Over the weekend, a crypto trader turned 70 SOL into $3 million with a Solana-based token. However, the investor’s success story has been 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 millions in 30 minutes after investing $9,923 in the Solana-based memecoin BAKED. Lookonchain reported that a shooter spent 70 SOL to buy 81.78 million BAKED. 30 minutes later, the trader sold his holdings for 21,581 SOL, worth about $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 analytics platform concluded that the investor was likely not a internal since you purchased the tokens from the Raydium pool instead of the Degen Fund.
However, Lookonchain revealed that the BAKED team and members hold over 70% of the supply. According to the report, the development wallet spent 11.82 SOL to purchase 300.72 million BAKED from the Degen Fund, where the token was launched.
The wallet purchased the Solana memecoin “while minting tokens and 206.9 million $BAKED was added to liquidity.” 19 wallets snapped up the remaining 492.37 million tokens within a second.
Those wallets were created simultaneously with the development wallet and were funded by Bitget. 15 of the 19 wallets withdrew SOL from Bitget three days ago and are suspected of being linked to the BAKED team and insiders.
As a result, 78% of the supply, worth around $15.6 million, was held by internal and developer-related wallets. The wallets spent 82.4 SOL, worth around $11,700, to purchase 779.85 million BAKED before selling.
At the time of Lookonchain’s report, insiders had sold a small portion of their tokens and still held 76.36% of the supply. BAKED has plunged 58% in the past 24 hours, currently trading at $0.01260.
![Solana Trader Makes 307x Profit, But Investors Sound Alarm 1 Solana](https://thegurumedia.com/wp-content/uploads/2024/07/Captura-de-Pantalla-2024-07-01-a-las-10.52.54-a.-m.png)
Was the launch of the new Solana token cooked or burned?
Crypto investors have refuted claims that the “lucky” shooter was not an insider and expressed displeasure over the launch of the Solana memecoin. 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 in BAKED tokens for staking their tokens on July 1. However, users reported that they did not receive any rewards after staking their holdings.
According to Web3 Forensics, users successfully have withdrawn their GUMMY tokens, but no investors have been able to claim BAKED rewards as of Monday morning. One investor believes the project team “held our $GUMMY hostage so we couldn’t profit from the $BAKED airdrop.”
Furthermore, many users highlighted that the value of GUMMY has decreased significantly since they staked their holdings. According to 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 founder Ran Neuner, used “every investor or community member who has trusted you.”
In the token’s official Telegram group chat, the team asked investors to “calm down” and “relax.” The team assured that the project was not a scam and explained that none of them “got early registration.”
Furthermore, 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.
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Ultimately, the release did not receive a positive response. Several users stated that they would “run away” from the GUMMY, BAKED, and Crypto Banter community as soon as possible.
![Solana Trader Makes 307x Profit, But Investors Sound Alarm 2 Solana, SOL, SOLUSDT](https://thegurumedia.com/wp-content/uploads/2024/07/SOLUSDT_2024-07-01_10-27-55.png)
Featured image from Unsplash.com, chart from TradingView.com