Trader Turns $727 into $2.42 Million with Meme Token GOAT

An unidentified trader invested 5 SOL ($727) to acquire 15.5 million meme tokens GOAT. Four days later, they sold 5.7 million GOAT for 5949 SOL (~$931,000), as noted by Lookonchain.

This guy turned $727 into $2.42M in just 4 days, a 3,329x return!?

He spent 5 $SOL($727) to buy 15.15M $GOAT 4 days ago and sold 5.7M $GOAT for 5,949 $SOL($931K) in the past 8 hours, leaving 9.45M $GOAT($1.49M).https://t.co/GeXNlongIW pic.twitter.com/n5OEwZ1BEk

— Lookonchain (@lookonchain) October 15, 2024

The investor’s wallet still holds 9.45 million GOAT valued at $1.49 million. Theoretically, their initial investment has grown 3,329 times to $2.42 million.

Commentators suspected insider trading.

“This guy is the developer. It’s simple,” wrote one of them.

A user by the name CryptoLord NE also suggested it resembles a scheme: the creator buys the coin with one wallet and “pumps” others.

Dev buys with one wallet and pumps with the other

— CryptoLord NE ?? (@CryptoDefiLord) October 15, 2024

“LookonChain is one of the biggest BS narrators. Clearly, it’s the developer who bought in the first five minutes after the coin’s launch and then dumped it. And now you’re shilling it,” stated another commentator.

This LookonChain is one of the most BS handles. Its clearly the Dev who bought in the first 5 min of the coin being created and later dumped and your shilling that now

— P (@MrVandelayArt) October 15, 2024

In September, an unknown investor spent $815 in SOL to purchase 30.1 million meme coins MOODENG. Seventeen days later, the asset’s value rose to $9.4 million.

Billionaire Mark Cuban opines that all meme tokens are potentially “prolonged” rug pull schemes.