A #Memecoins trader fell victim to insider trading and lost $152,000 in half an hour!
🙀 A user became a victim of insider trading with the meme coin CoolCoin ($COOL) on the Solana network, reported by analysts at Lookonchain.
🤷 The trader spent 1600 $SOL to buy 2.2 million $COOL, but managed to 🙈 sell them for only 532.58 $SOL less than half an hour later, losing 1067.42 $SOL ($152,000) in the transaction.
👆 Previously, Lookonchain had noticed suspicious activity on the network that resembled 👀 insider trading. They identified a trader who owned the majority of the issued CoolCoin tokens.
According to their findings, he 💰bought 574.27 million $COOL for 35.4 $SOL ($5000) and distributed them across several addresses. Within 🕐 an hour, the insider sold 22.81 million COOL from five wallets, earning 11,896 SOL ($1.69 million).
✔️ Currently, he still owns 551 million COOL (55.1% of the total supply) valued at over $20 million.
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