Insider trader transforms 1000 into 1 million within three hours

The cryptocurrency market surge of 2024 has showcased many familiar signs of a bull market, such as the introduction of numerous new coins and tokens, a record high for Bitcoin (BTC), and tales of quick wealth accumulation.

One of the latest rags-to-riches narratives unfolded on June 6 when data from Solscan uncovered that an individual purchased over 190 million Hulkmania (HULK) tokens – equivalent to 19% of the total supply – for just 7.1 Solana (SOL), valued at $1,200 at the time.

In a swift turn of events, the buyer managed to sell the 190 million HULK tokens for more than 5,760 SOL within a mere three hours, translating to nearly $1 million.

In total, the investment yielded a return of over 81,000% and multiplied by about 812 times, as per the calculations released on X by Lookonchain. However, the selling spree caused the value of the HULK token to plummet by approximately 85%.

The timing of the sales and subsequent decline in HULK price. Source: Lookonchain

The meme coin continued its downward spiral after the incident, further shrouded in mystery as Hulk Hogan himself claimed on Instagram that his X account had been compromised, advising followers to disregard any crypto-related posts.

Solana remains a preferred choice for new ventures

Throughout 2024, Solana has emerged as a favored blockchain for launching new cryptocurrencies due to its reliable uptime, scalability, and cost efficiency. The native token of the Solana network, SOL, has also experienced a surge in popularity, partly fueled by its market performance.

SOL YTD price chart. Source: Finbold

Despite the notable successes in the market, including investors earning hundreds of thousands, even millions, in a matter of hours, it is crucial to exercise caution. The 2024 bull market, amid positive developments, has also witnessed its fair share of setbacks and fraudulent schemes.

For instance, a team member linked to the meme coin Slerf (SLERF) unintentionally destroyed around $10 million in investments shortly after launch, while the team behind CondomSol executed a classic rug pull.

Disclaimer: The information provided should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and capital is at stake.