Trader Solana turned US$49,000 into US$2 million in just 5 hours, with newly launched meme coin

In an impressive trade in the cryptocurrency market, a trader managed to transform an investment of US$49,000 into an astonishing amount of US$2 million in just five hours. The operation involved the cryptocurrency Solana (SOL) and the recently launched meme coin, TORI, reaching a yield of almost 4,000%.

The origin of this remarkable feat dates back to a set of transactions in which 344 SOL were exchanged for 261.4 million TORI. These SOLs came from two different withdrawals made on April 25th and 26th from the Binance platform, directed to two new wallet addresses.

After acquiring the tokens, the trader quickly distributed the amount of TORI to several addresses on April 28, shortly after the purchase. This movement generated speculation about the use of privileged information, according to notes from Lookonchain and discussions on social networks.

Insider trading?

This guy turned $49K to $2M in just 5 hours, a gain of 41x!

He withdrew 345.6 $SOL($49K) from #Binance via 2 fresh wallets and spent 344 $SOL($49K) to buy 261.4M $TORI.

He transferred the 261.4M $TORI to multiple wallets without selling them.

Currently, the… pic.twitter.com/ENVBxzKHGH

— Lookonchain (@lookonchain) April 28, 2024

The value accumulated by the trader, however, remains as unrealized profit. This implies that these gains could dissipate as quickly as they appeared if the tokens are not sold in time.

The token in question, now called Tori the Cat (TORI) by analytics platforms like SOLScan, is not yet recognized by the decentralized exchange Raydium. This technical detail means that TORI can only be exchanged through its original address on Raydium, where there is currently a liquidity of 6,466.24 SOL and 93.65 million TORI available for transactions.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.