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.
A crypto trader made millions in 30 minutes after investing $9,923 in Solana-based memecoin BAKED. Lookonchain 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.
BAKED’s performance since its launch. Source:
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 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, “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.
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.
Solana (SOL) is trading at $146.63 in the five-day chart. Source: SOLUSDT on
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
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From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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