Heres How a Solana Trader Earned 168 Million Profit in a Span of Two Weeks

A remarkable feat has been accomplished by a cryptocurrency trader, who managed to generate profits of over $1.68 million within a span of just 15 days by engaging in trading activities within the Solana ecosystem. The trader reportedly utilized 23 SOL, which was equivalent to $3,300, to purchase two meme coins on the Solana platform. Subsequently, the trader sold all their positions for 11,229 SOL, valued at over $1.69 million.

The question arises as to how exactly this trader achieved such enormous profits. The crypto expert employed 7.1 SOL and 16 SOL to acquire HULK and GUNIT, respectively. Initially, various addresses acquired a total of 190.2 million HULK for $1,200 worth of Solana and held onto them for a period of 15 days. These addresses then proceeded to sell their entire HULK holdings for 5,760.7 SOL, amounting to $974,200. This resulted in an impressive 810x gain on the initial investment, generating profits of $973,000.

Regarding GUNIT, the trader utilized 16 SOL, equivalent to $2,100, to purchase 366.92 million units of the cryptocurrency. Just eight hours later, when the meme coin experienced a significant surge, the trader decided to sell off their entire GUNIT holdings. As a result, they obtained 5,475.5 SOL, valued at $719,800, which represented a noteworthy 343x increase in their holdings.

Although the trader purchased these tokens through multiple addresses, they ultimately transferred all their profits of 11,229 SOL to a single account with the address ‘4uh969…5sBV9i’. Additionally, they transferred 3,070 SOL to a Kraken address, presumably to convert the profits into fiat currency.

The question of whether this could be considered an insider job arises. While this trade serves as an indication of the potential for exponential gains in the highly volatile crypto market, Lookonchain has classified it as an insider job due to the fact that the purchases were made immediately after the launch of the tokens’ liquidity pools. The platform recently reported this incident in a post on X on June 22, based on on-chain data gathered from multiple addresses.

It is worth noting that substantial gains of this nature are not uncommon in the cryptocurrency industry, and numerous cases related to Solana meme coins have emerged this year. This particular instance of insider trading serves as yet another example of how insiders exploit information asymmetry and generate hype around newly launched cryptocurrencies, thereby benefiting from pump-and-dump schemes.

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