Trader Achieves 762-Fold Profit on Meme Coin

An anonymous trader turned $861 into $657,000 in just five hours with a meme token on Solana, achieving a 762-fold increase in their deposit. This was noted by Lookonchain. 

In just 5 hours, this trader turned $861 into $657K, a gain of $762x!

He spent 5.14 $SOL($861) to buy 86.55M $MOTHER(8.66% of the total supply) and sold 80.41M $MOTHER for 3,035.5 $SOL($509K).

He currently has 6.14M $MOTHER left, worth $148K.

He should not be an insider.… pic.twitter.com/8mLAD8aGm8

— Lookonchain (@lookonchain) May 29, 2024

The user spent 5.14 SOL to purchase 86.55 million MOTHER, which is 8.66% of the total coin supply. 

Subsequently, they sold 80.41 million tokens for 3,035.5 SOL (~$509,000). They have 6.14 million MOTHER remaining, valued at approximately $148,000.

Analysts noted that it is unlikely this was an insider. Prior to this transaction, the trader had dealt with nearly 700 coins, with less than 25% of the trades being profitable.

Most commentators disagreed with this conclusion.

so many stories like this, only spending less than $1000 and gaining huge amounts of money.
Only two answer 99% insider 1% luck.

— Wildannn (@Wildanzr24) May 29, 2024

“So many stories like this, only spending less than $1000 and gaining huge amounts of money. Only two answers: 99% insider, 1% luck,” wrote Web3 developer under the pseudonym WiIdannn.

Earlier in May, Lookonchain experts suspected insider trading by a trader who earned $4.5 million on the Minette token. They later noted a user who made a similar profit of $1 million on MAGA.