An unknown user earned almost $1 million from the “political” MAGA meme token. Lookonchain analysts accused the trader of insider trading.
Note that an insider is selling #MEMEcoin $MAGA on #Ethereum!
The insider spent 5.35 $ETH($19,586) to buy 140.4B $MAGA(33.37% of supply) with 22 wallets.
So far, the insider has sold 79.9B $MAGA for 320 $ETH($1.05M), leaving 60.5B $MAGAworth more than $9M!… pic.twitter.com/fe8a5yHjvs
— Lookonchain (@lookonchain) May 21, 2024
According to the researchers, the investor spent 5.35 ETH ($19,586) to purchase 140.4 billion MAGA – approximately 33.3% of the coin's total supply.
He later sold 79.9 billion MAGA for 320 ETH ($1.05 million). There are still 60.5 billion meme coins worth over $9 million left in the trader’s wallet.
However, a user named Dominium noted that the transactions looked at by Lookonchain reflect the characteristics of MEV bot operations that use arbitrage opportunities to make a profit.
That's MEV BOT transactions if you look at it carefully
— DOMINIUM (@RootkitAlpha) May 21, 2024
Having received no response from the analysts, the user criticized them for the inaccuracy of the study:
The MAGA meme token is an acronym for Donald Trump's slogan: “Make America Great Again.” At the time of writing, the asset is trading at $7.6, having gained 48% in a month.
The coin surged after the presidential candidate opened up accepting campaign donations in cryptocurrency.
Earlier, Lookonchain noticed that a trader, during an insider transaction, received $2.5 million in unrealized profit on the new Minette token, investing 2.89 SOL ($445) in it.
Source: Cryptocurrency
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