A trader transformed an investment of $2,275 in Solana (SOL) tokens into an impressive $2.26 million within just eight hours.
The trader’s wallet, identified as “sundayfunday.sol,” achieved a return of over 993 times their investment into the newly launched memecoin 1DOL.
The trader also had a history of investing over $72,000 in Book of Memes (BOME) tokens during its presale, which at their peak were valued at more than $40 million.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
Although “sundayfunday.sol” sold 530 billion BOME for $7.66 million, the trader still holds 894 billion of the token, valued at $10.5 million, maintaining the title of the largest individual holder of BOME.
However, the profitable 1DOL trade led to allegations of insider trading and money laundering.
Moreover, users commented that the trading pool’s low liquidity, valued at $291,000 in SOL tokens, makes it so that the trader would struggle to cash out their profits without drastically impacting 1DOL’s price.
Overall, while such trades can result in significant gains, they also come with substantial risks, including market manipulation allegations and liquidity challenges.
In other news, a group of crypto enthusiasts recently launched the memecoin NotWifGary (NWG), referring to the US Securities and Exchange Commission’s chair Gary Gensler. The memecoin was driven by regulatory uncertainty affecting the crypto community.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
