Crypto insider transforms 3300 into 169 million within a span of 15 days
A trader in the crypto world has made a whopping $1.68 million in profits within just 15 days by trading in the Solana (SOL) ecosystem. By investing 23 SOL, which is equivalent to $3,300, the cryptocurrency trader purchased two meme coins and later sold all of his positions for 11,229 SOL, with a value of over $1.69 million.
This particular trader was classified as a crypto insider by Lookonchain, as the purchases were made immediately after the liquidity pools for the tokens were launched. The platform shared this impressive accomplishment in a post on X on June 22, where they tracked on-chain data from various addresses.
So, how did this crypto insider manage to make over $1.68 million in profits by trading two meme coins on Solana? To break it down, the trader used 7.1 SOL and 16 SOL to purchase HULK and GUNIT, respectively.
First, the trader acquired 190.2 million HULK with $1,200 worth of Solana and held onto them for 15 days. They later sold the entire position for 5,760.7 SOL, which was worth $974,200, resulting in an 810x gain over the initial investment.
As for GUNIT, the trader spent 16 SOL, worth $2,100, to purchase 366.92 million of the crypto. Eight hours after the purchase, the meme coin experienced a significant surge, and the trader sold the entire stack, resulting in 5,475.5 SOL, worth $719,800, and a 343x increase in holdings.
After consolidating the profits in a crypto wallet address labeled ‘4uh969’, the trader sent 3,070 SOL to a Kraken address, likely to convert the profit into fiat.
This case serves as another example of how crypto insiders often exploit retail investors by creating and launching meme coins and money-grab schemes. They benefit from information asymmetry and the hype of a market that insists on gambling with poor fundamental digital assets.
This aligns with the “Greater Fool Theory,” which suggests that profits can be made by buying overvalued assets and selling them to a “greater fool.”
While cryptocurrencies are inherently volatile and present significant risks for traders, investors, and users, trading meme coins adds another layer of risks that often results in losses for many while benefiting a few insiders.
For this reason, investors are advised to avoid these schemes and instead look for a cryptocurrency’s fundamentals, carefully researching supply and demand properties. Recent data reported by Finbold suggests that the trend is moving away from meme coins and into better-fundamented projects.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and your capital is at risk when investing.
