Solana Insider Makes 16 Million in 15 Days by Trading Meme Coins with a Twist
Article Rewritten:
Headline: Crypto Trader Turns $3,300 into Over $1.6 Million in 15 Days with Solana Meme Coins
Introduction: In just a short span of 15 days, a daring crypto trader managed to transform a modest investment of $3,300 into a life-altering sum of over $1.6 million. How did they achieve this remarkable feat? By delving into the unpredictable realm of Solana meme coins. This extraordinary gain was accomplished by purchasing two meme coins on the Solana blockchain, known as HULK and GUNIT, and selling them shortly after for an astounding profit.
High-Stakes Trading: From $1,200 to $974,200
The trader decided to invest 7.1 SOL and 16 SOL in acquiring HULK and GUNIT respectively. Initially, several addresses obtained 190.2 million HULK tokens for approximately $1,200 worth of Solana. After holding these tokens for a period of 15 days, the addresses decided to sell their entire position, earning a colossal 5,760.7 SOL. This staggering amount was equivalent to $974,200, resulting in an impressive 810x return on investment and a net profit of $973,000.
GUNIT Gamble Pays Off
Similarly, the trader utilized 16 SOL, which equated to around $2,100, to purchase 366.92 million GUNIT tokens. Merely eight hours later, due to a significant surge in price, the trader made the shrewd decision to sell all their GUNIT holdings. As a result, they obtained 5,475.5 SOL, which was valued at $719,800. This particular trade exhibited an extraordinary 343x increase in their initial investment.
The Consolidation of Profits and Suspicions of Insider Trading
Although the purchases were executed through multiple addresses, the trader decided to consolidate all their profits, totaling 11,229 SOL, into a single account with the following address: ‘4uh969…5sBV9i.’ Afterwards, they transferred 3,070 SOL to a Kraken address, presumably with the intention of converting their gains into fiat currency.
However, despite the impressive returns achieved by the trader, Lookonchain, a blockchain analytics platform, has labeled this particular trade as an insider job. This suspicion arises due to the fact that the purchases were made immediately following the launch of the tokens’ liquidity pools. Lookonchain reported this incident in a post on X on June 22, utilizing on-chain data from various addresses.
The Dark, Dark Side of Crypto
These substantial gains are not uncommon in the cryptocurrency industry, and numerous cases involving Solana meme coins have emerged this year. This suspected insider trading is yet another example of how individuals with insider knowledge exploit information asymmetry and create hype around newly launched cryptocurrencies in order to profit from pump-and-dump schemes.
Conclusion: Do these extraordinary gains entice you to invest in meme coins, or does the alleged insider trading make you cautious?
Tags: Altcoins, Price Analysis