The post Trader Turns $8.5K into $802K in One Hour—Insider Tips or Sheer Luck? appeared first on Coinpedia Fintech News
In the memecoin sector, making a quick profit is nothing new. However, one trader’s recent success has sparked both admiration and suspicion. This trader turned an $8.5K investment into a massive $802.5K profit in just one hour by buying a Solana-based memecoin called “CTO.”
While some people say he had insider information, others think he’s just a savvy memecoin hunter.
Savvy Trader Made $802k In An Hour
Leading Solana swap and AMM platform Raydium Protocol recently introduced a new MEME coin, CTO, on the MakeNow.Meme platform. After the launch, a savvy trader saw a golden opportunity and invested 50 SOL (about $8.5K) to acquire 256.8 million CTO tokens, becoming the third person to invest in the new coin, according to Lookonchain, a prominent blockchain analytical platform.
However, traders’s decision to invest in CTO memecoin paid off big. After a few times, he sold 227.67 million CTO tokens for 4,771 SOL (around $811K), making a stunning profit of 4,721 SOL, or $802.5K. This remarkable gain of 94x of his initial investment was achieved within just an hour.
A trader made 4,721 $SOL($802.5K) on $CTO in just 1 hour, a gain of 94x!
@RaydiumProtocol launched a #MEMEcoin $CTO on @makenowmeme about 1 hour ago.
This trader spent 50 $SOL($8.5K) to buy 256.8M $CTO and was the 3rd address to buy $CTO.
He then sold 227.67M $CTO for 4,771… pic.twitter.com/rSKOTVknx7
— Lookonchain (@lookonchain) August 1, 2024
A History of Success
This trader is no stranger to making big profits. However, just 11 hours before the CTO trade, he made a successful trade with another coin, PFI. Meanwhile, by investing 20 SOL (about $3.4K), he earned 612 SOL ($104K), a 30x increase on his initial investment.
Some believe the trader might be just lucky with meme coins, while others suspect he could be an insider with special knowledge.
#News [Source: Coinpedia]