A user fell victim to insider trading of the meme coin CoolCoin (COOL) on the Solana network, as reported by analysts at Lookonchain.
Don’t buy when snipers/insiders are dumping #MEMEcoins on you, or you’ll lose heavily as this trader did!
This trader spent 1,600 $SOL to buy $COOL and sold for only 532.58 $SOL, losing 1,067.42 $SOL($152K) in less than 30 mins!https://t.co/YSbJWfPzAJhttps://t.co/z4DkFDwkjz pic.twitter.com/nOvQ7ONmVJ
— Lookonchain (@lookonchain) April 29, 2024
The trader spent 1600 SOL to purchase 2.2 million COOL, but managed to sell them for only 532.58 SOL less than half an hour later, incurring a loss of 1067.42 SOL ($152,000).
Earlier, Lookonchain noted suspicious activity on the network resembling insider trading. They identified a trader who owns a significant portion of the issued CoolCoin tokens.
According to their data, this individual purchased 574.27 million COOL for 35.4 SOL ($5,000) and distributed them across several addresses. Within an hour, the insider sold 22.81 million COOL from five wallets, earning 11,896 SOL ($1.69 million).
Currently, he still holds 551 million COOL (55.1% of the total supply) valued at over $20 million.
Previously, analysts suspected insider trading by a trader who turned $9,769 into $10 million within a day on the new token GUMMY.