#1259056

Imagine a new limited-edition collectible toy ^[1] is released. Some people know about the toy in advance and buy most of them. When the toy becomes popular and valuable, they sell their toy collection for a huge profit. That's basically what happened here ^[2].

1. A.K.A. the next "disrupting" crypto. ↩

2. And continues to happen far too often. ↩

My guess is these are the same people on the buyer and seller sides, just hiding behind different wallets. Otherwise the price would probably have crashed.

Similar to some overpriced NFT shenanigans during last season.

I find it wild that SOL's whole meme coin launchpad not only worked but is still around... I mean I thought that it would kinda contain the meme coin issue by centralizing it into one area but no its grown into a wild monster...

At least 15 blockchain wallets suspected of insider trading have turned an initial $14,600 investment into over $20 million, raising concerns about transparency and fairness in cryptocurrency markets. The 15 insider wallets made over $20 million in profit on the Focai.fun (FOCAI), a memecoin recently launched on Solana’s SOL memecoin launchpad Pump.fun. The suspected insiders have made an over 136,000-fold return on their initial $14,600 investment, which bought them over 60.5% of the total token supply, according to onchain analytics firm Lookonchain. “They then sold all their $Focai for 94,175 $SOL($20.5M), netting 94,108 $SOL($20.48M).”

This is crazy. Thanks for keeping us informed!