Crypto News

Coolcoin Surges 700k% In 24 Hours Amidst Sniper/Insider Dumping Concerns

Coolcoin has emerged as the second hottest trending token on Dex screener, experiencing an astronomical surge of 700,000% in the past 24 hours.

With a market capitalization of $32.1 million and a current trading price of $0.032, Coolcoin has captured the attention of traders and investors alike.

However, amidst the unprecedented price surge, Lookonchain data has uncovered concerning activity indicating potential sniper/insider dumping of Coolcoin by a single entity.

This individual, believed to be a sniper or insider, has realized substantial gains, raking in over 11.8 thousand SOL, equivalent to $1.68 million, in just one hour.

Despite cashing out significant profits, the sniper/insider still retains control over a sizable portion of the Coolcoin supply, holding more than 551 million tokens, representing 55.1% of the total supply and valued at over $20 million.

Further scrutiny of the transaction data reveals additional suspicious activity involving two wallets, potentially belonging to the same individual, which withdrew funds from the MEXC exchange and invested 35.4 SOL, approximately $5,000, to acquire a staggering 574.27 million Coolcoin tokens. Subsequently, these tokens were dispersed across multiple addresses.

Notable Whale Addresses Sell Off Their Coolcoin Holdings And Impact Losses On Other Traders

Following the influx of Coolcoin into the market, Lookonchain tracked five addresses that collectively sold 22.81 million Coolcoin tokens for 11,896 SOL, totaling $1.69 million. 

The sniper/insider dumping has had adverse effects on traders, with one individual experiencing significant losses. In an attempt to capitalize on the Coolcoin surge, a trader spent 1,600 SOL to acquire the token but ultimately sold for only 532.58 SOL, resulting in a loss of 1,067.42 SOL, equivalent to $152,000, in less than 30 minutes.

As Coolcoin continues to experience unprecedented volatility and concerns regarding potential market manipulation persist, traders are advised to exercise caution and conduct thorough research before engaging in transactions involving the token.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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