On 1 July 2024, blockchain analytics service Lookonchain published a detailed thread on X (formerly known as Twitter), uncovering significant insider activities surrounding the launch of the $BAKED token on DegenFund.

DegenFund is a Solana-powered platform for creating and launching new tokens on the Solana blockchain. It’s designed for a specific type of crypto investor: the “degen,” someone who embraces high-risk, high-reward opportunities and isn’t afraid to take a gamble on new and unproven projects.

The platform aims to make token creation incredibly easy, allowing anyone to create a new token in a matter of seconds. It also emphasizes fair launches, meaning there are no pre-sales or allocations for the team behind the token.

The BAKED token, connected to the DegenFund platform, primarily serves as a tool for community governance and participation within the ecosystem. By holding BAKED, users can vote on proposals and influence the direction of the platform’s development. Additionally, staking BAKED tokens can earn users rewards, encouraging them to hold the token and contribute to the platform’s growth. BAKED is also used to pay for certain fees or services within the DegenFund ecosystem.

Lookonchain’s analysis highlights a series of transactions that suggest possible manipulation and insider trading, shedding light on the intricacies of the BAKED token’s release and subsequent trading.


According to Lookonchain, the $BAKED token was launched on DegenFund, with the developer wallet spending 11.82 SOL to acquire 300.72 million $BAKED tokens while minting. Concurrently, 206.9 million $BAKED tokens were added to liquidity. The remaining 492.37 million $BAKED tokens were quickly purchased by 19 wallets in just one second.

The thread goes on to reveal that three of these 19 wallets were created simultaneously with the developer wallet and were all funded by Bitget, a popular cryptocurrency exchange. This indicates a high likelihood that these wallets belong to the developer. Furthermore, 15 of these 19 wallets withdrew SOL from Bitget three days prior to the token launch, suggesting coordinated insider activity.

In total, these developer and insider wallets spent 82.74 SOL (approximately $11.7K) to acquire 779.85 million $BAKED tokens, which are valued at around $15.6 million, representing 78% of the total supply. Despite selling a small portion, these wallets still hold 763.8 million $BAKED tokens, equivalent to 76.38% of the total supply.

Additionally, Lookonchain identified a sniper who spent 70 SOL ($9,923) to purchase 81.78 million $BAKED tokens from Raydium’s pool, not from DegenFund. This individual quickly sold the tokens for 21,581 SOL ($3.06 million) within 30 minutes, earning a profit of 21,511 SOL ($3.05 million). Lookonchain’s analysis found no evidence that this sniper was an insider, suggesting that this was a fortunate trade.

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