An unknown trader transformed $9,769 into $10 million within a day through the new GUMMY token, as noted by analysts at Lookonchain.
Sniper or insider?
This guy turned $9,770 into $10M in just 1 day, a gain of 1,025x!
12 minutes before $GUMMY was deployed, this guy withdrew 65.23 $SOL from #MEXC.
Then spent 64.5 $SOL($9,769) to buy 97.36M $GUMMY in the same block where the $GUMMY deployer added liquidity.… pic.twitter.com/a9VDyPDQAI
— Lookonchain (@lookonchain) April 21, 2024
Twelve minutes before GUMMY trading commenced, the trader withdrew 65.23 SOL from the MEXC exchange.
He spent 64.5 SOL ($9,769) to purchase 97.36 million GUMMY in the same block where the token’s deployer added liquidity.
All acquired tokens were then moved to 10 new wallets. Their current value stands at $10 million, marking a 1025-fold increase in investment.
Experts have not ruled out the possibility of insider trading.
Earlier, ForkLog reported that a trader earned $1.5 million in two days on meme coins.