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An unidentified insider trader has managed to turn just $1,200 into nearly $1 million in just three hours trading a newly launched cryptocurrency through four new wallets after acquiring 19% of that cryptocurrency’s total supply.
According to on-chain data analysis service Lookonchain, the insider used 7.1 SOL, then worth $1,200, to buy 190.2 million Hulkmania ($HULK) tokens, 19% of the cryptocurrency’s total supply, with various wallets.
The trader when sold all of their tokens after the price of the little-known cryptocurrency surged, to get back 5,760 SOL tokens worth around $980,000. The insider’s abrupt sell-off led to a massive price drop of more than 85%.
The trade, which appears to be a result of market manipulation, yielded a staggering return of over 81,000% in just three hours, with the cryptocurrency also plunging after Hulk Hogan himself revealed on Instagram that his accounts had been compromised and asking fans to disregard cryptocurrency-related posts.
Astute traders and insiders have managed to capitalize on the meteoric rise of Solana (SOL)-based memecoins, realizing astronomical gains in the process, with data showing, for example, one trader purchased a substantial amount of Dogwifhat (WIF) in December 2023 and has since seen a staggering 118,967% return on their investment.
Another trader has also found success with MAGA (TRUMP), a memecoin inspired by former U.S. President Donald Trump, who is currently campaigning for the presidency once more, while another made millions worth Jeo Boden (BODEN).
Shortly after former U.S. President Donald J. Trump was convicted on 34 felony counts for falsifying business records involving reimbursements to his former lawyer Michael Cohen for hush money payments, several Trump-inspired meme-inspired cryptocurrencies were launched, with one trader making over $160,000 in just 5 hours from them.
These success stories highlight the potential for significant gains in the volatile world of cryptocurrency trading, particularly when it comes to memecoins built on the Solana blockchain.
However, it is crucial to remember that such astronomical returns are not the norm and that investing in memecoins carries a high level of risk. As with any investment, it is essential to conduct thorough research, exercise caution, and never invest more than one can afford to lose.
Featured Image via Pixabay
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