Solana Investor Pocketed $2M By Investing $92, Trading Memecoin SILLY

A skillful Solana trader has turned a modest $92 investment into $2 million in under 30 days, raising eyebrows in the crypto community.

Leading blockchain monitoring platform, Lookonchain brought the community’s attention to the distinctive development in a recent tweet. Blockchain data confirms that the trader initiated the trade 25 days ago after he purchased Silly Dragon (SILLY), a Solana-based memecoin.

Starting with only 1.5 $SOL($92), this trader made $2M in 22 days, a gain of 21,715x!😱

This trader spotted $SILLY 5 minutes after it opened trading and spent 1 $SOL($62) to buy 43.1M $SILLY.

Then he sold 33.34M $SILLY for $528K, and currently has 9.76M $SILLY($1.5M) left,… pic.twitter.com/ByY1Tpupah

— Lookonchain (@lookonchain) December 27, 2023

How It Happened

Per the disclosure, the skillful trader identified SILLY just five minutes after it commenced trading. The investor proceeded to commit one Solana (SOL) token to the meme coin.

At the time of the transaction, SOL sold at $62, with which they acquired 43.1 million SILLY. This transaction occurred on December 4.

Three weeks after the purchase, the trader sold 33.34 million SILLY for $528,000. On-chain data shows this trader currently holds over nine million SILLY, valued at over $1.2 million. At the time of Lookonchain’s disclosure, it was worth over $1.5 million.

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According to Lookonchain, the position ranks the investor as the eighth largest holder of SILLY.

Meanwhile, crypto community members have contested the trader’s skills. They assert that the successful execution of such a maneuver suggests the possibility of insider knowledge.

Similar Cases

Notably, this is not an isolated incident. The Crypto Basic highlighted a comparable adept move yesterday, where another trader transformed $2,220 into over $5.7 million.

In this case, the investor employed a Solana-themed meme coin called ANALOS. Likewise, the investor acquired the meme coin shortly after it was launched for trading. However, the trader’s waiting period was just six days before cashing out.

In a parallel incident last week, a Solana investor turned a modest $242 into $250,000 in under 24 hours by investing in a meme coin right after its launch.

The recurring nature of these impeccably timed occurrences has heightened skepticism within the community that the traders are the actual developers behind the meme coins.