Trader earns $5.7m after investing 30 SOL

2023-12-26 11:55:09

An anonymous trader turned a $2,220 investment of 30 Solana tokens (SOL) into over $5.7 million in just six days, achieving a staggering 2,570 percent return through a series of strategic trades.

According to blockchain analysts Lookonchain, on Dec. 20, an unknown user purchased 16 billion ANALOS, a new meme coin based on the Solana with the spelling of the project upside down. The deal happened in the first minute of trading opening in the liquidity pool of Raydium, decentralized platform on Solana.

Subsequently, the trader then sold 14.5 billion ANALOS to several addresses for 3.45 million. In addition, 1.56 billion ANALOS ($2.34 million) remained in the trader’s four wallets, worth a total increase of 2,570%, netting the trader well over $5 million in profit.

Since the beginning of the December, monthly active and new addresses on Solana have reached yearly highs amid rising SOL prices.

On Dec. 24, the token rose to $118 for the first time since April 2022. At the time of writing, the asset is trading at just above $114, up over 890% for the year, according to CoinMarketCap.

Source: CoinMarketCapIn December, there were already several cases of rapid enrichment of traders thanks to new tokens. Last week, an unknown user purchased the Coq Inu tokens (COQ) for $454 and earned $2.19 million in two weeks.

Another trader earned more than $1.5 million on meme coins on the Solana network. That trader invested approximately $226,000 in Dogwifhat (WIF).

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