I wanted to get rich, but lost $152,000 in half an hour
Lookonchain analysts have identified a case of insider trading of the meme coin CoolCoin (COOL) on the Solana network. One of the users, who owned a significant part of the token issue, manipulated the market, making a profit at the expense of other participants.
The insider first purchased 574 million COOL for $5,000 and then distributed the tokens to several addresses. Within an hour, he sold some of the coins, earning $1.69 million. The insider still owns 551 million COOL, which is 55.1% of the total supply of tokens and is valued at $20 million.
However, one of the users who tried to repeat the actions of the insider suffered significant losses. He bought 2.2 million COOL, but ended up selling it at a loss of $152,000.
Lookonchain has previously identified cases of insider trading in the meme-coin market. For example, one trader was able to turn $9,769 into $10 million by trading the new GUMMY token.
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