Token

Cryptocurrency

2024

<p>A trader made a colossal gain by sniping $BAKED tokens, earning 21,511 $SOL (approximately $3 million) in just 30 minutes, a return of 307 times the initial investment. This <a href="https://x.com/lookonchain/status/1807660668000276719" target="_blank">event </a>unfolded in the volatile environment of decentralized finance platforms.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">2/ <a href="https://twitter.com/search?q=%24BAKED&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BAKED</a> was launched on <a href="https://twitter.com/hashtag/DegenFund?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#DegenFund</a>, and the dev wallet spent 11.82 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$SOL</a> to buy 300.72M <a href="https://twitter.com/search?q=%24BAKED&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BAKED</a> while minting tokens and 206.9M <a href="https://twitter.com/search?q=%24BAKED&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BAKED</a> was added to liquidity.<br><br>The remaining 492.37M <a href="https://twitter.com/search?q=%24BAKED&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BAKED</a> was snatched up by 19 wallets in just 1 second. <a href="https://t.co/6KGzdwINM8" target="_blank">pic.twitter.com/6KGzdwINM8</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1807660675881451569?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 1, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The trader capitalized on purchasing $BAKED tokens not through the initial offering on ‘DegenFund’ but directly from Raydium’s liquidity pool. With an investment of 70 $SOL ($9,923), the trader acquired 81.78 million $BAKED and sold them for 21,581 $SOL ($3.06 million). Before this successful trade, the sniper had engaged in transactions involving three other tokens, incurring losses in two.</p> 
<h2 class="wp-block-heading" id="insider-control-and-token-allocation">Insider Control and Token Allocation</h2> 
<p>Investigations reveal that a significant portion of $BAKED tokens, 76.38% of the total supply, amounting to 763.8 million tokens, remains under the development team’s and insiders’ control. These tokens were initially bought for a mere 82.74 <a href="https://blockchainreporter.net/price-prediction/solana-price-prediction/" data-type="post" data-id="74104">$SOL</a> ($11.7K) and are now valued at approximately $15.6 million.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
   <p lang="en" dir="ltr">4/ These dev and insider wallets spent a total of 82.74 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$SOL</a>($11.7K) to buy 779.85 <a href="https://twitter.com/search?q=%24BAKED&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BAKED</a>(worth $15.6M), 78% of the total supply.<br><br>They have sold a small portion of it, and currently have 763.8M <a href="https://twitter.com/search?q=%24BAKED&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BAKED</a> left, 76.38% of the total supply. <a href="https://t.co/AqQJnaNhYo" target="_blank">pic.twitter.com/AqQJnaNhYo</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1807660684282315068?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">July 1, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Upon the launch of $BAKED on ‘DegenFund,’ the developer wallet was noted for purchasing many tokens at the minting stage. This was followed by a rapid acquisition of 492.37 million $BAKED by 19 wallets within just one second. Of these, three wallets, suspected to be linked to the developer due to simultaneous creation and funding patterns, along with 15 others, appear to be controlled by insiders associated with the development team.</p>

Massive Gain in Solana-Based Cryptocurrency Raises Questions of Insider Trading

Table of Contents

BlockchainReporter

Other articles published on Jul 1, 2024

Meme Coin Price Predictions: Dogecoin (DOGE) Sets Sights on $0.65, PEPE Pumps

Hamster Kombat Reveals What’s Next in July

DeFi prediction platform Polymarket hits over $200 million in election bets

Investors are replacing their Nvidia positions with other stocks

Bybit Takes Center Stage at IVC Official Opening Party with Immersive Web3 Experiences (1 Jul)

Pendle (PENDLE) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

Join our free newsletter for daily crypto updates!