Trader Turns $8.5K Into $802K in One Hour: Insider Tips or Pure Luck?
Making a rapid profit is not uncommon in the memecoin business. However, one trader’s recent success has elicited both praise and scepticism. This trader transformed a $8.5K investment into a whopping $802.5K profit in just one hour by purchasing as or Sheer Luck?
Solana-based memecoin known as “CTO.”
While some claim he had insider information, others believe he is simply a skilled memecoin hunter.
Savvy Trader Earned $802k In An Hour
Raydium Protocol, the leading Solana swap and AMM platform, has recently launched a new MEME coin, CTO, on the MakeNow.Meme platform. Following the introduction, a shrewd trader recognised a wonderful opportunity and invested 50 SOL (approximately $8.5K) to acquire 256.8 million CTO tokens, becoming the third person to invest in the new coin, according to Lookonchain, a well-known blockchain analytical tool.
However, traders’ decision to invest in the CTO memecoin paid out handsomely. After several times. He sold 227.67 million CTO tokens for 4,771 SOL (around $811K), making a stunning profit of 4,721 SOL, or $802.5K. This remarkable gain of 94x of his initial investment was achieved within just an hour.
A trader made 4,721 $SOL($802.5K) on $CTO in just 1 hour, a gain of 94x! @Raydium Protocol launched a #MEMEcoin $CTO on @makenowmeme about 1 hour ago. This trader spent 50 $SOL($8.5K) to buy 256.8M $CTO and was the 3rd address to buy $CTO.He then sold 227.67M $CTO for 4,771
– Lookonchain (@lookonchain) August 1, 2024
A History of Success
This trader is no stranger to high earnings. However, just 11 hours before the CTO deal, he completed a successful transaction with another coin, PFI. Meanwhile, by investing 20 SOL (about $3.4K), he received 612 SOL ($104K), a 30x return on his initial investment.
Some assume the dealer was simply lucky with meme coins, while others suspect he is an insider with special insight.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
X : Cryptomantr