Once again, Solana, and once again, millions made through insider information in a short time: "Rug pull" could also be on the horizon.
In 2024, meme coins launched on the Solana blockchain have been perhaps the most talked-about topic of the bull season so far, while the development team of the Minette token also made a significant profit. And it seems like they'll continue to do so!
Another project has joined the ranks of those earning millions of dollars in a short time through tokens launched on the Solana network. The individuals behind the Minette project turned their initial investment of 3.89 SOL (approximately $600) into up to $2.5 million.
They made their purchase on the block where liquidity was added.
After withdrawing 3.89 SOL tokens from the Binance exchange, individuals who purchased 2.4 billion Minette tokens with 2.89 SOL each did not go unnoticed, especially since they made their purchases in the block where the developer added liquidity. The project team sold 1 billion Minette tokens for 999 SOL when the price rose, earning $153,000.
The developer team still holds 1.42 billion Minette tokens, meaning profit has not yet been realized on the $2.5 million worth of tokens.
The LP tokens were not burned.
As is known, in projects, LP (liquidity provider) tokens added to pools at the outset are typically burned by the team later on as new liquidity is provided. However, in this case, it’s observed that despite the formation of a certain amount of liquidity, these tokens have not been burned.
This situation creates a “rug pull” risk in the project. Additionally, it’s evident that the team is expecting the price of the token to rise further. As a result, a significant portion of the tokens may not have been sold yet. When the price rises, the team will likely increase their profits by selling large portions, potentially causing significant losses to those who bought at higher levels.
