Analyst Says mihao Developer Sent About 7% of Supply to 22 Wallets

Crypto analyst The Smart Ape said a mihao developer distributed tokens equal to about 7% of the supply to 22 wallets, 12 of which have since emptied their holdings during periods of heavy buying.

The wallets collectively made about 2,620 SOL and $60,000 in profit, The Smart Ape said. The analyst said the developer did not directly sell mihao but received about 650 SOL and $2,200 in creator fees since the project launched. That included 414 SOL on Nov. 10 and 11. A wallet labeled for Pump.fun app trading fees also sent the developer $9,200 in USD Coin (USDC), the analyst said.

The Smart Ape said the developer put about 320 SOL into 19 other tokens, including 157 SOL into a token issued by a wallet the analyst linked to the developer. The developer held about 47% of that token’s supply, according to The Smart Ape.

The analyst said the developer still held about 30 million mihao tokens, valued at roughly $520,000, and had another 54 million tokens locked until November 2027. Earlier coverage tracked an account identified as “DEV” holding 3.18% of mihao’s supply on Nov. 11.