Amidst the market’s challenging conditions, a savvy Solana trader managed to net $2 million in just five hours with precise timing.
Solana has emerged as a hub for creators, hosting a multitude of meme coins that have garnered significant popularity and profitability, even in turbulent times. Seizing an opportune moment, a Solana trader invested $49,000 in TORI, a newly launched Solana meme coin, and swiftly turned it into $2 million within a remarkably brief timeframe of five hours.
This blog delves into the trader’s strategy: Was it sheer luck or something more?
The trader, as per Lookonchain data, allocated $49,000, equivalent to 344 Solana tokens, to acquire a staggering 261.4 million TORI tokens. This investment was executed by transferring 345.6 Solana tokens from the Binance exchange to newly created wallet addresses on April 25th and 26th.
Post-purchase, the trader promptly distributed the tokens across multiple addresses without initiating any sales on April 28th. Within this short span, the 261.1 million TORI tokens burgeoned into a value of $2.05 million, reflecting a staggering 4000% return on investment.
At present, Tori The Cat (TORI) is trading at $0.002946, boasting a market cap of $2.945 million. Despite being on the market for a mere 12 hours, TORI has generated a trading volume of $37.103 million. During this period, TORI peaked at $0.007506 before experiencing a downturn.
However, the crypto community has raised suspicions of insider trading following Lookonchain’s post highlighting the trader’s monumental profits. Given the recent launch of the token, predicting such substantial gains seemed improbable. An X user pointed out the daily influx of new tokens, suggesting the odds of achieving such extraordinary returns are typically slim.
