A trader achieved a remarkable profit by acquiring $BAKED tokens, netting 21,511 $SOL (around $3 million) in just 30 minutes—a return of 307 times the initial investment. This event occurred within the highly volatile realm of decentralized finance platforms.
$BAKED was introduced on #DegenFund, with the developer wallet purchasing 300.72 million $BAKED for 11.82 $SOL during the token minting phase, and 206.9 million $BAKED were added to the liquidity pool. The remaining 492.37 million $BAKED were quickly acquired by 19 wallets in just one second.
pic.twitter.com/6KGzdwINM8 — Lookonchain (@lookonchain) July 1, 2024
The trader didn’t purchase $BAKED tokens through the initial offering on ‘DegenFund’ but rather directly from Raydium’s liquidity pool. By investing 70 $SOL ($9,923), the trader bought 81.78 million $BAKED and subsequently sold them for 21,581 $SOL ($3.06 million). Prior to this successful trade, the trader had dealt with three other tokens, experiencing losses on two occasions.
Insider Control and Token Allocation
Investigations reveal that 76.38% of $BAKED tokens, totaling 763.8 million, remain under the control of the development team and insiders. These tokens were originally purchased for just 82.74 $SOL ($11.7K) and are now worth approximately $15.6 million.
4/ These dev and insider wallets spent a total of 82.74 $SOL ($11.7K) to buy 779.85 $BAKED (worth $15.6M), 78% of the total supply. They have sold a small portion of it, and currently have 763.8M $BAKED left, 76.38% of the total supply. pic.twitter.com/AqQJnaNhYo — Lookonchain (@lookonchain) July 1, 2024
Upon the launch of $BAKED on ‘DegenFund,’ the developer wallet was observed buying a significant amount of tokens during the minting stage. This was swiftly followed by the acquisition of 492.37 million $BAKED by 19 wallets within one second. Three of these wallets, suspected to be connected to the developer due to simultaneous creation and funding patterns, along with 15 others, appear to be managed by insiders linked to the development team.
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