A large cryptocurrency owner increased his profit on the Solana blockchain 810 times

Editor’s note: not investment advice!

A cryptocurrency insider earned more than $ 1.68 million in 15 days by trading in the Solana ecosystem SOL $134.42 Solana -0.35% Market capitalization $62.22 billion VOL. 24 hours $1.03 billion . The trader spent 23 SOL (about $ 3,300) to buy two meme coins and sold his positions for 11,229 SOL, which is estimated to be more than $ 1.69 million. The Lookonchain platform classified this digital token holder as an insider because his purchases were made immediately after the launch of the virtual coin liquidity pools.

The insider used 7.1 SOL to buy the HULK digital token and 16 SOL to buy the GUNIT asset. Initially, several addresses purchased 190.2 million HULK for $ 1,200 on the Solana network and held them for 15 days. They subsequently sold this position for 5,760.7 SOL, which amounted to $ 974,200, i.e. an 810x increase in the investment. For GUNIT, a trader spent 16 SOL ($ 2,100) to buy 366.92 million tokens and sold them eight hours later for 5,475.5 SOL ($ 719,800), a 343-fold increase.

Subsequently, the insider consolidated his profits on the cryptocurrency wallet '4uh969'. Out of the 11,229 SOL received, the address sent 3,070 SOL to the Kraken address, probably to be converted into fiat.

Finbold analysts summarize that this case demonstrates how cryptocurrency insiders can take advantage of information asymmetry and market downturns by creating meme coins and quick-money schemes. This behavior is in line with the «greater fool» theory, which suggests the possibility of making a profit by selling overvalued assets to a «greater fool.» Investors should avoid such schemes and carefully research the main characteristics of cryptocurrencies, focusing on projects with better fundamentals.

No Worries strongly recommends that readers do not invest in dubious crypto projects and little-known digital assets!