Sign Up on MEXC
Recently, a crypto trader made impressive gains when he barely invested $3,300 and turned that into millions within just a few days. Such heavy gains are a part of the industry, and many cases have come forward this year, mainly associated with the Solana meme coins. However, a few of these are unrealistic as it’s not easy to predict the crypto’s performance, creating doubts about genuineness. Some may turn to insider jobs, while some are pure dedication. This crypto trader is also associated with an insider job, making it easier for him to grab huge gains.
In this blog, let us discuss how this crypto trader made $1.69 Million and whether it was an insider job or not.
Two Meme Coins Made $1.69 Million For The Crypto Trader
As per the Lookonchain reports, a crypto trader invested 23 SOL (worth $3,300) and sold them within 15 days for 11,229 SOL (worth $1.69M). He spent 16 Solana tokens, buying 366.92 Million GUNIT(Real Nigga 50) Tokens through multiple addresses on June 22, 2024, and immediately sold them for 5,491.5 Sol (worth $721.9 K). With this investment in GUNIT, the crypto trader turned 343x, Making 5,475.5 in profits.
An insider made 11,229 $SOL($1.69M) in just 2 days, costing only 23 $SOL($3,300)!
Invested 7.1 $SOL on $HULK and got 5,760.7 $SOL returned.
Invested 16 $SOL on $GUNIT and got 5,491.5 $SOL returned.
1/ Let’s dig into his trades. pic.twitter.com/zoueMhukMC
— Lookonchain (@lookonchain) June 22, 2024
But that is not all, as the crypto trader also invested in another meme coin called HULK (HULKAMANIA) seventeen days ago. He spent $1200 in the form of 7.1 $SOL to buy 190.2 Million HULK tokens and turned that into $974.2K or 5,760.7 $SOL. This investment brought him 810x gains, where he made 973K in profits.
Collectively, with these meme coins, the crypto trader made $1.69 Million within 15 days. Though the trader bought all these tokens through multiple addresses, he transferred all the profits of 11,229 SOL to a single account with the address “4uh969…5sBV9i.” Additionally, he has transferred 3,070 SOL to a Kraken, possibly to turn into fiat.
Lookonchain believes It Is an Insider Job
Lookonchain has openly called this an inside job because of the tokens purchasing right after the liquidity pool launch. The platform has analyzed all the transactions and involvement of multiple addresses to associate it with an insider practice. Such inside jobs are quite common in the financial industry, including crypto. These insiders take the benefits of the information asymmetry and hype around newly launched cryptos in the market or utilizing the pump and dump schemes.
Continue Reading Will Ethereum ETF Drive Prices Above $4K?
- Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes
- Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze
- MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings
- Solana Treasury Company SOL Strategies Gets Approval To List On Nasdaq
- Fidelity, Grayscale, VanEck Dump Ethereum Amid ETH Price Crash
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?
