Memecoin trader nets $8.9M profit in an hour, raising ‘insider’ allegations
The wallet added over $1.04 million worth of Shroom coins during the same block when new liquidity was deployed.
An unknown trader made $8.9 million in profit in less than one hour by trading the Shroom memecoin during the same block where developers added liquidity, on-chain data shows.
The wallet spent 6,000 Solana (SOL) tokens worth $1.04 million on Shroom coins, in the same block where the token contract deployer added new liquidity. After an hour, the trader sold for 57,112 SOL worth $9.93 million, according to a March 20 X post by on-chain analytics firm Lookonchain.
The Shroom token was launched on Raydium on March 20 as a mushroom-themed memecoin with no underlying utility or intrinsic value. The token’s price has fallen over 70% since launch, and it currently sits at a market cap of $11.88 million, according to Geckoterminal.
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