A cryptocurrency trader managed to, in the span of just 5 minutes, turn just 9 Solana ($SOL) tokens worth around $1,470 into 1,238 SOL worth over $200,000, to secure a gain of 137x in little time.
According to data shared by on-chain analysis service Lookonchain, the trader spent the 9 SOL tokens to buy 28.58 million TOBI tokens, and after their purchase the price of the cryptocurrency started skyrocketing, a move that they used to dump their holdings back for SOL.
Their profit was of over $200,000 in just 5 minutes.
https://twitter.com/lookonchain/status/1790964647237226565
The trader’s gains come at a time in which cryptocurrency investment products focusing on Solana itself have been attracting institutional interest, with data from CoinShares showing that products offering exposure to SOL saw $5.9 million of inflows in a week, bringing their total year-to-date flows to $17 million. Polkadot (DOT), XRP and Litecoin (LTC) investment products followed suit, with $1.2 million, $600,000 and $100,000 inflows respectively.
The trader’s gains aren’t new to the Solana ecosystem, which has been seeing a memecoin mania where both insiders and opportunistic trader have been taking advantage of the growth of newly launched tokens to enrich themselves.
As reported, a patient’ cryptocurrency trader has recently managed to turn around $8,600 into over $1.26 million after investing in a little-known cryptocurrency and holding onto it for two months to secure their gain of 144x.
The trader’s gains come after another cryptocurrency trader managed to turn 500 SOL tokens worth around $67.000 into 5,789 SOL worth over $780,000 in just 15 minutes after managing to “snipe” a large portion of a newly launched cryptocurrency’s supply.
There have also been significant losses, with a Solana trader losing $37,000 while speculating on a memecoin over their emotional trading pattern.
Featured image via Unsplash.