The little-known digital token SnowSwap grew by 900% in just one day

NOT financial advice!

It took an anonymous trader only 19 hours to turn $ 3000 into $ 651,000 using cryptocurrency. The successful crypto user’s transactions were noticed by Lookonchain analysts.

The trader started by purchasing 386.94 trillion SnowSwap tokens (SNOW) for 1.31 ETH (about $ 3000). This gave him 43.5% of the total cryptocurrency issue.

on January 25, 2024, SNOW’s growth approached 900% at one point, and then the cryptocurrency went into correction. The trader managed to take advantage of the rise in the coin’s exchange rate to record part of the profit.

Amid the rise in SNOW’s price, the trader sold 72 trillion coins for 53.4 ETH (about $ 119 thousand). The net profit from the transaction amounted to 52.09 ETH (about $ 116 thousand). The trader still has 314.9 trillion coins (35.4% of the issue), which brought him $ 535 thousand of unrealized profit.

Members of the crypto community believe that Lookonchain analysts have stumbled upon another episode of insider trading. Some believe that one of the SNOW developers may be behind such successful transactions.

Snowman Meme (SNOW) is a meme-coin whose symbol is a snowman. It was developed by the Ice: Decentralized Future project. The coin was launched on the decentralized crypto exchange Uniswap on January 24, 2024. As part of the project, the developers also issue Ice cryptocurrency.