Sniper reportedly nets $10 million amid Broccoli memecoin frenzy following CZ’s dog reveal

A memecoin sniper earned over $10 million by quickly buying and later selling newly launched “Broccoli” memecoins on the Four.Meme platform, according to a blockchain developer. This event occurred amid a surge in memecoin launches following Binance Founder Changpeng “CZ” Zhao revealing the name and likeness of his pet dog, Broccoli, on Thursday."A sniper made well over $10m by sniping every Broccoli coin deployed on Four.Meme,in the same block they were deployed," blockchain developer bheau said on X.Bheau added that the sniper was able to buy a significant percentage, around 50% of the supply, of every Broccoli coin deployed in the same block that they were created."The process was executed in the same block, taking advantage of rapid deployment and transaction ordering," the X account said.After CZ’s X post, a wave of memecoins themed around Broccoli flooded several launch platforms. For example, Solana’s Pump.fun now features at least 480 Broccoli-themed coins, while BNB Smart Chain’s Four.Meme lists roughly 300 CZ-dog-themed coins.A memecoin sniper is typically an automated bot or smart contract that scans blockchain networks for new coin deployments. As soon as a coin is launched, the sniper executes a series of programmed transactions within the same block to buy a large portion of the coin’s total supply at a very low price.Sniper’s strategy nets $10 million, according to reportsThe blockchain developer said that when the new Broccoli coins were deployed on Four.Meme, the sniper’s smart contract rapid execution allowed it to secure coins at a very low price before other market participants could react. Shortly thereafter, as the prices of the Broccoli coins surged in response to market excitement, the sniper’s system sold these tokens, capturing over $10 million in profit.To identify relevant targets, the sniper's smart contract continuously monitored blockchain activity for newly deployed tokens containing the word "Broccoli" in their contract name or metadata. Once a match was found, the contract verified that the token was tradeable and met liquidity conditions before automatically executing a buy order. This filtering mechanism ensured that the sniper only acquired Broccoli-themed coins, allowing it to concentrate its capital on the most hyped tokens.In one instance, it was reported that the sniper acquired 49.6% of a particular coin’s supply, which skyrocketed in value to a $400 million market cap within five minutes. Other similar trades occurred in the same block, further adding to the total profit.CZ and the surge of 'Broccoli'-themed memecoins launched on the Four.Meme platform. Image: Four.MemeMarket reaction to the 'Broccoli' buying frenzyIn the wake of the memecoin speculation, CZ posted on X, remarking, "can't tweet anymore, people over-interpret my tweets, any random mention of anything gets a few extra meanings attached to it."Some crypto sector participants are now accusing Zhao of exploiting users to boost activity on the BNB Chain.“CZ’s starting point is selfish. He will do anything to achieve his goal. He stepped on everyone’s bones to revitalize BSC, and the bricks and tiles of the Build were made with everyone’s corpses,” stated one X user.The Binance Founder responded to the comments and said, "the words are a bit harsh, but that is an interesting take.""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," he added.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.