Trader turned 1 Solana into $2 million

Trader turned 1 Solana into $2 million

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by Max Nevskyi

3 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."

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