BAKED Crypto Surges +10%: But What is Baked Crypto? And Why’s BAKED Price Pumping?

Dive into the BAKED price analysis, uncover the insider moves behind the Baked crypto launch on DegenFund, and discover what BAKED crypto is.

Data analysts ‘Lookonchain‘ lit up X on Monday, with a thread revealing insider moves behind the BAKED crypto launch on DegenFund.

This Solana-powered platform is for gutsy “degens” who love high-stakes betting.

While Baked crypto has steadily risen 10% over the last week, this bet had a user spend 82.74 SOL (approximately $11.7K) to acquire 779.85 million $BAKED tokens, worth around $15.6 million, a 307x gain.

Now, some are calling Baked Crypto a scam play.

Someone sniped $BAKED and made 21,511 $SOL($3M) in just 30 minutes, a gain of 307x!

How did he do it?

We also found that the team and insiders control 763.8M $BAKED(76.38% of the total supply).

1/ Here is a thread.🧵 pic.twitter.com/KQ16KYGl7t

— Lookonchain (@lookonchain) July 1, 2024

What is Baked Crypto: Legit or Scam Play?

The BAKED token rollout looks seriously fishy on DegenFund.

Lookonchain exposed a lightning-fast acquisition of 800 million tokens, half of which were funneled into a shockingly small number of wallets. The investigation showed that 15 of 19 wallets were linked to a single insider, pulling SOL from Bitget just days before the launch.

(DEXSCREENER)

Despite this, some still claim that Baked crypto is a solid DAO token that is integral to the DegenFund ecosystem, serving multiple roles such as:

• Governance and Participation: BAKED holders can vote on proposals and influence the platform’s trajectory.
• Staking Rewards: Users earn rewards by staking BAKED tokens, incentivizing long-term holding and platform growth.
• Utility Fees: The token is used to pay for various fees and services within its ecosystem

Community Reactions and Market Impact

Crypto circles are in uproar, branding BAKED a con for insiders.

The launch is under fire for alleged manipulation, though the official X account insists everything was legit. Here’s a recap of the red flags:

• Top 10 Holders Own 50%: Concentrating immense power within a few hands.

• Lucky $3 Million Trader: While the lucky $3 million trader has tried this trade in the past, it no doubt looks strange to 300x $10,000 (we often see pump & dumps do this)

• “Relax and take a toke:” The team is in damage control, trying to show that everything is fine.

So be warned before you buy in.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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