Crypto Traders Bet on This New Altcoin: Make Nearly $2M Profits
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A Solana trader hit the jackpot by turning a small amount of cryptocurrency into a massive profit. With just 1.6 ETH, they made a whopping 770 ETH, which is around $1.77 million, in just 12 minutes. This incredible success has amazed the crypto community and highlighted the trader’s skill in navigating the crypto market.
Insider Strategic Profit of 770 ETH
According to prominent on-chain tracking platform Lookonchain, 12 new wallets, believed to be “insiders,” made a big profit of 770 ETH, which is worth a lot – $1.77 million. They did this by putting in only 1.6 ETH, around $3,694, into a token named Dogwifhat.
In just 5 hours, this trader made 7,197 $SOL($703K) with only 18 $SOL($1,758), a gain of 400x!
The trader spent 18 $SOL to buy 55.1B #FartCaster(55.1% of the total supply) in the same block where the deployer opened trading for #FartCaster.
He then sold 53.94B #FartCaster for… pic.twitter.com/BrVYltUYBh
— Lookonchain (@lookonchain) February 4, 2024
This all started when these wallets made smart buys at the same time the deployer opened trading. This got other people excited, and they quickly joined in, hoping to catch the rising trend.
Lookonchain said that these 12 wallets used 1.6 ETH to get 24 million Dogwifhat. Later, they sold 15.34 million, making a total of 771.86 ETH, equivalent to $1.78 million. Right now, these wallets still have 8.65 million WIF, valued at $838,000.
Even though WIF’s price dropped by 7.42% in the last 24 hours to $0.2174, it’s still way higher than its lowest point on December 13, 2023, with a massive increase of 14,287.04%.
Turning 18 SOL Into $703K
In a parallel crypto success story, another trader armed with just 18 SOL worth around $1,758 executed a strategic trade that made a staggering 400x gain.
LookOnChain reports that this trader acquired an impressive 7,197 SOL by investing in FartCaster tokens, representing 55.1% of the token’s total supply. This bold move occurred in the same block as the token’s trading launch.
12 fresh wallets (insiders) made a profit of 770 $ETH($1.77M) on #dogwifhat with only 1.6 $ETH($3,694)!
These wallets were created yesterday and bought #dogwifhat in the same block where the deployer opened trading.
Other users started to buy #dogwifhat 12 minutes later.… pic.twitter.com/d3cil8DB8t
— Lookonchain (@lookonchain) February 3, 2024
The bulk of the profit emerged when the trader sold 53.94 billion FartCaster tokens for 7,215 SOL, translating to a substantial return on their initial investment. Despite the sizable sale, the trader still holds 1.16 billion FartCaster tokens, valued at around $27,000, suggesting a strategic reserve or confidence in the token’s future potential.
Solana (SOL) Price Analysis
Beyond individual triumphs, Solana (SOL) itself experienced a notable surge in value. Recent market trends indicate a significant uptrend, with SOL’s price climbing from $88.32 to $94 over the past week, reaching a peak of $105.86.
Filed under: Bitcoin - @ February 5, 2024 6:15 am