Analyst: mihao Developer Once Distributed Tokens to 22 Wallets, 12 of Which Have Fully Sold Off

Odaily report: Crypto analyst The Smart Ape posted on X platform that by tracing the mihao developer's wallet transaction records since the project launched, it was found that although the developer did not directly sell tokens, they once distributed approximately 7% of the total supply for free to 22 wallets. These wallets continuously sold during subsequent large purchase periods, collectively profiting about 2,620 SOL and $60,000, with 12 of these wallets now having emptied their holdings. Two other wallets had transferred SOL to the same address used by the developer when transferring out personal funds.

He also stated that the mihao developer has cumulatively earned approximately 650 SOL and $2,200 in creator fees since the project launched, including 414 SOL earned in just two days between November 10 and 11. Additionally, a wallet labeled as Pump.fun application transaction fees also transferred $9,200 USDC to them. The developer also invested approximately 320 SOL into 19 other tokens, of which 157 SOL was used to purchase a token issued by an associated wallet, and currently holds about 47% of that token's supply.

Currently, the developer still holds approximately 30 million mihao tokens, worth about $520,000, with another 54 million tokens locked until November 2027.