The post Solana Trader Achieves $1.68 Million Profit in Just Two Weeks: Here’s How appeared first on Coinpedia Fintech News
A crypto trader has achieved an exceptional stunt: He made over $1.68 million of realized profits in just 15 days by trading in the Solana ecosystem. The trader reportedly spent 23 SOL worth $3,300 to buy two meme coins on Solana and then sold all his positions for 11,229 SOL, which was valued above $1.69 million.
How exactly did the trader make such massive profits?
The crypto insider used 7.1 SOL and 16 SOL to buy HULK and GUNIT, respectively. Firstly, multiple addresses acquired 190.2 million HULK with $1,200 worth of Solana and held them for 15 days. These addresses then sold the entire position for 5,760.7 SOL, worth $974,200, recording an 810x gain over the initial investment, where he made 973K in profits.
For GUNIT, the trader spent 16 SOL worth $2,100 to buy 366.92 million of the crypto. Eight hours later, when the meme coin witnessed a massive surge, the trader sold all his stack, which resulted in 5,475.5 SOL worth $719,800, recording a notable 343x increase in his holdings.
While he bought these tokens through multiple addresses, he transferred all the profits of 11,229 SOL to a single account with the address ‘4uh969…5sBV9i’ and transferred 3,070 SOL to a Kraken address, to likely realize the profit in fiat.
Was this an Insider Job?
While the trade highlights the potential for exponential gains in the volatile crypto market, Lookonchain has classified it as an insider job as the purchases were made immediately after the tokens’ liquidity pools launch. The platform reported the incident recently in a post on X on June 22 by tracking on-chain data from multiple addresses.
Such heavy gains are a part of this industry, and many cases associated with Solana meme-coins have come forward this year. This insider trading is yet another example of how insiders take advantage of information asymmetry and create hype around newly launched cryptos in the market by also benefiting from the pump-and-dump schemes.