The Solana frenzy shows no signs of slowing down, as another trader recently struck gold with a meme coin. This time, a quick-witted investor turned a mere $2,220 into a staggering $5.7 million by holding ANALOS, a new meme coin, for just six days.
Lookonchain (@lookonchain) shared this remarkable tale on X. The investigation reveals that the trader’s journey began on December 20, when he swapped 30 SOL (around $2,220 at the time) for a whopping 16.1 billion ANALOS on Raydium, an Automated Market Maker (AMM) on the Solana blockchain.
In just 6 days, this trader made more than $5.7M with only 30 $SOL($2,220)!😱
A gain of over 2570x!
He spotted $ANALOS 1 minute after it opened trading and spent 30 $SOL($2,220) to buy 16B $ANALOS.
Then he sold 14.5B $ANALOS for 3.45M $USDC via multiple addresses over the past… pic.twitter.com/jD17YOD5hJ— Lookonchain (@lookonchain) December 26, 2023
Read Also: Another Solana Trader Turns 12 SOL into $3.5 Million in Five Days. Here’s how
The Meme Coin Frenzy Continues
Intriguingly, this purchase happened mere minutes after ANALOS launched on the same day. Following the acquisition, the trader embarked on a flurry of transfers, sending 30 batches of 516 million ANALOS each to other addresses on the same day. In total, 15.5 billion ANALOS were transferred, leaving just 680.3 million behind in the original wallet.
Interestingly, the ANALOS price shot up not long after the purchase and transfers, causing a surge in the value of the trader’s remaining tokens.
In a move reminiscent of another recent trader who made millions from a Solana-based Meme coin, the trader began selling his holdings. He traded his tokens for USDC, selling 14.5 billion ANALOS through different addresses for 3.45 million USDC over six days.
Despite the substantial sales, the trader chose to keep some ANALOS tokens to himself. Lookonchain revealed that over 1 billion ANALOS, currently valued at $2.34 million, are still spread across four addresses owned by the individual.
This isn’t an isolated incident. The Solana blockchain has become a breeding ground for profitable meme coin trades. Their explosive rallies have lured investors, with many reaping hefty rewards.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: This Solana Trader Turns 3 SOL into $250,000 in Less than 24 Hours. Here’s how
More Insider Trading Accusations
However, this story has been met with accusations of insider trading, just like another trader who recently made $250,000 through similar techniques. These accusations boil down to the suspicious timing. One X user argued that no one would invest $2,000 into a random and unknown meme coin project a few minutes after its launch without being an insider.
However, another X user pointed out that $2,000 was not a lot of money to some people, suggesting that the trader took a gamble with money that looked insignificant to him.
However, the first X user rebutted that despite the amount being small to many people, most wallets that perform these transactions are freshly loaded meaning they had inside information and were not just random traders. However, these are all speculation, and there has been no proof of insider involvement in this trade.
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