Insider Trader Turns 1000 Into 1 Million in Three Hours
The 2024 crypto market surge has displayed all the classic signs of a cryptocurrency bull run, with the introduction of numerous new coins and tokens, a new all-time high (ATH) for Bitcoin (BTC), and tales of rapid wealth accumulation.
One of the latest rags-to-riches narratives emerged on June 6 when data from Solscan uncovered that an insider purchased over 190 million Hulkmania (HULK) tokens – equating to 19% of the total circulating supply – for just 7.1 Solana (SOL), valued at $1,200 at the time. Within a swift three hours, they managed to sell the 190 million HULK for over 5,760 SOL – valued at nearly $1 million.
According to calculations shared on X by Lookonchain, this investment yielded over 81,000% returns, growing about 812 times. However, the selling spree caused the HULK token’s value to plummet by approximately 85%.
The aftermath of the sales led to a significant drop in the price of the HULK token, with the value of the cryptocurrency diminishing by around 85%. The meme coin continued its downward spiral post-incident, and confusion surrounding HULK intensified as Hulk Hogan claimed his X account was compromised in an Instagram post, advising fans to disregard any cryptocurrency-related content.
Solana has remained a preferred blockchain for launching new cryptocurrencies in 2024 due to its reliable uptime, scalability, and cost efficiency. The native token of the Solana blockchain, SOL, has also seen a surge in interest, partly fueled by its market performance. SOL experienced a notable surge in late 2023, escalating from approximately $20 in October to over $100 on New Year’s Day, sustaining its strong performance into 2024. As of the time of writing, SOL’s price stands at $171.96, marking a 69.63% increase on the year-to-date (YTD) chart.
While numerous investors have reaped substantial profits in the ongoing bull market, it is crucial to exercise caution in the crypto realm. Alongside the positive developments, the 2024 bull market has witnessed its fair share of pitfalls and fraudulent schemes. For instance, the team behind the meme coin Slerf (SLERF) inadvertently burned around $10 million shortly after launch, while the CondomSol team executed an old-fashioned rug pull.
Disclaimer: The information provided should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and capital is at stake.