Reports indicate that a memecoin sniper has raked in a whopping $10 million, capitalizing on the Broccoli memecoin frenzy. This significant windfall came about after Binance Founder, Changpeng “CZ” Zhao, unveiled his pet dog, Broccoli, triggering a rush in memecoin launches.
The memecoin sniper reportedly made a fast purchase and subsequent sale of newly introduced “Broccoli” memecoins on the Four.Meme platform, as per a blockchain developer’s disclosure. The developer, known as bheau, shared on X that the sniper managed to buy about 50% of each newly launched Broccoli coin, during the same block they were deployed.
The execution process was carried out within the same block, exploiting the speed of deployment and transaction ordering. Following CZ’s X post, a deluge of Broccoli-themed memecoins swamped various launch platforms like Solana’s Pump.fun and BNB Smart Chain’s Four.Meme, which now feature hundreds of CZ-dog-themed coins.
A memecoin sniper is generally an automated bot or smart contract that scans blockchain networks for new coin deployments. Once a coin is launched, the sniper executes a series of pre-programmed transactions within the same block to buy a substantial portion of the coin’s total supply at a low price.
The sniper’s strategy yielded $10 million, as per reports. The blockchain developer explained that the sniper’s smart contract’s rapid execution allowed it to secure coins at a very low price before other market players could react. The sniper’s system sold these tokens soon after, capturing over $10 million in profit as the prices of the Broccoli coins surged in response to market hype.
The sniper’s smart contract continuously monitored blockchain activity for newly launched tokens with “Broccoli” in their contract name or metadata. Upon finding a match, the contract ensured that the token was tradeable and met liquidity conditions before automatically executing a buy order. This strategy ensured that the sniper only acquired Broccoli-themed coins, concentrating its capital on the most hyped tokens.
In the aftermath of the memecoin speculation, CZ posted on X, expressing concern over the over-interpretation of his tweets. He also faced accusations from some in the crypto sector of exploiting users to boost activity on the BNB Chain.
The Binance Founder responded to the comments, stating, “Yes, I wanted to see more activity on BSC, and I did not want to get involved in issuing/running a meme coin, as I have zero experience, and I thought memes were community-driven, but feedback received.”
Disclaimer: This article is for informational purposes only. It is not intended as legal, tax, investment, financial, or other advice.
