A newly created wallet, suspected of insider trading, recently spent 1,363 $SOL (approximately $188,000) to acquire 52.09 million $DJT tokens just before news broke about the launch of Donald Trump’s official token, $DJT, on the Solana blockchain.
Following the announcement, the same wallet withdrew an additional 1,000 $SOL (about $138,000) from Binance to purchase another 6.62 million $DJT tokens.
Currently, this wallet holds 58.71 million $DJT tokens, valued at $1.56 million, making it the third-largest holder of $DJT. The significant acquisitions prior to the public announcement suggest potential insider knowledge.
Note that a fresh wallet(maybe an insider) spent 1,363 $SOL($188K) to buy 52.09M $DJT before the news that Trump is launching an official token — $DJT on Solana.
After the news, he withdrew another 1,000 $SOL($138K) from #Binance to buy 6.62M $DJT.
He currently holds 58.71M… pic.twitter.com/WaSEfUrXBh
— Lookonchain (@lookonchain) June 18, 2024
In another case of astute trading, a wallet identified as 5Ffhy…R5msK demonstrated impressive market timing. Over three days, this trader bought low and sold high, realizing a profit of more than 33 times the initial investment.
On June 16, they purchased 11.15 million $DJT tokens at an average price of $0.001005, spending 74.69 $SOL (around $11,000). They then sold all holdings at $0.03468 just three hours ago, securing a profit of $370,000, with a return rate of 3349%.
https://x.com/ai_9684xtpa/status/1802983707021832528?t=9X7DhDJzPso141uoRlDoOg&s=19
Trader Lost Over $341,427 In A Single $DJT Trade
Conversely, not all trades were successful. Another trader spent 2,500 $SOL (approximately $342,100) to buy 91,705.6 $DJT tokens. Unfortunately, when they sold, they received only 4.91 $SOL (about $673) back, resulting in a staggering loss of $341,427 in less than one minute.
What a sad story!
This guy spent 2,500 $SOL($342.1K) to buy 91,705.6 $DJT but only got 4.91 $SOL($673) back when he sold it.
He lost $341.4K in less than 1 minute!https://t.co/jrL0ZGa76Dhttps://t.co/qICy7GZfmj pic.twitter.com/olr78X8snp
— Lookonchain (@lookonchain) June 18, 2024
These incidents highlight the volatile nature of the $DJT token market following the launch announcement. While some traders have capitalized on the token’s rapid price movements, others have faced significant losses.
The suspected insider trading activity and subsequent market fluctuations underscore the risks and potential rewards in the rapidly evolving cryptocurrency landscape. As the market continues to react to the launch of $DJT, traders and investors will be closely monitoring further developments.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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The post Insider Trading Suspected As $DJT Token Experiences Volatile Market Activity appeared first on The Merkle News.
