Baked Or Burned? Trader Makes 307x From Solana Token But Investors Raise The Alarm
01 Julho 2024 - 6:00PM
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Over the weekend, a crypto trader turned 70 SOL into $3 million
with a Solana-based token. However, the investor’s success story
was overshadowed by the controversial launch of the memecoin that
made it possible. Related Reading: Avalanche (AVAX) Price Rallies:
Can It Break Through the $30 Barrier? Trader Makes $3 Million In
Minutes A crypto trader made millions in 30 minutes after investing
$9,923 in Solana-based memecoin BAKED. Lookonchain reported that a
sniper spent 70 SOL to buy 81.78 million BAKED. 30 minutes later,
the trader sold his holdings for 21,581 SOL, worth around $3.06
million, in 76 transactions. The feat was achieved by a seemingly
“lucky” trader who previously invested and lost money in other
Solana memecoins. The on-chain analysis platform concluded that the
investor was likely not an insider as it had bought the tokens from
Raydium’s pool instead of the Degen Fund. However, Lookonchain
revealed that BAKED’s team and insiders hold over 70% of the
supply. Per the report, the dev wallet spent 11.82 SOL to buy
300.72 million BAKED from the Degen Fund, where the token was
launched. The wallet bought the Solana memecoin “while minting
tokens and 206.9M $BAKED was added to liquidity.” 19 wallets
snatched up the remaining 492.37 million tokens in one second.
These wallets were created simultaneously with the dev wallet and
were funded by Bitget. 15 out of 19 wallets withdrew SOL from
Bitget three days ago and are suspected to be linked to BAKED’s
team and insiders. As a result, 78% of the supply, worth around
$15.6 million, was held by insider and dev-related wallets. The
wallets spent 82.4 SOL, around $11,700, to buy 779.85 million BAKED
before selling. At the time of Lookonchain’s report, the insiders
had sold a small portion of their tokens and still held 76.36% of
the supply. BAKED has plummeted by 58% in the last 24 hours,
currently trading for $0.01260. Is The New Solana Token Launch
Baked Or Burned? Crypto investors refuted the claims that the
“lucky” sniper was not an insider and expressed discontent with the
Solana memecoin launch. Additionally, users have called the BAKED
token a scam due to an alleged lack of transparency. GUMMY
investors were supposed to earn a 15% reward on BAKED tokens for
staking their tokens on July 1. However, users reported they did
not receive any reward after unstaking their holdings. According to
Web3 Forensics, users successfully unstaked their GUMMY tokens but
no investor had been able to get BAKED rewards by Monday morning.
One investor considers the project’s team “held our $GUMMY hostage
so we couldn’t profit off of the $BAKED launch.” Moreover, many
users highlighted that GUMMY’s value has significantly decreased
since they staked their holdings. Per the reports, every $1,000
staked in the token is now worth around $140. Many believe that the
team behind the Solana-based tokens, including Crypto Banter’s
founder Ran Neuner, used “every single investor or Community Member
who trusted you.” On the official telegram group chat for the
token, the team asked investors to “calm down” and “relax.” The
team assured the project was not a scam and explained that none of
them “got an early entry.” Moreover, the message stated that a
higher price for the token meant a “better valuation for your gummy
airdrop” and that the airdrop details would be announced soon.
Related Reading: Bitcoin Price Blasts Past $63,000: Top 3 Reasons
Ultimately, the launch didn’t receive a positive response. Several
users stated they would “get away” from the GUMMY, BAKED, and
Crypto Banter community as quickly as possible. Featured Image from
Unsplash.com, Chart from TradingView.com
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