Crypto Traders Place Their Bets on a Novel Altcoin, Garnering Profits Close to $2 Million
A Solana trader has achieved a remarkable feat by transforming a small amount of cryptocurrency into a massive profit. In just 12 minutes, this trader turned 1.6 ETH into a staggering 770 ETH, equivalent to approximately $1.77 million. This incredible success has left the crypto community in awe and has showcased the trader’s exceptional skills in navigating the volatile crypto market.
According to Lookonchain, a prominent on-chain tracking platform, 12 new wallets, believed to be insiders, capitalized on an opportunity and made a substantial profit of 770 ETH, which is valued at $1.77 million. They achieved this by investing a mere 1.6 ETH, equivalent to $3,694, into a token called Dogwifhat.
Within a span of five hours, this trader managed to make a significant profit of $703,000 by investing 18 SOL, worth $1,758, and witnessing a remarkable gain of 400x. The trader utilized 18 SOL to purchase 55.1 billion FartCaster tokens, representing 55.1% of the token’s total supply, in the same block where the deployer initiated trading for FartCaster.
Following this strategic move, the trader sold 53.94 billion FartCaster tokens, yielding a substantial return on their initial investment. Lookonchain reports that these 12 wallets used 1.6 ETH to acquire 24 million Dogwifhat tokens, of which they sold 15.34 million, resulting in a total of 771.86 ETH, equivalent to $1.78 million. Presently, these wallets still hold 8.65 million WIF tokens, valued at $838,000.
Despite a 7.42% decrease in WIF’s price over the past 24 hours, with each token now valued at $0.2174, it remains significantly higher than its lowest point on December 13, 2023, experiencing an astonishing increase of 14,287.04%.
In another crypto success story, a trader armed with 18 SOL, worth approximately $1,758, executed a strategic trade that yielded a staggering 400x gain. LookOnChain reveals that this trader acquired an impressive 7,197 SOL by investing in FartCaster tokens, which accounted for 55.1% of the token’s total supply. This bold move occurred in the same block as the token’s trading launch.
In addition to these individual triumphs, Solana (SOL) itself experienced a notable surge in value. Recent market trends indicate a significant uptrend, with SOL’s price climbing from $88.32 to $94 over the past week, peaking at $105.86.