A trader managed to earn $871,600 in just two days, multiplying their deposit by 490 times on the BAN token. According to analysts from Lookonchain, it was revealed that the insider responsible for launching the meme token was Michael Buchanan, the vice president and head of digital art at Sotheby’s.
This guy turned $1,795 into $873K in just 2 days — a 490x return!
— Lookonchain (@lookonchain) October 27, 2024
Everyone could learn from this trader’s selling strategy: instead of panic selling everything at once, he gradually sold portions after each surge to avoid missing the rally.
He initially spent 10.2 $SOL($1,795)… pic.twitter.com/bk9YjKfCmD
The analysts reported that the trader purchased 36.27 million BAN for 10.2 SOL (approximately $1,795).
When the price of BAN token surged sharply, the trader sold 12 million BAN for $56,900, despite the token’s price subsequently dropping by nearly 90%. The trader didn’t panic and held onto the remaining tokens until the next price spike.
The trader then sold another 6.13 million BAN for $80,700, leaving 18.13 million BAN in their wallet, valued at approximately $734,000.
“A lesson can be learned from this trader’s strategy: instead of selling everything at once in panic, they sold gradually, profiting at each peak while avoiding missing out on further growth,” commented the analysts.
1/ Michael Bouhanna(@michaelbouhanna) bought many #MEMEcoins but made almost no money!
— Lookonchain (@lookonchain) October 27, 2024
So he used his wallet "5W7U…b3cV" to launch a #MEMEcoin named $Ban and made more than $1M on $Ban with just one insider wallet!
👇👇👇 pic.twitter.com/3D1Qq9DPVX
Buchanan has also been accused of using insider information by selling BAN tokens through a separate wallet. Sotheby’s has not yet commented on the situation.
Earlier, another insider trader earned $5.6 million on DADDY, a token promoted by Andrew Tate. The former kickboxer created the meme token as a competitor to the MOTHER token linked to singer Iggy Azalea.
In June, some users earned millions on the listing of WaterCoin (WATER) on exchanges like Jupiter and Raydium, where the token’s price rose by 83% right after the start of trading, bringing $2.9 million to one of the traders.
It’s worth recalling that Ethereum co-founder Vitalik Buterin criticized celebrities for their involvement in meme coins, urging them to focus on projects with social value rather than personal profit.
Later, Lookonchain identified that BAN was launched by Michael Buchanan, Vice President and Head of Digital Art at Sotheby’s.
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