• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Trader turned 1 Solana into $2 million

Trader turned 1 Solana into $2 million

user avatar

by Max Nevskyi

2 years ago


Analysts at Lookonchain discovered a unique case in the crypto market where an unknown trader managed to turn just 1 Solana (SOL) into 2 million dollars in 22 days. The researchers recorded that the trader invested only a couple of tens of dollars, starting by depositing 1.5 Solana into their wallet.

This user used their SOL to purchase 43.1 million Silly Dragon (SILLY) tokens shortly after they started trading. For the purchase, they spent 1 Solana, which was about 62 dollars at the time.

During the price rise of Silly Dragon, the trader sold 33.34 million SILLY for 528 thousand dollars. They were left with 9.76 million tokens worth 1.5 million dollars, making them the eighth-largest holder of SILLY. Ultimately, the trader earned a 21,715-fold increase in their capital from the rise in SILLY.

The cryptocurrency trading community suggests that such success might not have been a coincidence but a result of insider trading. It is speculated that the trader might have known about the upcoming listing of SILLY and the expected price increase following this event. Some even suggest that the successful investor could have been one of the founders of the Silly Dragon project.

This case is reminiscent of another recent example where a trader earned 3 million dollars in 5 days on "inverted Solana."

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Bitcoin Coinbase Premium Gap Turns Negative After 20-Day Positive Streak

chest

The Coinbase Premium Gap for Bitcoin has shifted to negative for the first time in 20 days, indicating a change in buying and selling behavior among American investors.

user avatarDiego Alvarez

Digital Asset Sector Sees Positive Net Capital Inflows

chest

The digital asset sector has experienced a significant shift with positive net capital inflows for the first time since December, with combined monthly netflows into Bitcoin, Ethereum, and stablecoins surging to a positive value of $3 billion.

user avatarKenji Takahashi

Bitcoin Options Market Shifts with IBIT Dominance

chest

Jeff Park discusses the impact of IBIT options on Bitcoin's volatility and potential price movements.

user avatarMaria Fernandez

Market Analyst Predicts Bitcoin Upside Before Potential Crash

chest

Market analyst Michael van de Poppe forecasts another strong upside move for Bitcoin before a significant downturn.

user avatarRajesh Kumar

Chainlink Traders Experience Largest Exchange Withdrawals Since December

chest

Chainlink traders have made significant exchange withdrawals, indicating potential accumulation trends.

user avatarGustavo Mendoza

Peter Schiff Warns of Potential Breakdown for MicroStrategy's Bitcoin Strategy

chest

Peter Schiff warns that MicroStrategy's financial model may not be sustainable due to increasing obligations and reliance on Bitcoin, potentially leading to negative effects on the broader Bitcoin market.

user avatarMiguel Rodriguez

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.