While the interest in Solana (SOL)-based altcoins continues, another investor earned millions of dollars.
According to Lookonchain's post, an insider trader earned $2.5 million on the altcoin named Minette.
The trader, who withdrew 3.89 Solana from Binance to buy Minette, purchased 2.46 billion Minette for 2.89 SOL (worth $445).
While it did not go unnoticed that the trader made purchases as soon as the Minette liquidity was added and in the block to which the developer added the liquidity, it was seen that he sold some of the Minettes he bought for 153.5 thousand dollars.
Saying that the trader still has 1.42B Minette in his possession, Lookonchain stated that his unrealized profit is worth $2.5 million.
Lookonchain also pointed out that the Minette developer still has not burned the LP tokens, saying that there is a risk of rugpull in the project and warned investors.
“An insider turned 3.89 SOL ($600) into 999 SOL ($153.56 thousand) in just 15 hours, making $2.5 million in unrealized profits.
He withdrew 3.89 SOL ($600) from Binance and spent 2.89 SOL ($445) to buy 2.46 billion Minettes in the same block where the developer added liquidity.
He then sold 1.04B Minette for 998.7 SOL ($153 thousand), making an unrealized profit of $2.5 million with the remaining 1.42B Minette.
Note that the developer of VibeCat (Minette) does not burn LP tokens, so there is a risk of Rugpull in the project.”
Starting at 3.89 $SOL($600), the insider turned it to 999 $SOL($153.56K) in just 15 hours and has $2.5M in unrealized profits.
He withdrew 3.89 $SOL($600) from #Binance and spent 2.89 $SOL($445) to buy 2.46B #Minette at the same block where the developer added liquidity.
Then… pic.twitter.com/daxXb6h59P
— Lookonchain (@lookonchain) May 10, 2024
*This is not investment advice.
