Despite the Broader Market Uncertainty Brewing Lately, Crypto Traders Have Managed to Make a Whopping $666K

Despite the broader market uncertainty brewing lately, crypto traders have managed to make a whopping $666K out of a mere $4.5K investment

Despite the broader market uncertainty, crypto traders managed to make a whopping $666K out of a mere $4.5K investment in just one trade. The latest hot buzz of the crypto market, “Base is for everyone,” helped these traders achieve such a phenomenal feat. However, this new token is now being scrutinized due to insider trading allegations.

The crypto traders invested in a new token, which was created by users after Coinbase’s L2 network, Base, set off a chain of events that led to the birth of a new coin. It all began with Base’s recent X posts.

The L2 network posted, “Base is for everyone,” followed by another post saying, "just coin it," with the latter linked to the Zora portal. Now, Zora is a platform that allows users to mint content as tokens. This chronicle altogether led to the birth of the new coin, which is also an ERC-20 token.

Although Zora clarified that this token wasn’t official, it was too late to hit the brakes as the market was already abuzz. The buzz of the token quickly filled the crypto space, especially on X.

As per the tracker Lookonchain’s data on X, three wallets stacked colossal amounts of the “Base is for everyone” token before it was even posted about. This chronicle has helped these traders make a staggering $666K profit out of a very thin investment.

The tracker’s data suggested that the wallet address 0x0992 spent $2,370 ETH to buy 256.39 million of the new token. This crypto trader thereby sold all his holdings, making $168K.

Moreover, the address 0x5D9D spent $1,577 ETH to 82.86 million of the same token. Afterward, this trader also sold everything, making $266.

Lastly, data indicated that the trader 0xBD31 spent $1,577 ETH to buy 131.92 million coins. Even this trader made a remarkable $231.8K with his investment.

Together, the newly launched token, “Base is for everyone,” is the main driver of the traders’ profits. However, the chances of making such huge returns amid a broader sluggish market are slim.

In an upshot, these crypto traders are facing insider trading allegations, with cryptocurrency community members also warning about the token.

"Don't get scammed by buying any token that people are saying is 'Base Is For Everyone.' It's a scam token made by a user after Base got a lot of attention for a post about how "Base is for everyone."

The post adds that the token is "not supported by Base" and that it's "being used to scam people.'

The token began trading on Monday on the decentralized exchange, and it quickly soared in value as traders flocked to buy it. However, the price of the token has since crashed, and it is currently trading at a much lower price.

Despite the price crash, three crypto traders managed to make a huge profit by buying and selling the token early on. The three traders sold a combined 471.17 million of the tokens for a profit of $666,100.

The token is also being scrutinized due to insider trading allegations. Some members of the cryptocurrency community have accused the creators of the token of tipping off their friends and family about the launch of the token in private chat groups.

Coinbase L2 builder, going by the name Jesse, also greenlighted the project in one of his recent X posts.

On the other hand, CoinGape reported that crypto traders faced a loss of $400 million with another token amid the broader market uncertainty. The Mantra (OM) token price crashed by nearly 90% earlier this week, highlighting the dynamic nature of the crypto realm.