As the recent weekend winded down, an audacious crypto trader stirred shockwaves within the investment community by converting a mere 70 SOL into a staggering $3 million, armed with only a Solana-based token. Yet this meteoric rise to wealth was largely obscured by the contentious launch of the very own memecoin that made it all feasible.
In an astounding half-hour display of profitability, our digital maverick saw a return of millions on an initial investment of $9,923 in the Solana-based memecoin known as BAKED. The story unfolds as the trader, a seemingly ordinary enthusiast formerly known to have invested and suffered losses with other Solana memecoins, bought 81.78 million BAKED for 70 SOL. Barely a half-hour later, he divested his holdings for 21,581 SOL, or approximately $3.06 million, distributed among 76 transactions.
While cynics might attribute this spectacular success to pure luck, an examination of the transaction history conducted by Lookonchain revealed that this was no insider deal. Rather than procuring the tokens directly from the Degen Fund as an insider might have, the investor made his purchase from the Raydium pool.
However, the Picture of the mysterious memecoin BAKED was not all rosy. Lookonchain pointed out that the team behind BAKED and their insiders held in excess of 70% of the coin’s supply. Allegedly, the developer’s wallet spent 11.82 SOL to secure 300.72 million BAKED from the Degen Fund, where the token first launched.
As per Lookonchain’s report, 19 other wallets, created at the same time as the developer’s wallet and funded by Bitget, snapped up the remaining 492.37 million tokens in a second’s time. Moreover, 15 of these wallets were suspected to be linked to BAKED’s own team and insiders, having withdrawn SOL from Bitget just three days prior. An estimated 78% of the total supply, equal to $15.6 million, was thus corralled by dev-related wallets and insiders.
This sweeping control left a sour taste in the mouths of many crypto investors, who protested this skewed distribution and deemed the BAKED token a scam owing to its alleged lack of transparency. Further watering-down the trust, the anticipated 15% reward on BAKED tokens, promised to GUMMY investors who staked their tokens on the first of July, remained unfulfilled. The fire of discontent began to burn higher as users reported receiving no reward even after unstaking their holdings.
The BAKED launch was also met with criticism from a distressed investor who had accused the project’s team of taking the GUMMY tokens “hostage,” thereby preventing investors from making a profit from the BAKED launch. Moreover, many investors noticed a significant drop in the value of their GUMMY holdings since they first staked them. This, naturally, fueled suspicions that the team behind Solana-based tokens, including Crypto Banter’s founder Ran Neuner, had betrayed the trust of their community members.
In response to the growing criticism and unrest, the team behind the token took to the official Telegram group chat and urged irate investors to remain calm. They denied allegations of scamming and stressed that none of the team members had announced early entry. The message also implied that a higher price for the token would translate to a higher valuation for the gummy airdrop, with details regarding the airdrop to be announced soon.
Alas, the esoteric world of cryptocurrency hit a rough patch with this controversial launch. Several disillusioned investors have announced their decision to sever ties with GUMMY, BAKED, and the Crypto Banter community as swiftly as possible. Despite this recent debacle, the popularity of cryptocurrencies continues to grow, with Solana (SOL) currently being traded at $146.63.
