A trader achieved an astounding profit by swiftly acquiring $BAKED tokens, earning a staggering 21,511 $SOL (equivalent to approximately $3 million) in just half an hour, resulting in a return of 307 times the initial investment. This remarkable event occurred in the turbulent realm of decentralized finance platforms.
The launch of $BAKED took place on the platform known as ‘DegenFund,’ where the developer wallet invested 11.82 $SOL to purchase 300.72 million $BAKED tokens while also minting tokens and adding 206.9 million $BAKED to the liquidity pool. The remaining 492.37 million $BAKED tokens were quickly snatched up by 19 wallets within a mere second.
The trader took advantage of the opportunity to acquire $BAKED tokens not through the initial offering on ‘DegenFund,’ but instead directly from Raydium’s liquidity pool. With an investment of 70 $SOL ($9,923), the trader acquired 81.78 million $BAKED tokens and subsequently sold them for 21,581 $SOL ($3.06 million). Prior to this successful trade, the trader had engaged in transactions involving three other tokens, experiencing losses with two of them.
Further investigations into the token distribution and control reveal that a significant portion of $BAKED tokens, specifically 76.38% of the total supply amounting to 763.8 million tokens, remains under the control of the development team and insiders. These tokens were initially purchased for a mere 82.74 $SOL ($11.7K) and are now valued at approximately $15.6 million.
The dev and insider wallets collectively spent a total of 82.74 $SOL ($11.7K) to acquire 779.85 million $BAKED tokens, which currently account for 78% of the total supply. They have sold a small portion of these tokens and currently hold 763.8 million $BAKED, representing 76.38% of the total supply.
Upon the launch of $BAKED on ‘DegenFund,’ the developer wallet attracted attention for its significant token acquisitions during the minting stage. This was followed by the rapid acquisition of 492.37 million $BAKED tokens by 19 wallets within a single second. Among these wallets, three are suspected to be linked to the developer due to their simultaneous creation and funding patterns, while the remaining 15 wallets appear to be controlled by insiders associated with the development team.
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