Cryptocurrency owner Solana managed to earn $ 3 million in just 30 minutes

Cryptocurrency analysts have drawn attention to the success of one of the owners of digital assets. The trader turned $ 10,000 into $ 3 million in just 30 minutes. This became possible thanks to the successful purchase and sale of the new cryptocurrency BAKED.

on July 1, the trader spent 70 Solana (SOL), which is equivalent to about $ 10,000, to buy almost 82 million BAKED tokens. After 30 minutes, he sold these tokens for 21,581 SOL, which is equal to more than $ 3 million. This was an example of a cryptocurrency sniping strategy, when tokens are bought immediately after they enter the market.

This transaction was analyzed by Lookonchain, a platform that tracks transactions on the blockchain. They came to the conclusion that the trader was probably not an insider of the project, as he had made three similar attempts earlier, two of which were unprofitable.

The launch of BAKED was accompanied by significant insider activity. Lookonchain found that about 800 million tokens were purchased in one second, about half of which were purchased from the developer’s wallet. The platform also believes that 15 of the 19 addresses that participated in the auction belong to the same insider, as they withdrew SOL from the Bitget cryptocurrency exchange three days before the launch of BAKED.

The insiders purchased up to 78% of the total circulating supply of BAKED and even after some sales still own approximately 76%. The launch of BAKED on the DegenFund platform was accompanied by accusations of manipulation, which led to several official statements on the BAKED social media page about the fairness of the launch.