- In an extraordinary turn of events, a savvy investor managed to rake in a staggering $3 million in just 30 minutes through a meme coin called BAKED.
- The on-chain analytics platform Lookonchain revealed this remarkable feat on Twitter, shedding light on the tactics used by the trader.
- The trader reportedly leveraged Degen.Fund to execute this highly profitable move, converting a mere 11.82 Solana into a whopping 300.72 million BAKED tokens.
A prudent investment strategy in the crypto market yields a phenomenal $3 million profit within half an hour, illuminating the potential rewards and risks of meme coin trading.
Sniper Investor’s Bold Move in the Crypto Market
The crypto market witnessed an extraordinary event when a sniper investor capitalized on the launch of the meme coin BAKED to amass a fortune. According to Lookonchain’s report, the developer team of BAKED initiated the token with a purchase of 11.82 Solana, amounting to 300.72 million BAKED. Out of this, 206.9 million tokens were allocated for liquidity, leaving 492.37 million BAKED acquired within seconds by 19 distinct wallets.
Insights into the Mechanism of the Purchase
Intriguingly, out of these 19 wallets, three were identified as developer wallets and were active concurrently, all withdrawing assets from the cryptocurrency exchange Bitget. Notably, 15 out of the 19 wallets had pulled Solana from Bitget just three days prior. The developer wallets and insiders collectively spent $11.7 thousand to capture 78% of the total token supply. A substantial portion of this supply has since been sold off by the developer wallets and insiders, marking an impressive yet risky venture in the volatile world of cryptocurrencies.
An Unconventional Approach Pays Off: The Sniper Investor’s Strategy
Lookonchain detailed the sniper investor’s decisive actions, involving the acquisition of 81.78 million BAKED using $9,900 worth of 70 SOL. By accurately predicting the movements of other wallets, the investor managed to yield a profit of 21,581 SOL, equivalent to approximately $3.06 million, within a narrow window of 30 minutes. This not only demonstrates keen market insight but also underscores the opportunities and potential pitfall inherent in meme coin investments.
Conclusion
This case encapsulates the high-reward, high-risk nature of meme coin trading in the cryptocurrency market. The sniper investor’s short-term windfall is a testament to astute market analysis and timely actions. However, it also serves as a reminder of the speculative and volatile landscape of crypto trading, where fortunes can be made or lost in a matter of minutes. For prospective investors, deriving lessons from such real-life incidents is crucial for navigating the dynamic and often unpredictable world of cryptocurrencies.
