Solana Craze Continues as Trader Turns $900 to $3.47M: Here’s How

A trader on the Solana network has flipped a $900 capital to a mind-boggling $3.47 million fortune by trading analoS (ANALOS), another meme coin on the blockchain.

Blockchain surveillance platform Lookonchain recently called the public’s attention to the trade. Citing data from Solscan, the dedicated Solana blockchain explorer, Lookonchain confirmed that the trader spent 12 SOL (worth $900 at the time) to purchase 2.6 billion ANALOS tokens on Dec. 20.

The carnival on #Solana is still going on!

A trader turned $900 into $3.47M by trading $ANALOS on #Solana in 5 days.

A gain of over 3800x!😱

The trader spent 12 $SOL($900) to buy 2.6B $ANALOS 5 days ago, then sold 1.45B $ANALOS for 1.43M $USDC.
He is selling $ANALOS currently… pic.twitter.com/53HrK2KyPR

— Lookonchain (@lookonchain) December 25, 2023

At the time of the purchase, ANALOS, spelled “Solana” backward, traded at its lowest market prices. The token eventually soared as buyers trooped into the market, rallying by over 1,367% to a high of 0.00001541 SOL on Dec. 24.

As the rally sustained, the trader in question began offloading their ANALOS tokens, selling them off in batches of 1,400,000 tokens for USDC. At the time of the disclosure, Lookonchain confirmed that the individual had already dumped 1.45 billion ANALOS for $1.43 million in USDC.

The individual continued to offload more ANALOS tokens, with a balance of 1.12 billion ANALOS, valued at $2.04 million. This translates to a total profit of about $3.47 million, marking an impressive return on investment (ROI) of 385,500% or a 3,855x increase.

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As of press time, the address holds 48.8 million ANALOS. Interestingly, the individual has already moved out of most of the USDC, possibly for redemption purposes. Their wallet now contains $313,993 in USDC.  

Growing Speculations

Due to the timing of these trades, certain crypto community members speculate that the address might belong to the developers of the project. However, the team behind the token remains active on X, fervently projecting long-term visions. 

Interestingly, Alex Andryunin, founder and CEO of crypto hedge fund Gotbit, disclosed this morning that the fund plans to pump a massive $1,000,000 investment into ANALOS. The investment will take the form of a buyback to support the growth of the token.

The recent trade comes shortly after The Crypto Basic reported on Dec. 22 that a trader on Solana flipped $242 into $250,000 trading another Solana-based memecoin MELON. This trend has persisted since BONK’s massive success.