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Cryptocurrencies, due to high risk and high returns, continue to show that small moves by some investors can turn into big gains. In this process, meme coins have created many new millionaires. It is known that while millionaires emerge, investors who buy these at high prices can suffer historical losses. Today, we will examine the profit obtained by an investor.
The Meme Coin Purchased by the Investor
On July 1, an investor made a move to buy a meme coin named BAKED. The investor, who spent 70 Solana (SOL) for approximately 82 million tokens, made a purchase worth around $10,000.
This move quickly paid off, as the investor sold the mentioned tokens for 21,581 SOL just 30 minutes later. The return on this investment was seen to be $3 million from the initial $10,000.
Lookonchain, one of the important blockchain tracking platforms in the market, mentioned that this person might not be related to the project. Investigations revealed that the same investor made similar attempts in three different cryptocurrencies, two of which ended in disaster.
Events Surrounding BAKED
Investigations by Lookonchain revealed another significant event. It was detected that 800 million tokens were stolen from wallets belonging to the developers. This situation raised major questions before BAKED entered the market.
On the other hand, the company noted that 15 out of 19 addresses thought to be related to the project might belong to people involved with the project, as the SOL spent during the creation of the cryptocurrency was withdrawn from the Bitget exchange three days before BAKED entered the market.
According to the investigations, it is thought that the wallets believed to have insider information and owned by the developer hold 78% of the existing BAKED circulating supply, and even after the sales, they still hold 76%.
While all this was happening, eyes turned to the SOL price. As of the time of writing, SOL continues to find buyers at the $148 level after a 3.16% increase. SOL’s market cap once again surpassed $68 billion, while its trading volume rose to $1.952 billion, indicating investor interest.
