According to data provided by cryptocurrency tracking platform Lookonchain, a memecoin trader managed to make some transactions that some consider suspicious and others consider high-profile.
According to the data, the memecoin trader in question made a profit by trading some low market value memecoins on Solana.
The wallet, which first caught the altcoin called GOAT at a market value of $ 2 million, made a profit of $ 3.45 million, or 117 times, from this token. Then, the trader, who caught another memecoin called GNON at a market value of $ 80,000, managed to make a profit of $ 3.02 million, or 855 times.
The crypto whale, who spent $30,000 on GOAT transactions to buy 11 million tokens, sold 3 million of them for $279,000, leaving him with 8 million GOATs worth $3.2 million.
In addition, he sold 579,000 of the 27.58 million GNON altcoins he purchased for $3,500, and currently holds a total of 3.02 million GNON tokens.
The fact that this crypto whale made such a high profit in memecoin trading, which is known to be quite risky, also brought with it suspicions that the whale was an insider in the development team of these altcoins. Under normal conditions, a significant portion of people who trade memecoins lose some or all of their investments.
*This is not investment advice.
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Source: https://en.bitcoinsistemi.com/one-cryptocurrency-wallet-profited-117-times-from-one-altcoin-and-855-times-from-another-but-doubts-remain/