Crypto Expert Transforms 3300 into 169 Million in Just 15 Days
A trader with insider knowledge in the crypto world managed to make a whopping $1.68 million in profits within just 15 days by trading meme coins within the Solana (SOL) ecosystem. This individual initially spent 23 SOL, equivalent to $3,300, to purchase two meme coins and then sold all of their holdings for 11,229 SOL, valued at over $1.69 million.
It’s worth noting that Lookonchain identified this trader as a crypto insider due to the fact that these purchases took place immediately after the launch of the tokens’ liquidity pools. This achievement was reported by the platform in a post on X on June 22, based on on-chain data from various addresses.
So, how exactly did this crypto insider manage to make such an impressive profit by trading two meme coins on Solana? In total, the trader used 7.1 SOL and 16 SOL to acquire HULK and GUNIT, respectively.
The first step involved acquiring 190.2 million HULK with $1,200 worth of Solana across multiple addresses, and holding onto the position for 15 days. After this period, the entire position was sold for 5,760.7 SOL, which amounted to $974,200—a remarkable 810x gain over the initial investment.
As for GUNIT, the insider spent 16 SOL, equivalent to $2,100, to purchase 366.92 million of the crypto. Just eight hours later, the meme coin experienced a significant surge in value, prompting the trader to sell their entire stack. This trade resulted in 5,475.5 SOL, worth $719,800, equating to a 343x increase in holdings.
Subsequently, the insider consolidated their profits in the crypto wallet address ‘4uh969’. From the 11,229 SOL that was now acquired, 3,070 SOL was sent to a Kraken address, presumably to convert this profit into fiat currency.
This case serves as yet another example of how crypto insiders often exploit retail investors by creating and launching meme coins and schemes aimed at making money. They take advantage of information asymmetry and the hype surrounding a market that is driven by speculation on poor fundamental digital assets.
This mindset is in line with the “Greater Fool Theory,” which suggests that profits can be made by purchasing overvalued assets and selling them to a “greater fool.”
While cryptocurrencies are inherently volatile and pose significant risks for traders, investors, and users, trading meme coins introduces an additional layer of risks that often leads to losses for many in favor of a select few insiders.
Therefore, investors are advised to steer clear of such schemes and instead focus on the fundamentals of a cryptocurrency, conducting thorough research on the supply and demand properties. Recent data reported by Finbold indicates a shift away from meme coins and towards projects with stronger fundamentals.
Disclaimer: The content on this site should not be taken as investment advice. Investing is speculative, and when you invest, your capital is at risk.