While 2024 has so far been marked by many cryptocurrencies and coins, the most talked about ones have been Solana and its network. As the number of meme tokens issued on the network increased every day, dozens of videos titled “Learn to mine tokens on the Solana blockchain” were published on social media.

While this Solana craze continues regardless of the price movement in Bitcoin, the people or teams issuing tokens continue to make big money on the tokens they reserved for themselves in the first place.

They bought as soon as liquidity was added

According to Lookonchain, a team issuing a coin called Thug made purchases as soon as liquidity was added to the pool. While the purchases were made in the same block where liquidity was added, the tokens were spread across 4 wallets.

With 1500 pieces of SOL worth 225 thousand dollars, 674 million Thug tokens were bought, while big gains came with the rise. Just 10 hours later, 464 million tokens were sold for 11,450 SOL (1.49 million dollars). In other words, these people, who can also be called “insiders”, earned 1.5 million dollars in 10 hours.

The remaining 210 million Thug tokens were burned. The reason why these tokens were sent to incineration instead of sale was not understood.

The chart below clearly shows how the price rose and fell within hours.