Meme Coin Trader Suffers $152,000 Loss in 30 Minutes Due to Insider Trading 🚀💵
A meme coin trader recently fell victim to insider trading, losing a staggering $152,000 in just half an hour. The incident, reported by Lookonchain analysts, involved the Solana-based meme coin CoolCoin ($COOL).
The trader initially purchased 2.2 million $COOL tokens with 1,600 SOL but was forced to sell them at a significantly lower price of 532.58 $SOL within 30 minutes, resulting in a loss of 1067.42 $SOL, equivalent to $152,000.
Prior to this incident, Lookonchain had detected suspicious activity on the network, identifying a trader who controlled the majority of CoolCoin tokens. This insider purchased 574.27 million $COOL for just 35.4 $SOL (approximately $5,000) and distributed them across several addresses. In just an hour, the insider sold 22.81 million $COOL from five different wallets, earning a profit of 11,896 $SOL, approximately $1.69 million.
This incident serves as a cautionary tale for meme coin traders to be vigilant and aware of potential insider trading activities.
