The wallet added more than $1.04 million worth of Shroom coins when fresh liquidity was introduced in the same block.
On-chain data indicates that an unidentified trader profited $8.9 million in less than an hour by trading the Shroom memecoin during the same block when developers supplied liquidity.
In the same block where the token contract deployer introduced new liquidity, the wallet spent 6,000 SOL tokens, or $1.04 million, on Shroom coins.
An hour later, the trader sold for 57,112 SOL, or $9.93 million, as per an X post from on-chain analytics company Lookonchain dated March 20.
On March 20, the Shroom token – a memecoin with a mushroom motif but no inherent value or underlying utility – was introduced on Raydium. According to GeckoTerminal, the token’s price has dropped by more than 70% since debut, and as of right now, its market worth is $11.88 million.
Within the cryptocurrency community, there were accusations of insider trading due to the unusual timing of the winning trade. Blockchain Maxi, an X user, replied to Lookonchain’s article with the following:
Insider trading is the term for it. Don’t even consider trying to win with fresh memes.
In response to the same message, trader Bull.Bnb, using a pseudonym, stated, “That’s dev himself.”
With over 268,000 views in just 12 hours, Trippy Labs’ March 20 X post announcing a surprise Shroom airdrop sparked interest in the Solana-based memecoin.
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Retail interest in memecoins keeps growing. According to CoinMarketCap data, the recently created meme token Book Of Meme (BOME) is up more than 1,100% on the weekly chart and is currently the 130th – largest token with a $617 million market capitalization.
The Book of Meme token is a part of a new wave of memecoins that were funded through a contentious presale scheme for unpublished coins.
Over $100 million worth of SOL was raised in the three days before March 18 through presales of these Solana-based memecoins.
These digital assets, often inspired by internet memes or popular culture references, have captured the imagination of traders and investors, sparking a frenzy of speculation and volatility.
Despite their origins as whimsical creations, memecoins have proven to be a force to be reckoned with, commanding significant attention and investment within the broader cryptocurrency ecosystem.
At the forefront of this memecoin madness is Dogecoin, a cryptocurrency initially created as a joke in 2013 but has since evolved into a cultural phenomenon.
Dogecoin’s iconic Shiba Inu mascot and vibrant community have propelled it to the upper echelons of the crypto market, with its price surging to unprecedented heights during periods of fervent speculation.
While its fundamentals may be questioned by some, Dogecoin’s enduring popularity serves as a testament to the power of meme culture in shaping the digital asset landscape.
Following in Dogecoin’s footsteps, a myriad of memecoins has emerged, each vying for attention and market share. From Shiba Inu (SHIB) to SafeMoon and beyond, these coins often tout ambitious goals or unique features while capitalizing on internet trends and social media hype to attract investors.
While some may dismiss memecoins as mere speculative instruments, others view them as vehicles for community engagement and experimentation within the cryptocurrency space.
However, the proliferation of memecoins has also raised concerns regarding investor protection and market stability.
The lack of regulatory oversight and inherent risks associated with speculative assets leave investors vulnerable to significant losses, particularly when driven by irrational exuberance or pump-and-dump schemes.
As such, market participants are urged to exercise caution and conduct thorough due diligence before investing in memecoins or any highly speculative assets.
While the memecoin madness may continue to captivate the crypto community, responsible investing practices remain paramount in navigating this volatile landscape.
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