A cryptocurrency trader recently made huge profits after investing just $3,300 and turning it into millions in a matter of days. The sector is known for such enormous profits, and this year, several examples have come to light, mostly involving Solana meme currencies. Some of these, meanwhile, seem implausible because it’s challenging to forecast the performance of cryptocurrencies, raising questions about their sincerity. While some may choose to work as insiders, others may just be devoted. This cryptocurrency trader has connections to insider trading, facilitating his ability to profit handsomely.
Let’s talk about how this cryptocurrency trader made $1.69 million in this blog post and whether or not it was an inside job.
The Crypto Trader Made $1.69 Million With Two Meme Coins
A cryptocurrency trader reportedly invested 23 SOL (valued at $3,300) and sold them for 11,229 SOL (worth $1.69M) in 15 days, according to Lookonchain reports. On June 22, 2024, he used 16 Solana tokens to purchase 366.92 million GUNIT (Real Nigga 50) tokens through many addresses. He immediately sold the tokens for 5,491.5 Sol, or $721.9 K. The cryptocurrency trader made 5,475.5 in profits after turning a 343x profit on this GUNIT purchase.
An insider made 11,229 $SOL($1.69M) in just 2 days, costing only 23 $SOL($3,300)!
Invested 7.1 $SOL on $HULK and got 5,760.7 $SOL returned.
Invested 16 $SOL on $GUNIT and got 5,491.5 $SOL returned.
1/ Let’s dig into his trades. pic.twitter.com/zoueMhukMC
— Lookonchain (@lookonchain) June 22, 2024
Not only that but seventeen days ago, the cryptocurrency dealer also invested in HULK (HULKAMANIA), another meme coin. He converted $1200, or 7.1 $SOL, into $974.2K, or 5,760.7 $SOL, by purchasing 190.2 million HULK tokens. He gained 810 times more money from this investment, totaling 973K in earnings.
The cryptocurrency trader made $1.69 million with these meme coins in 15 days. Despite using many addresses to purchase each of these tokens, the trader sent all 11,229 SOL in winnings to a single account with the address “4uh969…5sBV9i.” He has also moved 3,070 SOL to a Kraken, presumably to convert it to fiat.
Lookonchain thinks insiders did it
Considering that tokens were bought immediately following the introduction of the liquidity pool, Lookonchain has publicly labeled this an inside job. The platform has analyzed all of the transactions and the use of several addresses to connect them to an insider practice. Insider trading is not uncommon in the financial sector, including cryptocurrency. These insiders profit from the asymmetry of knowledge, the excitement around recently introduced cryptocurrencies, and pump-and-dump tactics.
