Four wallets purchased Stargate Finance (STG) tokens before it recorded a 45% increase on Jan. 22 and sold all holdings shortly after, according to Lookonchain.
Altogether, the investors spent $131,462 to purchase 266,200 STG tokens and sold them all for $181,416, scooping $49,954 in total profit.
The address “0x6127” spent 20,000 USD Coin (USDC) to purchase 40,498 STG on Jan. 22, 02:40 UTC. About eight hours later, the address sold all its STG holdings for 27,596 USDC — making 7,596 USDC in profit, according to Lookonchain.
The third address “0x27ae” spent a total of 41,462 USDC coins on buying 84,322 STG tokens on Jan. 22, 02:25 UTC. Then, he sold all of it six hours later for 58,194 USDC — keeping 16,732 USDC for himself.
The fourth address “0xcfea” spent 50,000 USDC to buy 101,111 STG on Jan. 22, 02:40 UTC. Like the other three, this address sold all its STG tokens about eight hours later for 67,587 USDC, scooping 17,587 USDC in profit.
Due to the parallel nature of the four individual wallet transactions, Lookonchain suggested the exchanges could be “insider traders.”
The STG token surged by 45% on Jan. 22 and increased to as high as $0.7031 from $0.4840, according to CryptoSlate data. The token was being traded for around $0.6476 at press time.