Cryptocurrency Investor Multiplies Initial 10000 to 3 Million Within Half an Hour
The recent surge in crypto markets and the proliferation of new cryptocurrency ventures have presented daring investors with ample opportunities to potentially turn modest sums into substantial gains. On July 1, an astonishing example of this occurred when a trader, investing 70 Solana (SOL) valued at nearly $10,000, purchased almost 82 million units of a newly launched cryptocurrency named BAKED. Within just 30 minutes, this trader managed to sell their entire holding for 21,581 SOL, translating to a profit of over $3 million from an initial investment of $10,000 in less than an hour.
The timing and magnitude of this BAKED trade were documented by Lookonchain, a blockchain analytics platform, which speculated that the trader’s success was likely due to luck rather than insider knowledge, noting previous unsuccessful attempts by the same individual. This strategy, known as cryptocurrency sniping, involves swiftly purchasing tokens as soon as they become available for trading, often facilitated by trading bots.
The launch of BAKED itself was not without controversy, as Lookonchain’s investigation revealed significant insider activity. Approximately 800 million tokens were snapped up in about one second, with half of them going to the developer’s wallet. Further analysis suggested that 15 out of 19 involved addresses may belong to the same insider, who withdrew SOL from the Bitget exchange days before the BAKED launch. Together, these wallets accumulated as much as 78% of the circulating BAKED supply, retaining approximately 76% even after some sell-offs.
BAKED debuted on the DegenFund platform amidst accusations of market manipulation due to the rapid snatching of tokens, prompting official statements on its X page asserting the fairness of the launch. However, such volatile events underscore the speculative nature of cryptocurrency investments, which carry inherent risks.
**Disclaimer**: The information provided here does not constitute investment advice. Investing in cryptocurrencies involves risks, and investors should exercise caution as capital is at risk.