STG tokens skyrocket 45%, as market watchers suspect insider trading

Four savvy wallets were ahead of the game when they snatched up Stargate Finance (STG) tokens.  

They promptly offloaded all of their STG holdings just after the market spike, according to Lookonchain.

A group of investors pooled their resources, spending a total of $131,462 to acquire 266,200 STG tokens. They snatched up the tokens before the market saw a sudden surge of 45% on January 22, 2023.

1/ The price of $STG has increased by ~50% in the past 24 hours.

We found that 4 addresses(possibly insider traders) bought $STG before the price rose, and sold after the price rose to make a profit. pic.twitter.com/XwesMqcXNA

— Lookonchain (@lookonchain) January 22, 2023

According to Lookonchain, the investors sold all their tokens for a grand total of $181,416 and amassed a profit of $49,954. 

Bold and fast transactions

• An investor identified only as “0x6127” made a bold move when they invested 20,000 USD Coin (USDC) to purchase 40,498 STG. The investor quickly cashed in, offloading it all eight hours later for a total of 27,596 USDC, resulting in a profit of 7,596 USDC.
• “denz.eth” made a calculated move and swapped 20,000 USDC for 40,269 STG tokens. Every penny was offloaded to their newly acquired STG holdings five hours later for 28,039 USDC, netting a tidy profit of 8,039 USDC.
• “0x27ae” made a bold move, investing 41,462 USDC to gain 84,322 STG tokens. The investor quickly cashed in, divesting all their STG holdings six hours later for 58,194 USDC, reaping a profit.
• Lastly, “0xcfea” invested 50,000 USDC to acquire 101,111 STG tokens. Like the others, they quickly cashed in, offloading all their STG holdings eight hours later for 67,587 USDC. They reaped a healthy profit of 17,587 USDC.

The parallel nature of their individual transactions, all happening in quick succession, led Lookonchain to suspect that these investors could be “insider traders.”

To be able to make such well-informed decisions, the lucky four could have been privy to privileged information.

STG token price

On January 23, 2023, the live Stargate Finance price surged by 47% to trade at $0.623814 USD with a 24-hour trading volume of $154,146,916 USD.