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A trader has highlighted why timing is the key in the crypto market, as he made $200K within minutes. This news came out in the market with Lookonchain, a real-time data, news, and analytics provider’s post. In the post, Lookonchain revealed that a Solana trader utilized 9 Solana tokens worth $1,470 to make 137x profits within just 5 Mins.
So, in this blog, let us discuss how the Solana trader did it.
TOBI Investment Created $202K For Solana Trader
As per Lookonchain, the trader invested 9 SOL tokens into the Moto Dog (TOBI) cryptocurrency, whose price spiked almost immediately. At that time, 9 SOL were equivalent to 28.58M TOBI, which was a significant portion of the total supply of crypto. Within five minutes, the TOBI was up 137 times, making the 9 SOL investment into 1,238 SOL.
With this surge, the invested amount of $1,470 became $202k, and before the liquidity crunch could hit, the Solana trader sold all the TOBI within 5 minutes, taking $201K in profits home.
https://x.com/lookonchain/status/1790964647237226565
Moto Dog (TOBI) is a dog-driving-a-bike meme-based coin launched with a huge supply of 999,998,494.57. It is presently priced at $0.002916 and has a market cap of 0.00001811 SOL. As of now, those 28.58 Million TOBI tokens have declined from $200K to $83K only.
Solana Network Has Become The Profit Hub
Such huge profits aren’t new to the Solana network, as many similar incidents have happened in the past where the traders have made huge gains by investing in Solana meme coins.
Previously, a trader made $3.2 Million in profits within just 12 mins after investing in SLERF, a Solana-meme coin. The trader invested $1.98 Million and turned it into $5 Million in under 12 minutes. He bought 69.74 Million SLERF in exchange for 9,894 Solana (SOL) tokens and turned it into $5 Million. Another Solana trader made $2 Million within just a few hours after investing $49,000 to buy 261.4 Million TORI tokens.
Many similar events have happened with Solana meme coins, where sometimes it’s rumored to be an insider job to sometimes calling it mere luck. Whatever the reason behind these gains, these few Solana traders have highlighted how years of trading experience helped to gain such profits.
However, Solana’s native token isn’t following the hype of the network to the fullest. The SOL token price has been down for days and finally showed some signs of recovery today. It is currently trading at $167.63 after a 21% this month. It has to see how Solana and its meme coins will stand when the market recovers to greed.
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