A crypto trader turned $285 into $627,000 in one day, but some say the game was rigged
A trader who bought $285 worth of a memecoin called “zreal” early made $627,000 after offloading the token into a wave of retail buyers.
Blockchain analytics platform Lookonchain claims the trader was an “insider” who bought 66.3 million ZREAL tokens, selling around 10 million for $210,000 while leaving the remaining 46.3 million on the table, for an unrealized profit of $417,000.
Onchain data backs up the claims, with the wallets in question spamming hundreds of market sell orders over a 10-hour period on Monday.
Memecoin insiders, typically called “snipers,” are often told about a project before it goes live. This allows them to get in early via a bot before the wider public, then sell on exchanges when…
