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Thursday, July 25, 2024
AltcoinsIncrease in Value of SolanaBacked Cryptocurrency Sparks Inquiries into Insider Trading

Increase in Value of SolanaBacked Cryptocurrency Sparks Inquiries into Insider Trading

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In a stunning display of market savvy, a trader netted a windfall by targeting $BAKED tokens, amassing 21,511 $SOL—equivalent to roughly $3 million—in a mere half-hour. This remarkable feat represents a 307-fold surge over the initial stake, all within the dynamic realm of decentralized finance platforms.

$BAKED made its debut on #DegenFund, where the developer’s wallet invested 11.82 $SOL to acquire 300.72 million $BAKED during the token minting phase, and subsequently, 206.9 million $BAKED was contributed to the liquidity pool. Astonishingly, the remaining 492.37 million $BAKED was claimed by 19 wallets in a single second.

The astute trader bypassed the initial offering on ‘DegenFund’ and instead purchased $BAKED tokens directly from Raydium’s liquidity pool. With a 70 $SOL investment ($9,923), the trader secured 81.78 million $BAKED and later sold them for 21,581 $SOL ($3.06 million). Prior to this lucrative transaction, the trader had participated in deals with three other tokens, experiencing losses in two of them.

**Insider Control and Token Allocation:**
Probing into the distribution of $BAKED tokens revealed that a substantial 76.38% of the total supply, which translates to 763.8 million tokens, is retained by the development team and insiders. Initially acquired for just 82.74 $SOL ($11.7K), these tokens now boast an estimated value of $15.6 million.

At the inception of $BAKED on ‘DegenFund,’ the developer wallet was observed snapping up a significant number of tokens at the minting stage. This was swiftly followed by 19 wallets acquiring 492.37 million $BAKED in an astonishingly brief one-second window. Among these, three wallets, likely linked to the developer based on their simultaneous creation and funding patterns, along with 15 others, are presumed to be under the sway of insiders tied to the development team.


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