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Crypto Insider Turns $3,300 into $1.69 Million in 15 Days
A crypto the insider made over $1.68 million in profits made in 15 days, trading on the Solana (GROUND) ecosystem. THE cryptocurrency trader spent 23 SOL, worth $3,300, to purchase two meme coins and sold all of his positions for 11,229 SOL, valued at over $1.69 million.
Notably, Lookonchain classified this trader as a crypto insider, given that the purchases took place immediately after purchasing the tokens. liquidity pools launch. The platform reported this recent achievement in a job on X on June 22, tracking on-chain data from multiple addresses.
How Did the Crypto Insider Make Over $1.68 Million in Profit Trading Two Meme Coins on Solana?
Overall, this crypto insider used 7.1 SOL and 16 SOL to purchase HULK and GUNIT respectively.
First, several addresses acquired 190.2 million HULK with a value of $1,200 of Solana and kept them for 15 days. These addresses sold the entire position for 5,760.7 SOL, worth $974,200, an 810x gain from the initial investment.
HULK/SOL on Raydium. Source: Lookonchain
For GUNIT, the insider spent 16 SOL, worth $2,100, to purchase 366.92 million crypto. Eight hours later, the meme coin token saw a massive surge and the trader sold his entire stack. This transaction resulted in 5,475.5 SOL, worth $719,800, for a 343x increase in his holdings.
Later, the insider consolidated his profits into the crypto wallet address ‘4uh969’. Of the 11,229 SOL now acquired, the address sent 3,070 SOL to a Kraken address, likely to make this profit in fiat.
The dangers of crypto insiders and traders speculating on meme coins
This is another example of how crypto insiders often take advantage of retail trading by creating and launching meme coins and money grab schemes. They take advantage of the information asymmetry and hype of a market that insists on playing with poor fundamental digital assets.
This mentality aligns with the “greater fool theory,” which suggests that profits can be made by buying overvalued assets and selling them to a “greater fool.”
Cryptocurrencies are inherently volatile and pose considerable risks to traders, investors and users, even with solid, usable projects. However, trading meme coins adds another layer of risk that will often drain money from many insiders to a few insiders.
For this reason, investors should avoid these schemes and seek the advantage of a cryptocurrency. fundamentals, carefully investigating the properties of supply and demand. Recent data reported by Finbold suggests the trend is moving away from meme coins and towards better funded projects.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.