2024

Solana

when

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 <p class="paragraph">A crypto insider has made over $153,000 of realized profits in 15 hours, trading in the Solana (SOL) ecosystem. The cryptocurrency trader started with a purchase worth $600 and currently holds over $2.5 million worth of VibeCat (Minette).</p>
 <p class="paragraph">Interestingly, the address purchased the tokens at the same block VibeCat’s developer added the initial liquidity to the decentralized exchange. This is a solid indicator of inside trading, considering Solana blocks have an interval of 400 milliseconds.</p>
 <p class="paragraph">As developed, the crypto <a rel="noopener noreferrer nofollow" title="insider" href="https://thebittimes.com/tag/insider.html">insider</a> withdrew 3.89 SOL from Binance, worth $600. With this initial amount, the address bought 2.46 Minette less than a second after its creator deposited the first available liquidity for trade.</p>
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 <p class="paragraph">According to <em>Lookonchain</em>‘s post, the trader sold 1.04 billion Minette for 998.7 SOL 15 hours later, realizing a profit of approximately $153,000. By the time of the post, the insider still held 1.42 billion Minette, valued at around $2.5 million.</p>
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    <p lang="en" dir="ltr">Starting at 3.89 $SOL($600), the <a rel="noopener noreferrer nofollow" title="insider" href="https://thebittimes.com/tag/insider.html">insider</a> turned it to 999 $SOL($153.56K) in just 15 hours and has $2.5M in un<a rel="noopener noreferrer nofollow" title="realized" href="https://thebittimes.com/tag/realized.html">realized</a> <a rel="noopener noreferrer nofollow" title="profits" href="https://thebittimes.com/tag/profits.html">profits</a>.<br><br>He withdrew 3.89 $SOL($600) from #Binance and spent 2.89 $SOL($445) to buy 2.46B #Minette at the same block where the developer added liquidity.<br><br>Then… pic.twitter.com/daxXb6h59P</p>— Lookonchain (@lookonchain) May 10, 2024
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 <h2 class="wp-block-heading" id="h-crypto-insider-rug-pull-alert">Crypto insider rug pull alert</h2>
 <p class="paragraph">Notably, <em>Lookonchain</em> warned its followers about the risk of a rug pull from VibeCat’s creators and insiders. This is because the creator kept the LP tokens active—received as an “I Owe You” (IOU) for added liquidity.</p>
 <p class="paragraph">Burning these IOUs is a common practice when launching a new token to avoid huge dumps, also known as a “rug pull.” Moreover, the insider’s current holdings could create constant selling pressure far above the available liquidity, impacting Minette’s price.</p>
 <p class="paragraph">This is another example of how crypto <a rel="noopener noreferrer nofollow" title="insider" href="https://thebittimes.com/tag/insider.html">insider</a>s often take advantage of retail by creating and launching meme coins and money-grab schemes. They benefit from information asymmetry and the hype of a market that insists on gambling with poor fundamental digital assets.</p>
 <p class="paragraph">Cryptocurrencies are inherently volatile and present considerable risks for traders, investors, and users, even with solid and usable projects. However, trading meme coins adds another layer of risks that will often drain money from many to a few <a rel="noopener noreferrer nofollow" title="insider" href="https://thebittimes.com/tag/insider.html">insider</a>s.</p>
 <p class="paragraph">For this reason, investors should avoid these schemes and look for a cryptocurrency‘s fundamentals, cautiously researching supply and demand properties.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-insider-turns-600-into-2-5-million-of-unrealized-profits-tbt87963.html">https://thebittimes.com/crypto-insider-turns-600-into-2-5-million-of-unrealized-profits-tbt87963.html</a></p>

Crypto insider turns $600 into $2.5 million of unrealized profits

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