A trader earned a million dollars on the $MAGA token. Insider trading? Maybe an arbitrage bot.
đ° An unknown user made nearly $1 million on the "Trump" meme token $MAGA. Analysts at Lookonchain accused the trader of insider trading.
đ According to researchers, the investor spent 5.35 ETH ($19,586) to buy 140.4 billion MAGA â approximately 33.3% of the coin's total supply.
đ§ Later, he sold 79.9 billion MAGA for 320 ETH ($1.05 million). The trader's wallet still holds 60.5 billion meme coins worth over $9 million.
âïž However, a X-user nicknamed Dominium noted that the transactions analyzed by Lookonchain reflect the characteristics of MEV bot operations, which use arbitrage opportunities to profit.
đ€· Not receiving a response from the analysts, the user criticized them for inaccuracies in their research:
"So nothing to say now? Why making fud about transactions from a MEV BOT, that you even can see it and you call yourself lookonchain and you donât get nothing about this bro?"
Check our post below for promising airdrops đđ„