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- A crypto insider made $153,000 in 15 hours of trading in Solana’s VibeCat ecosystem, raising concerns about insider trading and rug pulls.
- The trader started with $600 and now holds over $2.5 million in VibeCat tokens, selling 1.04 billion Minette for 998.7 SOL.
A crypto insider has generated significant buzz after raking in a staggering $153,000 in realized profits within a mere 15-hour window. The trading was based on the Solana (SOL) ecosystem with focus on VibeCat crypto (Minette). The uniqueness of this setting lies in the astronomical profit, the fact that it has attracted suspicion of manipulation of the markets and possible rug pull that is ringing alarm bells within the crypto community.
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
Amidst the hustle and bustle of the crypto market, one trader turned heads by swiftly amassing over $2.5 million worth of VibeCat (Minette) tokens. Beginning with a modest investment of $600, the trader’s portfolio skyrocketed in value, raising eyebrows and prompting questions about the nature of their trading activities.
Notably, the trader made strategic moves, timing purchases with the addition of liquidity to the decentralized exchange, hinting at a deeper understanding of potential insider knowledge of market movements.
Inside Trading Allegations and Rug Pull Risks
The trader’s success, however, may appear as luck, but doubts have been cast on the likelihood of insider trading. This led to suspicions of insider information being used or unfair advantages being applied. Furthermore, rug pull warnings have been issued where LP tokens are left, and this has been said to create a risk of sudden price manipulations and market collapses.
These practices weaken the confidence in the market of crypto and point out the necessity for more transparency and regulation in order to protect the investors.
Notwithstanding the scandal unfolding, Solana’s native coin, SOL, is still moving upwards. SOL has a trading volume that has surpassed $2 billion within 24 hours, with a current price of $153.71, an 8.57% increase over the last day and a considerable 12% rise over the past week.
However, the market capitalization of Solana at $68 billion reflects the strength of the crypto market. Still, the decrease in trading activity is opposite to and raises questions about the sustainability of its current trajectory.
Jelle’s Bullish Outlook on Solana
Well-known analyst Jelle is bullish on Solana and labels it his main altcoin holding after Ethereum. Although SOL has recently dropped from its all-time high, Jelle thinks the cryptocurrency has found support at key levels and could rise towards $200 before setting new records. This endorsement from an esteemed analyst highlights investors’ faith in Solana’s future resilience despite its trials.
$SOL pulled back 45% from the peak, held the key support area, and bounced.
Eyes on $200 & new all-time highs next.
Still my biggest #Altcoins holding, after $ETH.
Send it higher. pic.twitter.com/IiXOSsAeJC
— Jelle (@CryptoJelleNL) May 10, 2024
In a different incident that demonstrates the volatility of cryptocurrency markets, one investor fell victim to the fear of missing out (FOMO), leading to major losses. In a mere 17 minutes, the investor lost 239 SOLs, costing him approximately $37,000 due to impulsive decisions. Acting hastily during a price surge, the investor purchased Devin tokens with 398 SOL, only to panic and sell for 158.8 SOL following a sudden downturn. This impulsive act further caused huge monetary losses.
Please be patient and don’t be #FOMO!
This guy lost 239 $SOL($37K) in just 17 minutes!
He #FOMO bought $DEVIN with 398 $SOL at the price high.
After holding it for only 17 minutes, he panicked because of the price drop and sold it for 158.8 $SOL.
If he hadn't sold, he would… pic.twitter.com/xWI6KWHLw2
— Lookonchain (@lookonchain) May 6, 2024
