Token

2024

Solana

Coin

<ul class="news-points">
 <li>Strategic trading and timing enabled a trader to achieve a remarkable 307x gain with $BAKED token.</li>
 <li>Insider involvement in initial token distribution raises questions about fairness and transparency.</li>
 <li>Despite market volatility, $BAKED token shows resilience with incremental price gains and steady trading activity.</li>
</ul>
A Solana-based trader turned a modest 70 SOL (approximately $9,923) into a staggering $3.05 million in a whirlwind 30-minute trade, capitalizing on the controversial launch of the $BAKED token on the DegenFund platform. The details behind this transaction reveal a mixture of strategic timing and a bit of luck, perhaps!
The incident raised eyebrows and sparked accusations of insider trading, as blockchain data reveals that the token’s developers and associated wallets quickly amassed the majority of the supply.
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 Someone sniped <a href="https://twitter.com/search?q=%24BAKED&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BAKED</a> and made 21,511 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SOL</a>($3M) in just 30 minutes, a gain of 307x! How did he do it? We also found that the team and insiders control 763.8M <a href="https://twitter.com/search?q=%24BAKED&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BAKED</a>(76.38% of the total supply). 1/ Here is a thread.<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/KQ16KYGl7t" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/KQ16KYGl7t</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1807660668000276719?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 1, 2024</a>
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$BAKED’s launch, however, was not without controversy. Look…
The post <a href="https://coinedition.com/inside-the-baked-token-frenzy-how-a-solana-trader-turned-10k-into-3-million/" rel="noopener noreferrer nofollow">Inside the $BAKED Token Frenzy: How a Solana Trader Turned $10K into $3 Million!</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Inside the $BAKED Token Frenzy: How a Solana Trader Turned $10K into $3 Million!

Coin Edition

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