Nowadays, Solana has become one of the most popular networks for creators, where multiple meme coins have been launched on the platform. Not only that, but the meme coins have also gained huge popularity and are flourishing with profits even in rough zones. Talking of which, a Solana trader has succeeded in taking the right opportunity to invest in TORI, a newly launched Solana meme coin, and turned a $49,000 investment into $ 2 million. More importantly, all these gains have been made in 5 hours only.

In this blog, let us discuss how he did it. A mere luck or insider trading?

Solana Trader Made 4000% Profits With TORI

According to Lookonchain data, the Solana trader invested $49,000 in the form of 344 Solana tokens to buy 261.4 Million TORI tokens. The investment happened after withdrawing 345.6 Solana tokens from the Binance exchange to the newly created wallet addresses on the 25th and 26th of April.

Insider trading?

This guy turned $49K to $2M in just 5 hours, a gain of 41x!

He withdrew 345.6 $SOL($49K) from #Binance via 2 fresh wallets and spent 344 $SOL($49K) to buy 261.4M $TORI.

He transferred the 261.4M $TORI to multiple wallets without selling them.

Currently, the… pic.twitter.com/ENVBxzKHGH

— Lookonchain (@lookonchain) April 28, 2024

Immediately after buying the token, the Solana trader transferred the tokens to multiple addresses without selling on the 28th. By the time the 261.1 Million TORI has turned into $2.05 Million worth, making 4000% gains on the investment.

Also Read: 3 Cryptocurrencies To Buy Before May

At the time of writing, Tori The Cat (TORI) is trading at $0.002946 with a market cap of $2.945 Million. TORI has been live in the market for nearly 12 hours and has gained a trading volume of $37.103 Million. In this duration, TORI rose to the highest of $0.007506 before following a downtrend.

Crypto Community Believed It To Be Insider Trading

With the Lookonchain X post highlighting the Solana investor’s profit, the community has hinted at an insider trading job. It is because the token was launched recently, so predicting such high gains should have been challenging. An X user commented that hundreds of new tokens get released every other day, so the chances are comparatively lower to make these massive gains.

Sure he is an insider!

Hundreds not to say thousands of coins are launched everyday!

We cant know which coin will pump.

Even if we blind ape on every launch it cant be 345 SOL per coin kek

I just hope they are reliable and wont dump!

— Gems Aristocrat (@GemsAristocrat) April 28, 2024

A popular decentralized exchange, Raydium, has also suspected the TORI buying as an insider job. The exchange has not even recognized the TORI token, and the identification is done only by the mint address.

Further on, analysts also believe that there are poor chances of liquidation of such a huge amount without impacting the token price. In the worst-case scenario, it will end up losing all the gains.

As the traders haven’t sold any of the tokens, the chances are high that liquidation might affect the token’s worth. It is because the TORI prices have continuously dropped since yesterday, and might drop more. With the calculations, the 261.1 Million TORI is now worth only $769,200.6, on the current market price of $0.002946.

Conclusion

The truth has yet to be out, whether it was a trader’s job or the Solana investors went with his analysis to gain $2 Million from a small investment in such a short span. However, it’s hard to say how long these gains will stay as the TORI might face a liquidity crunch. Because TORI has already declined in value, it seems to be a momentary profit for the Solana trader.

Read More Top ERC-20 Tokens To Buy in April

The post How Solana Trader Made $2 Million In 5 Hours ? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am