Cryptocurrency trader transforms 10000 into 3 million in only 30 minutes

In the dynamic world of digital currencies, the rejuvenation of the cryptocurrency market and the introduction of countless new ventures have presented bold investors with the chance to transform modest investments into substantial fortunes.

On the first day of July, a remarkable transaction unfolded when an investor utilized 70 Solana (SOL) – valued just shy of $10,000 – to acquire nearly 82 million units of a nascent digital currency named BAKED. Within a mere half-hour, this individual flipped their holdings for 21,581 SOL, turning their initial investment into a staggering sum exceeding $3 million in under sixty minutes.

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**Chronology of the BAKED Transaction.** Courtesy of Lookonchain

Lookonchain, a blockchain analytics firm, monitored this transaction and deduced that the trader in question is likely not an insider but rather a fortunate individual, considering their history of three similar trades, two of which resulted in losses. This particular trade is a classic instance of ‘cryptocurrency sniping’ – a tactic where a trader acquires a token at the earliest opportunity, often immediately upon its market debut, typically facilitated by automated trading bots.

**The Controversial Debut of BAKED:**
The launch of BAKED was not without its drama, as Lookonchain observed significant insider transactions, with around 800 million tokens being claimed in roughly one second, nearly half by the developer’s wallet. Further investigation by the platform suggests that as many as 15 of the 19 addresses involved in the launch withdrawals are likely controlled by the same insider, who moved the SOL from the cryptocurrency exchange Bitget three days prior to BAKED’s introduction.

Collectively, the developer and insider wallets are believed to have secured up to 78% of BAKED’s total circulating supply, maintaining control of about 76% even after some sales. The launch on DegenFund was tainted by allegations of manipulation, prompting the official X page to issue multiple statements asserting the fairness of the launch.

**Disclaimer:**
The information provided here is not to be interpreted as financial advice. Investment decisions are inherently speculative, and there is always the risk of losing capital.