Over the weekend, a crypto trader turned 70 SOL into $3 million with a Solana-based token. Nevertheless, the investor’s success story was overshadowed by the controversial launch of the memecoin that made it possible.
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Trader Makes $3 Million In Minutes
A crypto trader made thousands and thousands in half-hour after investing $9,923 in Solana-based memecoin BAKED. Lookonchain reported that a sniper spent 70 SOL to purchase 81.78 million BAKED. half-hour later, the trader sold his holdings for 21,581 SOL, value 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 evaluation platform concluded that the investor was likely not an insider because it had bought the tokens from Raydium’s pool as an alternative of the Degen Fund.
Nevertheless, Lookonchain revealed that BAKED’s team and insiders hold over 70% of the availability. Per the report, the dev wallet spent 11.82 SOL to purchase 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 a single second.
These wallets were created concurrently 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.
Because of this, 78% of the availability, value around $15.6 million, was held by insider and dev-related wallets. The wallets spent 82.4 SOL, around $11,700, to purchase 779.85 million BAKED before selling.
On the time of Lookonchain’s report, the insiders had sold a small portion of their tokens and still held 76.36% of the availability. BAKED has plummeted by 58% within the last 24 hours, currently trading for $0.01260.
BAKED’s performance since its launch. Source: DexScreener
Is The Recent 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. Moreover, users have called the BAKED token a scam as a consequence of an alleged lack of transparency.
GUMMY investors were presupposed to earn a 15% reward on BAKED tokens for staking their tokens on July 1. Nevertheless, users reported they didn’t receive any reward after unstaking their holdings.
In keeping with Web3 Forensics, users successfully unstaked their GUMMY tokens but no investor had been in a position 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.”
Furthermore, many users highlighted that GUMMY’s value has significantly decreased since they staked their holdings. Per the reports, every $1,000 staked within the token is now value around $140.
Many consider that the team behind the Solana-based tokens, including Crypto Banter’s founder Ran Neuner, used “each investor or Community Member who trusted you.”
On the official telegram group chat for the token, the team asked investors to “calm down” and “loosen up.” The team assured the project was not a scam and explained that none of them “got an early entry.”
Furthermore, the message stated that a better price for the token meant a “higher valuation on your gummy airdrop” and that the airdrop details can be announced soon.
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Ultimately, the launch didn’t receive a positive response. Several users stated they might “get away” from the GUMMY, BAKED, and Crypto Banter community as quickly as possible.
Solana (SOL) is trading at $146.63 within the five-day chart. Source: SOLUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com