67.9K in realized gains.
WET also showed several clusters of connected wallets, though most of the supply is distributed to a wider community through a limit in token allocations. Nevertheless, WET has a 1B total supply, with only 230M in circulation, and may face dilution in the future.
HumidiFi sniper whale identifies his X handle
One X handle was identified as belonging to the WET token sniper. X user known as Ramar came out to claim he was the early token sniper, identifying the wallet that participated in the presale.
The initial presale also caused the HumidiFi team to launch a new WET smart contract, raising the discussion for a potential refund. The trader has contacted the team for negotiations, although the community also called to call for no refunds. Soon after the presale, the HumidiFi team also confirmed that the early bot buyers would be refunded, and the team would not keep the USDC deposited.
On-chain analysis also showed Ramar used only 100-120 wallets, but the entire presale saw thousands of bot requests, based on Bubblemaps data. Jupiter chose not to put bot protections or a cap for the public presale, knowing the high probability of sniping bots. The lack of protection also led some community members to call for a refund, since the token launcher was responsible for allowing bot purchases.
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Source: https://www.cryptopolitan.com/humidifi-wet-token-trades-on-jupiter/
