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 $BAKED token on the DegenFund platform. The details behind this transaction reveal a mixture of strategic timing and a bit of luck, perhaps!
The incident raised eyebrows and sparked accusations of insider trading, as blockchain data reveals that the token’s developers and associated wallets quickly amassed the majority of the supply.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Someone sniped <a href="https://twitter.com/search?q=%24BAKED&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$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>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
$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

Altri articoli pubblicati su 2 lug 2024

Bitcoin ETFs garner almost $130M inflows, fueling bullish July outlook

Charles Hoskinson AI Censorship Concerns: Cardano Co-Founder Criticizes Selective AI Training

Is Binance US Ready for a Protracted Legal Battle with the SEC?

MultiversX Leads DePin Market with New Initiatives and Global Expansion

Kraken Co-Founder Injects $1M in Ethereum to Fuel Trump’s 2024 Bid

Jupiter Exchange Announces PYUSD Integration and New Token Launches

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!