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$Gummy Trader Makes $10M from $9,770 Just in 24 Hours, Says Lookonchain

source-logo  blockchainreporter.net 21 April 2024 21:00, UTC

The recent price rallies in the crypto market have come as opportunities for several investors. Lookonchain (a famous on-chain analytics provider) has disclosed a case where someone made $10M from $9,770 just in twenty-four hours, showing a 1,025x increase. The respective profit is huge in its amount and raises the eyebrows of the market onlookers. He invested in $Gummy. Some speculations say there might be some inside job behind this development.

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

Smart Trader Generates $10 Million from Just $9,770 within 1 Day via $Gummy

The on-chain analytics platform took to its social media account on X to disclose this development. It revealed that the person redeemed nearly 65.23 SOL tokens from the crypto exchange MEXC. The person reportedly did this before the deployment of GUMMY coins. This was the initial step of the whole plan of the respective guy.

Following that, the person spent approximately 64.5 SOL tokens (equaling up to $9,769). The purpose of this expenditure was to purchase GUMMY tokens. The person reportedly bought the GUMMY coins in the block in which the deployer of GUMMY had added liquidity. By effectively purchasing the respective tokens, the guy confidently moved toward the next step.

Speculations Point toward the Likely Insider Job Behind the Scenes

As a result of that, the person made a transaction. Rather than selling any tokens, the guy transacted GUMMY coins. According to Lookonchain, the person transferred up to 97.36 million GUMMY tokens to diverse addresses. The analytics provider asserted that the transacted tokens went to ten exclusive wallets.

In line with all these moves, the person efficiently made significant gains. At the moment, the 97.36 GUMMY coins have a worth of nearly $10M. Although some point toward a potentially inside job, such speculations need some solid grounds as their proof.