The $BAKED token was recently launched on DegenFund, with the developer wallet spending 11.82 $SOL to acquire 300.72 million $BAKED during the minting process.
Additionally, 206.9 million $BAKED was added to liquidity. Within a second, 492.37 million $BAKED was snapped up by 19 wallets.
Interestingly, the team and insiders hold a substantial portion of the token supply, controlling 763.8 million $BAKED, or 76.38% of the total supply. It has been observed that three of the 19 wallets were created simultaneously with the developer wallet and were funded by Bitget, suggesting these wallets likely belong to the developers.
Whales Spends 82 SOL To Buy Up To 78% Of $BAKED Token Supply
Furthermore, 15 of the 19 wallets withdrew $SOL from Bitget three days prior, indicating they are also likely controlled by insiders. These developer and insider wallets collectively spent 82.74 $SOL (approximately $11.7K) to purchase 779.85 million $BAKED, valued at $15.6 million, accounting for 78% of the total supply. Although a small portion has been sold, they currently retain 763.8 million $BAKED, or 76.38% of the total supply.
A notable event during the launch was a sniper spending 70 $SOL (around $9,923) to buy 81.78 million $BAKED. This sniper managed to sell these tokens for 21,581 $SOL ($3.06 million) within 30 minutes, earning a profit of 21,511 $SOL ($3.05 million) in a remarkably short period. Unlike the insiders, the sniper did not purchase $BAKED from DegenFund but directly from Raydium’s pool.
Investigations revealed that the sniper had previously traded three tokens, incurring losses on two. Despite no evidence suggesting the sniper is an insider, this individual’s timely trade appears to be a stroke of luck rather than insider knowledge.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.