blockchainreporter.net
An insider in the cryptocurrency market has reportedly gained over $5 million from trading activities involving the $CAT token. This individual created a new wallet and used 1370 SOL (approximately $230,000) to acquire 632 million $CAT tokens, which represent 63.2% of the token’s total supply. The transaction was quickly followed by the sale of part of these $CAT tokens for approximately 29,525 SOL, equivalent to around $5 million.
It’s unbelievable that, here in 2024, even with the approval of the ETH ETF, there are still projects that offer benefits to various parties and rob others of their rightful ticker name.
— Polyhedra Network (@PolyhedraZK) May 24, 2024
Web3 was never meant to be a breeding ground for BULLYING. 🩸
Insiders Benefit Significantly from $CAT Movements
Further reports indicate that insiders transformed an investment of just $30 into more than $50,000 on the same day through $CAT transactions. This considerable profit highlights the significant influence and advantage insiders can hold in the cryptocurrency markets. Observers and other market participants have expressed frustration, with some pointing out the unfair advantages that insiders seem to maintain, leading to significant profits within a short time frame.
Insiders turned $30 into $50k+ on $CAT today.
— Rekt Fencer (@rektfencer) May 25, 2024
Smart degens make money along them while others cry about 'fcking insiders'.
How? By copying their trades.
Wondering how it's done?
Stay tuned for my guide on finding pre-100x insider tokens.
600 likes and 300 rts here and I'll… pic.twitter.com/7PW3YyTYJ7
This event has stirred discussions about market fairness and the transparency needed in cryptocurrency transactions. While some traders are able to capitalize on insider movements, others criticize the lack of regulatory oversight that allows such significant insider advantages.
The incident has sparked debates over ethical trading practices in the cryptocurrency market and calls for more stringent measures to prevent insider trading. As the market evolves, the balance between intelligent trading strategies and equitable market conditions continues to be a critical topic of discussion.