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- A lesser-known token called TIM has emerged, attracting attention due to insiders turning a small investment of $6,404 into a staggering $8.29 million within 24 hours through TIM.
- The TIM frenzy ignited when two new wallets swiftly sold off $6,404 worth of Solana tokens to acquire a significant portion of TIM, totaling 526.6 million tokens, over half of the total supply.
The broader cryptocurrency market has remained volatile in recent times exerting downward pressure. The Bitcoin (BTC) price has hovered around $63,000 while altcoins have been reporting double-digit losses over the past week.
Amidst this turbulence, TIM, a relatively lesser-known token, has surged into the spotlight. Reports suggest that insiders managed to turn a modest investment of $6,404 into an astonishing $8.29 million within just 24 hours through TIM.
The frenzy began when two newly established wallets quickly sold off 44.78 Solana (SOL) tokens, amounting to $6,404, to acquire a significant portion of TIM, totaling 526.6 million tokens—representing over half of the total supply. This rapid succession of transactions, spread across various addresses, indicates substantial accumulation by insiders
Insiders turned $6,404 into $8.28M in just 1 day, and now they are selling $TIM for a profit!🚨
2 newly created wallets spent 44.78 $SOL($6,404) to buy 526.6M $TIM(52.66% of the total supply) within 3 minutes of opening trading.
Then transferred 526.6M $TIM($8.28M currently) to… pic.twitter.com/7ZAuC3i3o1
— Lookonchain (@lookonchain) April 29, 2024
The substantial profits generated have sparked active engagement among insiders. Consequently, they have begun strategically divesting their TIM holdings in small increments to evade detection. Such tactics are commonplace in the cryptocurrency sphere, where significant transactions can quickly impact prices and invite regulatory scrutiny or market speculation, per the Crypto News Flash report.
Moreover, this scenario prompts broader inquiries regarding regulatory supervision across the market. With its decentralized nature and limited oversight mechanisms, the cryptocurrency space often attracts individuals seeking rapid profits.
Key Macro Events to Watch for Crypto
Concerns over the potential for prolonged higher interest rates in the United States weighed heavily on Bitcoin in recent trading sessions. Typically, cryptocurrencies like Bitcoin thrive in an environment characterized by low-interest rates and ample liquidity.
The latest pressure on crypto markets came from the unexpectedly high readings of the Personal Consumption Expenditures (PCE) price index, which serves as the Federal Reserve’s preferred measure of inflation. Persistent inflation has been a key factor influencing the central bank’s reluctance to lower interest rates, with recent inflation data providing little indication for rate cuts.
Attention has now shifted to the upcoming Federal Reserve meeting later this week for further guidance on interest rates. The consensus expectation is for the central bank to maintain its current interest rate levels.
Furthermore, investor sentiment took a hit today following a recent announcement from the Depository Trust & Clearing Corporation (DTCC), contributing to a downturn in the price of Bitcoin. The DTCC declared its decision not to assign collateral to exchange-traded funds (ETFs) linked to Bitcoin or other cryptocurrencies, reflecting a cautious approach towards digital assets.
Starting from April 30, 2024, the DTCC will introduce alterations to collateral values for specific securities, potentially impacting position valuations within the Collateral Monitor. Notably, ETFs or similar investment instruments featuring cryptocurrencies as underlying assets will also encounter a 100% reduction in collateral value, intensifying concerns among cryptocurrency investors.
