One man and his team racked up more than $100 million in memecoin profits via a trading method called “sniping.”
Sniping Legend Nets More Than $100M in Memecoin Profits
There are snipers, then there’s Naseem, the legendary trader who pocketed $100 million from the Trump memecoin launch in January. But is he really a skilled trader or just an insider who profits from privileged information?
Sniping in crypto is akin to frontrunning in traditional markets where say a broker becomes aware of a large incoming transaction by his client then executes his own order before the large client transaction in a way that benefits the broker.
In crypto, this usually takes the form of sniper bots that scan liquidity pools for new tokens, purchase the latest tokens at the lowest prices, and eventually sell those tokens at pre-determined price bands, ideally at the peak of the price curve.
One trader, Naseem, seems to have mastered this process. He made millions from sniping some of the most popular memecoins, but his biggest payday was the $109 million he made from the Trump token launch. Naseem doesn’t work alone and appears to be at the helm of a high-performance trading team. But is he really a master sniper or just a well-connected scammer who profits from insider information?
Blockchain visualization platform Bubblemaps gathered Naseem’s onchain activity, and even asked him about insider trading, which he denied. For now, it seems there is no way to be certain if we are dealing with a sniping connoisseur or a con artist.
“Naseem is not a random trader, but an expert sniper with a proven track record,” Bubblemaps posted on X. “When contacted, Naseem denied any insider knowledge.”
According to Bubblemaps, he has made millions on multiple tokens besides TRUMP, including HAWK, ENRON, SHROOM, and even $500,000 on LIBRA which is currently dominating headlines and has landed Argentinian President Javier Milei in hot water.
Naseem’s X posts are no longer public, but many users who replied to Bubblemaps had positive things to say about him.
“If it was anyone else but Naseem I’d question it,” one X user who goes by the name Ruto said. “But OGs who’ve been around long enough in SOL know he’s always been a goated sniper.”
Source: Bitcoin
