The world’s largest cryptocurrency exchange Binance announced earlier today that it had listed two new Solana (SOL)-based memecoins. The Binance listing led to incredible price increases for these two altcoins, while one of them was suspected of being an insider.
DeFi research group Definalist has announced that it has detected a suspicious insider wallet ahead of the PNUT token being listed on Binance.
Accordingly, Definalist reported that it had detected a Solana wallet that they suspected was an insider related to the Peanut the Squirrel (PNUT) project.
According to Definalist, the wallet in question, which is suspected to be an insider, was reported as “22JYebQtQSLchTXiRJVCx7hpPamN1YzLJKHET52S6eBm”.
Referring to Lookonchain’s post, Definalist stated that the wallet that acquired PNUT and ACT after the Binance listing belongs to them, but their purchases are legitimate and legal.
However, the Definalist team stated that they scanned the data of wallets that were assumed to be insiders before Moodeng was listed, and said that they selected 5 wallets and found the wallet that they were sure was insider regarding the PNUT listing.
PNUT has surged over 200% since its Binance listing and is currently trading at $0.379 at the time of writing.
*This is not investment advice.