According to blockchain analysis account Lookonchain, an “insider” is reportedly selling a political-themed memecoin called MAGA and has sold nearly 80 billion tokens in exchange for 320 Ether, worth about $1.05 million. This so-called insider used 22 wallets to purchase 14.04 billion MAGA tokens, accounting for 33.37% of the total supply, for just 5.35 Ether, worth about $20,000. Currently, the insider still holds approximately 6 billion MAGA tokens, valued at over $9 million. However, new information suggests that these transactions were actually caused by the activity of a maximum extractable value (MEV) bot, rather than “insider trading”.
Source link:
https://cointelegraph.com/news/mev-bot-activity-maga-token-sell-off-insider-tr…
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Original article link:
https://www.bitpush.news/articles/6768128
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MAGA Token’s Alleged Insider Trading Accusations Exposed, Revealing MEV Bot Activity
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MAGA Token's Alleged Insider Trading Accusations Exposed, Revealing MEV Bot Activity