Uncovering Insider Activities in the $BAKED Token Launch
On 1 July 2024, Lookonchain shared findings on X (formerly Twitter), revealing intriguing insider activities surrounding the $BAKED token launch on DegenFund. Here’s what you need to know:
The DegenFund Platform
DegenFund operates as a platform on the Solana blockchain, catering to crypto enthusiasts willing to take risks on new projects. Key features include:
- Easy token creation within seconds
- Focus on fair launches without pre-sales
- $BAKED token for community governance and staking
Key Insights from Lookonchain
Lookonchain’s analysis uncovered various activities surrounding the $BAKED token, including:
- Developer wallet spending on $BAKED tokens
- Liquidity pool additions
- Wallet creation funded by Bitget exchange
- Coordinated insider moves
Developer Wallet Actions
Insights on the actions of the developer wallet and insider wallets include:
- Spending on $BAKED tokens and liquidity additions
- Simultaneous wallet creations funded by Bitget
- Withdrawals from Bitget prior to the launch
- Total acquisition of 779.85 million $BAKED tokens
Sniper Activity
Lookonchain also detailed a sniper’s activity purchasing $BAKED tokens from Raydium’s pool and subsequent profitable trade. Key points include:
- Sniper’s purchase and sale within 30 minutes
- No evidence of insider involvement in the sniper’s trade
- Significant profit made on the $BAKED token
Hot Take: An Inside Look at Token Launch Dynamics
Exploring the intricacies of the $BAKED token launch sheds light on the dynamics of insider activities, highlighting the need for transparency and fair practices in the crypto space. Stay informed and vigilant when engaging with new token launches to mitigate risks and protect your investments.
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