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Over the weekend, a crypto trader turned 70 Sols into $3 million using a Solana-based token. However, the investor’s success story was overshadowed by the controversial launch of the memecoin that made it possible.
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Trader makes $3 million in minutes
A cryptocurrency trader made millions of dollars in 30 minutes after investing $9,923 in Solana-based BAKED. Reported The sniper spent 70 SOL to buy 81.78 million BAKED. After 30 minutes, the trader sold his holdings for 21,581 SOL, worth about $3.06 million, in 76 trades.
The feat was achieved by a seemingly “lucky” trader who had previously invested and lost money in other Solana memecoins. The on-chain analysis platform concluded that the investor was likely not From inside As they bought the tokens from the Raydium pool instead of the Degen fund.
However, Lookonchain revealed that the BAKED team and insiders own more than 70% of the supply. According to the report, the development wallet spent 11.82 SOL to purchase 300.72 million BAKED from the Degen Fund, where the token was launched.
The wallet bought Solana memecoin “during the minting and added $206.9 million BAKED to the liquidity”. 19 wallets acquired the remaining 492.37 million tokens in one second.
these governor SOL was created simultaneously with the development wallet and was funded by Bitget. 15 out of 19 wallets withdrew SOL from Bitget three days ago and are suspected to be linked to the BAKED team and insiders.
As a result, 78% of the supply, worth about $15.6 million, was held by internal and developer-linked wallets. The wallets spent 82.4 Sols, about $11,700, to purchase 779.85 million BAKED before the sale.
At the time of Lookonchain’s report, insiders had sold a small portion of their tokens and still held 76.36% of the supply. BAKED is down 58% in the last 24 hours and is currently trading at $0.01260.
Is Solana’s new token launch cooked or burned?
Cryptocurrency investors have denied claims that the “lucky” sniper was not an insider and expressed their displeasure with the launch of Solana memecoin. Additionally, users have called the BAKED token a scam due to its alleged lack of transparency.
GUMMY investors were supposed to receive a 15% reward on BAKED tokens for staking their tokens on July 1. However, users reported that they did not receive any reward after their stakes were cancelled.
According to Web3 Forensics, users Successfully They canceled their bet on GUMMY tokens but no investors had been able to claim their BAKED rewards by Monday morning. One investor believes the project team “held our $GUMMY hostage so we couldn’t benefit from the launch of $BAKED.”
Moreover, many users have confirmed that the value of GUMMY has dropped significantly since they staked their holdings. According to reports, every $1,000 staked in the token is now worth around $140.
Many believe that the team behind the Solana-based tokens, including Crypto Banter founder Ran Neuner, user “Every investor or community member has trusted you.”
In the official Telegram group chat for the coin, the team asked investors to “calm down” and “relax.” The team stressed that the project is not a scam and explained that none of them “got early access.”
Furthermore, the letter stated that a higher price for the token means “a better valuation for the sticky airdrop” and that Air drop Details will be announced soon.
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Ultimately, the launch was not met with a positive response. Many users stated that they would “move away” from the GUMMY, BAKED, and Crypto Banter communities as soon as possible.
Featured image from Unsplash.com, chart from TradingView.com
