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News - This memecoin trader becomes a millionaire in 5 hours
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30-04-20241 min read
This memecoin trader becomes a millionaire in 5 hours
A memecoin trader becomes a millionaire in just a few hours. An ingenious move or insider trading?
Millionaire in five hours? This ''whale'' shows us how. Within a very short time, one investor multiplied his investment by a factor of 41. This reports LookonChain.
Insider trading?
— Lookonchain (@lookonchain) April 28, 2024
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
This was made possible by trading a single memecoin.
This is how he proceeded: the trader first took US$49,000 in Solana (345.9 SOL) from two Binance wallets.
He then invested 344 SOL in a new Solana memecoin called "Tori the Cat" (TORI). The investor received a total of 261.4 million TORI.
However, after memecoin's price explosion, investors did not sell any token, but transferred the money to different wallets. Current volume: about US$2.05 million.
Because of the speed and precision of the trade, LookonChain suspects this may be insider trading.
In general, trading memecoins is considered very risky. The majority fail to settle in the long term.
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