Investor Turns $10,000 into $3 Million in 30 Minutes with Meme Coin: How Did They Do It?

A savvy investor managed to earn $3 million in just 30 minutes thanks to a meme coin called BAKED.
Investor Turns

On July 1st, the on-chain data and analysis account Lookonchain shared on Twitter how a sniper trader managed to turn a $9,900 investment into $3 million in just 30 minutes, achieving a 307x return.

How It Happened:

Initiation through Degen.Fund:
– The developer team behind BAKED used 11.82 Solana (SOL) to purchase 300.72 million BAKED tokens.
– Out of this, 206.9 million BAKED was added to liquidity.
– The remaining 492.37 million BAKED tokens were quickly snapped up by 19 wallets within one second.

Wallet Activities:
– Three of these 19 wallets were created simultaneously with the developer’s wallet, and each withdrew funds from the Bitget cryptocurrency exchange.
– Fifteen of the 19 wallets had withdrawn Solana from Bitget three days earlier.

Insider Activity:
– The developer wallet and insiders spent a total of $11,700 to acquire 78% of the total BAKED supply.
– Some of this large supply was sold by the developer wallet and insiders.

The Sniper Investor’s Strategy:
– According to Lookonchain, the sniper investor, not part of the insider group, spent $9,900 worth of 70 SOL to purchase 81.78 million BAKED tokens.
– Likely monitoring and predicting wallet movements, the investor capitalized on the opportunity, earning a profit of 21,581 SOL, equivalent to $3.06 million, within 30 minutes.

The sniper investor’s keen observation of wallet activities and rapid decision-making enabled a remarkable return on investment, highlighting the lucrative yet high-risk nature of meme coin trading.

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