Baked Or Burned? Trader Makes 307x From Solana Token But Investors Raise The Alarm

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As a researcher with experience in the crypto market, I’m always on the lookout for intriguing stories that shed light on the complex and often controversial world of decentralized finance (DeFi). The recent event surrounding the Solana-based memecoin BAKED, which made one trader $3 million in minutes, certainly fits the bill.

As a researcher studying the cryptocurrency market, I came across an intriguing story over the weekend. A seasoned crypto trader managed to transform 70 SOL into a substantial fortune of $3 million through a token based on the Solana platform. Yet, this investor’s impressive achievement was overshadowed by the contentious launch of a memecoin that played a role in making such returns possible.

Trader Makes $3 Million In Minutes

As a crypto market analyst, I’ve come across an intriguing occurrence. A trader managed to amass substantial wealth in a brief 30-minute window by investing $9,923 in the Solana-based memecoin BAKED. According to Lookonchain, a sharp buyer spent 70 SOL (approximately $1,850 at the time) to acquire a massive 81.78 million units of BAKED. In the subsequent half hour, this trader offloaded their entire holding in 76 separate transactions, fetching a substantial profit of around 21,581 SOL, equivalent to approximately $3.06 million.

A fortunate trader, who had previously invested and experienced losses with other Solana memcoins, managed to accomplish this feat. According to the findings of an on-chain analysis tool, it is unlikely that this individual was an insider as they acquired the tokens from Raydium’s pool rather than obtaining them from the Degen Fund.

As a researcher examining the data disclosed by Lookonchain, I’ve come across an intriguing finding regarding the distribution of BAKED tokens. The team behind BAKED and their insiders reportedly control over 70% of the total supply. Furthermore, it was uncovered that the development wallet purchased approximately 300.72 million BAKED tokens for a cost of 11.82 SOL from the Degen Fund, which is where the token was initially launched.

A wallet purchased the Solana memecoin during the process of minting tokens, accumulating an additional $206.9 million worth of $BAKED. In that instant, 19 other wallets seized the remaining 492.37 million tokens.

Simultaneously with the development wallet, Bitget funded the creation of these wallets. Within the past three days, 15 out of the 19 wallets have withdrawn Solana (SOL) from Bitget. These wallets are under suspicion due to their potential connection to BAKED’s team and insiders.

Approximately 78% of the total supply, valued at approximately $15.6 million, was controlled by insider and developer wallets. These wallets transacted around 82.4 Solana (SOL), equating to roughly $11,700, to acquire over 779.85 million BAKED tokens prior to selling them.

According to Lookonchain’s latest findings, insiders had disposed of a minimal amount of their tokens yet retained 76.36% of the total token inventory. The value of BAKED has experienced a significant decrease of approximately 58% over the past 24 hours and is currently being exchanged for $0.01260.

Baked Or Burned? Trader Makes 307x From Solana Token But Investors Raise The Alarm

Is The New Solana Token Launch Baked Or Burned?

Crypto investors strongly disagreed with the suggestion that the “fortune-fortunate” trader wasn’t an insider, and they voiced their frustration over the Solana memecoin launch. Furthermore, some users have branded the BAKED token as a potential scam due to reported opacity.

It was anticipated that investors holding GUMMY tokens would be given a 15% return on their investment in BAKED tokens by staking them before July 1. Yet, several users have shared concerns that they failed to receive the promised reward upon unstaking their assets.

Based on Web3 Forensics’ findings, users managed to withdraw their GUMMY tokens but none of the investors had gained BAKED rewards by Monday morning. One investor expressed frustration towards the project team, alleging that they kept control of the GUMMY tokens, preventing investors from earning profits during the BAKED token launch.

Additionally, several users have brought up the concern that the value of GUMMY has noticeably dropped since they initially staked their investments. According to recent findings, each $1,000 previously invested in this token now yields approximately $140 in value.

Several people hold the view that the Solana token team, including Crypto Banter’s founder Ran Neuner, allegedly utilized the trust of “each and every investor and community member.”

As a researcher investigating information from the official Telegram group chat of the token project, I came across a message from the team addressing investor concerns. They urged calmness and relaxation, emphasizing that the project was legitimate and no team members had gained early entry to the token sale.

Additionally, the communication indicated that a greater value for the token equated to a more favorable assessment for your gummy airdrop, with further information on the distribution event to be shared imminently.

In the end, the launch failed to elicit a favorable reaction. Some members expressed their intention to leave the GUMMY, BAKED, and Crypto Banter community imminently.

Baked Or Burned? Trader Makes 307x From Solana Token But Investors Raise The Alarm

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2024-07-02 00:05