Solana
Solana Trader Makes $1.68 Million Profit in Just Two Weeks: Here’s How
A crypto trader has achieved an exceptional feat: he made over $1.68 million in profits made in just 15 days while trading the cryptocurrency market. Solana Ecosystem. The trader allegedly spent 23 SOL worth $3,300 to purchase two meme coins on Solana, then sold all of his positions for 11,229 SOL, valued at over $1.69 million.
How exactly did the trader make such massive profits?
The crypto insider used 7.1 SOL and 16 SOL to purchase HULK and GUNIT respectively. First, several addresses acquired 190.2 million HULK with $1,200 from Solana and held it for 15 days. These addresses then sold the entire position for 5,760.7 SOL, worth $974,200, recording a gain of 810 times compared to the initial investment, where he made 973,000 profit.
For GUNIT, the trader spent 16 SOL worth $2,100 to purchase 366.92 million crypto. Eight hours later, when the meme coin saw a massive surge, the trader sold his entire stack, resulting in 5,475.5 SOL worth $719,800, recording a notable increase of 343 times his assets.
While he purchased these tokens through multiple addresses, he transferred all profits of 11,229 SOL to a single account with the address “4uh969…5sBV9i” and transferred 3,070 SOL to a Kraken address, presumably realizing the profit in fiat.
Was it an inside job?
While the exchange highlights the potential for exponential gains in the volatile crypto market, Lookonchain classified it as an insider job as the purchases were made immediately after the launch of the tokens’ liquidity pools. The platform recently reported the incident in a job on X on June 22 by tracking on-chain data from multiple addresses.
Such large gains are part of this industry, and many cases associated with Solana meme parts showed up this year. This insider trading is another example of how insiders take advantage of information asymmetry and create hype around newly launched cryptocurrencies in the market by also benefiting from pump and dump schemes.
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