How One Lucky Trader Made $3 Million in 30 Minutes with $BAKED Token: Blockchain Analysis Service

by

As a researcher with experience in blockchain analysis and cryptocurrency markets, I find the situation surrounding the launch of the $BAKED token on DegenFund deeply concerning. The findings by Lookonchain suggest insider trading and manipulation activities that could have significantly impacted the fairness and transparency of the token launch.

Beginning on July 1, 2024, Lookonchain, a renowned blockchain analytics service, revealed intriguing insights into the backstage dealings (previously known as “insider activities”) regarding the introduction of the $BAKED token on DegenFund through an exhaustive post on their platform (formerly identified as Twitter).

As a Solana blockchain analyst, I’d describe DegenFund as a unique platform that empowers creators to launch new tokens within the Solana ecosystem. This platform caters specifically to a certain kind of investor – the “degen.” As a degener myself, I relish high-risk, high-reward opportunities and am not deterred by the uncertainty surrounding new and unproven projects. DegenFund is an ideal fit for individuals like us who thrive on the thrill of discovery and potential growth in the crypto space.

As a researcher studying blockchain technology, I can tell you that this platform simplifies the process of token generation significantly, enabling users to create a new token in a short amount of time. Furthermore, it prioritizes equitable launches by eliminating pre-sales and team allocations for the newly created token.

The BAKED token, linked with DegenFund, plays a crucial role in facilitating community management and involvement within the platform. Token holders are granted the right to cast votes on proposals and shape the future development of the ecosystem. Furthermore, by staking their BAKED tokens, users can earn rewards and remain invested in the platform’s expansion. Lastly, this token is utilized for settling various fees or accessing specific services within DegenFund.

As a crypto investor, I’ve been keeping an eye on the latest findings from Lookonchain’s analysis. They’ve uncovered a number of transactions that raise red flags and hint at potential manipulation and insider trading surrounding the BAKED token. These revelations provide valuable insight into the complexities of the token’s launch and subsequent trading activities.

Based on Lookonchain’s report, the $BAKED token was introduced on DegenFund. During this process, the developer wallet expended 11.82 SOL to obtain 300.72 million $BAKED tokens as they were being minted. Simultaneously, 206.9 million $BAKED tokens were added to the liquidity pool. The remaining 492.37 million $BAKED tokens were swiftly bought up by 19 different wallets within a second.

As an analyst, I’ve come across some intriguing information in this thread. Three out of the nineteen wallets were created around the same time as the developer wallet and were all funded by Bitget, a well-known cryptocurrency exchange. This finding raises the probability that these three wallets belong to the developer himself. Additionally, fifteen out of the nineteen wallets withdrew Solana (SOL) from Bitget just three days before the token launch. This pattern suggests possible coordinated insider activity.

In total, these developer and insider wallets spent 82.74 SOL (approximately $11.7K) to acquire 779.85 million $BAKED tokens, which are valued at around $15.6 million, representing 78% of the total supply. Despite selling a small portion, these wallets still hold 763.8 million $BAKED tokens, equivalent to 76.38% of the total supply.

Further investigation by Lookonchain revealed that an individual spent approximately $9,923 to acquire 81.78 million $BAKED tokens from Raydium’s pool, instead of DegenFund. Just half an hour later, they successfully sold these tokens for a staggering $3.06 million. The substantial profit of around $3.05 million gained from this transaction was not indicative of insider trading based on Lookonchain’s findings.

A trader swiftly purchased $3 million worth of $BAKED for a single transaction, yielding a profit of approximately 21,511 $SOL (or $67,536,800) within a mere half-hour, resulting in a staggering return on investment of 307 times the original amount. But the question remains: How did this individual manage such an impressive feat?— Lookonchain (@lookonchain) July 1, 2024

Read More

2024-07-01 15:07