Snipers Cash in Over $1.3M from JESSE Token Launch

In an impressive display of on-chain trading acumen, the intelligence platform Bubblemaps revealed that a wallet associated with the early trading activity of Base founder Jesse Pollak's newly launched creator coin executed a purchase within the "first second" of the token's launch.

The wallet, known as 0xB102, invested approximately $250,000 to acquire JESSE tokens just as the contract went live, even before Pollak made the contract address public.

Precision Strikes on JESSE Token

New data from Bubblemaps indicates that the tokens purchased by this wallet were swiftly transferred to another address, 0x9572, which later liquidated most of its holdings for nearly $800,000. This transaction generated an estimated profit of around $600,000. Bubblemaps credited the success of this trade to the wallet's capability to identify the token launch right at its inception and execute a buy action without delay, describing it as a highly effective snipe performed immediately upon the coin’s release.

In a separate analysis, Arkham Intelligence also documented similar early buying patterns during the token's launch. Their findings revealed that two sniper wallets together amassed profits exceeding $1.3 million during Pollak's token rollout on Base. As part of the launch strategy, 500 million JESSE tokens, constituting half of the total supply, were introduced into a liquidity pool.

Within the same blockchain block, traders utilizing automated tools acquired 261.7 million tokens. Arkham's analysis showed that the two wallets with the highest profits earned about $707,700 and $619,600, respectively. One of these traders managed to secure roughly 7.6% of the token's total supply, spending around $191,000 and paying over $44,000 in priority fees to the Base sequencer to ensure speedy inclusion of their transaction.

Arkham connected the capability to conduct these simultaneous purchases within the same block to the implementation of flashblocks on Base, a feature that divides each block into a series of 200-millisecond micro-blocks. Although the Ethereum Layer 2 network, incubated by Coinbase, maintains a two-second block time, flashblocks enable bots to detect a token-deployment transaction as soon as it is visible in an early micro-block and promptly submit a high-fee buy order that gets settled in the subsequent block.

This process ensures that both the deployment of the token and the purchase occur within the same complete block, facilitating highly competitive sniping without needing access to private mempool data.

Overview of Base Layer 2

A July report from Galaxy Digital indicated that Base had emerged as the leading Layer 2 network in terms of profitability, generating an average daily revenue of $185,291 over the preceding six months.

The report attributed Base's success to its EIP-1559-style priority fee model and robust decentralized exchange (DEX) activity, which positioned it favorably compared to other rollups. Additionally, the introduction of Flashblocks played a significant role in distributing priority fees more equitably across block slots while maintaining strong overall revenue.

The post Snipers Strike JESSE Token: Buy Nets Over $1.3M in Lightning-Fast Profits originally appeared on CryptoPotato.