Solana Meme Token $BAN Sees 60% Surge Amid Strategic Sell-Off By Key Investor

Yesterday, Solana meme token $BAN rebounded by 60%, with its market capitalization briefly returning to $40 million.

This surge coincided with the conclusion of a significant sell-off by a suspected “conspiracy group” or “rat warehouse” address, identified as 2giqG…MLGZT. This main address, which once controlled 9.2% of all $BAN tokens, turned a $903 investment into a profit of $567,000—a staggering 627x return.

The primary address strategically acquired 92.2 million $BAN tokens (9.2% of the total supply) during an internal market phase, spending only 5.09 SOL ($903). As $BAN’s value surged, the address sold 34.1 million tokens, securing a profit of 330.2 SOL.

It then distributed 58.75 million tokens to six secondary addresses, where tokens were further funneled into smaller amounts to tertiary addresses for sale. This complex structure created a steady flow of tokens among addresses, allowing for discreet liquidations without drawing excessive attention.

Market Movements From Top Traders

Throughout the token’s initial rise, the main address adopted a “small-batch selling” approach, carefully timing sales to avoid raising suspicion when activity peaked. Interestingly, during a 90% market drop triggered by news involving a Sotheby’s executive, the address refrained from any selling. However, during the second rebound, the main address liquidated the remaining tokens in two large transactions, capitalizing on a peak market valuation of roughly $20 million.

By October 30-31, the associated secondary addresses had also completed their liquidations, marking the end of this orchestrated sell-off. This sophisticated strategy highlights the complexities and potential for high-profit maneuvers within meme token markets on decentralized exchanges.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.

Will Izuchukwu: