Strategic trading and timing enabled a trader to achieve a remarkable 307x gain with $BAKED token.
Insider involvement in initial token distribution raises questions about fairness and transparency.
Despite market volatility, $BAKED token shows resilience with incremental price gains and steady trading activity.
A Solana-based trader turned a modest 70 SOL (approximately $9,923) into a staggering $3.05 million in a whirlwind 30-minute trade, capitalizing on the controversial launch of the $BAKED token on the DegenFund platform. The details behind this transaction reveal a mixture of strategic timing and a bit of luck, perhaps!
The incident raised eyebrows and sparked accusations of insider trading, as blockchain data reveals that the token’s developers and associated wallets quickly amassed the majority of the supply.
Someone sniped $BAKED and made 21,511 $SOL($3M) in just 30 minutes, a gain of 307x!How did he do it?We also found that the team and insiders control 763.8M $BAKED(76.38% of the total supply).1/ Here is a thread.🧵 pic.twitter.com/KQ16KYGl7t
— Lookonchain (@lookonchain) July 1, 2024
$BAKED’s launch, however, was not without controversy. Lookonchain further revealed that the token’s team and insiders controlled a significant 76.38% of the total supply (763.8 million $BAKED). The development wallet initially purchased 300.72 million $BAKED during the minting process, adding 206.9 million to liquidity. The remaining 492.37 million $BAKED were rapidly acquired by 19 wallets within one second of launch.
2/ $BAKED was launched on #DegenFund, and the dev wallet spent 11.82 $SOL to buy 300.72M $BAKED while minting tokens and 206.9M $BAKED was added to liquidity.The remaining 492.37M $BAKED was snatched up by 19 wallets in just 1 second. pic.twitter.com/6KGzdwINM8
— Lookonchain (@lookonchain) July 1, 2024
Further investigation indicates that three of these wallets were likely connected to the developers, having been created simultaneously with the dev wallet and funded by Bitget. Additionally, 15 of the 19 wallets withdrew SOL from Bitget just three days prior, raising concerns about potential insider trading. These wallets collectively spent 82.74 SOL ($11,700) to acquire 779.85 million $BAKED, now valued at $15.6 million, representing 78% of the total supply.
Interestingly, the sniper who secured the 307x profit did not acquire $BAKED through DegenFund but directly from Raydium’s pool. This trader’s prior trading history showed losses in two out of three previous trades, before his significant gain with $BAKED. Despite the impressive profit, there is no evidence to suggest that this individual is an insider, implying that this may have been a fortunate stroke of luck.
As of now, the Baked Beans token price stands at $0.01184, down 1.22% in the last 24 hours. However, a 45.68% increase in 24-hour trading volume ($12,162.05) suggests potential for continued price movement. The market cap is $831,929.79, with a circulating supply of 69.42 million BAKED.
The post Inside the $BAKED Token Frenzy: How a Solana Trader Turned $10K into $3 Million! appeared first on Coin Edition.