Crypto Trader Rakes in $1.6 Million in Just 14 Hours by Trading Solana-Based Memecoin
In a stunning display of trading prowess, a crypto trader has managed to make a staggering $1.6 million by swiftly trading the meme-inspired cryptocurrency Wen ($WEN) on the Solana blockchain. The trader wasted no time and jumped on the opportunity to buy 20 billion WEN tokens right after the coin hit the market. After a few hours, the trader sold 12.5 billion tokens for a whopping $807,000, reaping a profit of $682,000. Astoundingly, the trader is still holding onto 7.6 billion tokens, which are now worth over $900,000.
Observed by the on-chain analysis service Lookonchain, this exceptional trading feat caught the attention of crypto enthusiasts on Twitter. However, some skeptics raised concerns about the legitimacy of such extraordinary gains, asserting that they are more likely the result of insider manipulation rather than shrewd trading strategies.
Remarkably, the price chart of Wen tells a tale of deceit. Shortly after its debut, the meme-inspired coin surged to a peak value of over $900. However, the price subsequently plummeted, currently trading at a meager $0.00017 per token. This dramatic drop suggests the involvement of insiders orchestrating a pump and dump scheme – a fraudulent tactic where insiders artificially boost the price of an asset through misleading information, enticing unsuspecting investors to buy in, only to dump their holdings for massive profits when the price reaches its peak.
While these types of scams are unfortunately prevalent in the crypto world, this particular trader’s remarkable profitability highlights the potential gains that can be made in the volatile landscape of meme-inspired cryptocurrencies.