April 25, 2024

Solana-Based Meme Coin Soars As Crypto Trader Turns $2k Investment into $5.7Million

In a breathtaking turn of events, the ongoing meme coin madness on the Solana blockchain continues, with a bold trader taking a mere $2,220 investment and smartly turning it into a whopping $5.7 million profit within 6 days, as per Lookonchain. 

Turning $2k Into $5.7Million

A recent post on X by Lookonchain, a platform that keeps an eye on blockchain activities, reveals a clever move by a trader. This savvy trader turned a $2,000 investment into an impressive $5.7 million.

On December 20, the trader initiated the ANALOS trade by swapping 30 SOL (worth $2,220) for a staggering 16.1 billion ANALOS on Raydium. What’s fascinating is that this all happened within a minute of ANALOS hitting the market, sparking whispers about possible insider involvement.

After acquiring the tokens, the trader swiftly transferred 516 million ANALOS in 30 transactions to various wallets between 03:22 (UTC) and 03:45 (UTC) on December 20. In total, the trader moved out 15.5 billion ANALOS, leaving 680.3 million tokens in the primary wallet. Interestingly, the value of ANALOS surged shortly after these transactions, significantly boosting the trader’s holdings.

Following the transfers and the surge in ANALOS value, the trader began converting the holdings into USDC. Over the next six days, the trader exchanged 14.5 billion ANALOS across multiple addresses, accumulating $3.45 million worth of USDC. Although the trader sold substantial amounts of ANALOS, he still holds over a billion in four addresses.

Solana Meme Coin Craze

This extraordinary success story is just one part of a larger trend involving profitable trades with meme coins on the Solana blockchain. A standout in this trend is Silly Dragon (SILLY), which recently reached a market capitalization peak of $140 million.

Silly Dragon was first introduced into the Solana ecosystem during Halloween 2023 by Anatoly Yakovenko, the co-founder of Solana, later it became a key player in the crypto community’s narrative. Currently trading at $0.1328, Silly Dragon has witnessed a significant 22.29% surge in the last 24 hours and an impressive 119.64% spike over the past week.

Meanwhile, with 1 billion tokens in circulation and a user-friendly transaction experience due to the absence of a transaction tax, Silly Dragon has caught the attention of investors. 

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