Solana Trader Nets $700,000 in Five Hours on Parody Token

Within five hours, a trader managed to amplify their Solana investments by 400 times through the purchase of FartCaster (FART) tokens. Analysts at Lookonchain highlighted this achievement.

In just 5 hours, this trader made 7,197 $SOL($703K) with only 18 $SOL($1,758), a gain of 400x!?

The trader spent 18 $SOL to buy 55.1B #FartCaster(55.1% of the total supply) in the same block where the deployer opened trading for #FartCaster.

He then sold 53.94B #FartCaster for… pic.twitter.com/BrVYltUYBh

— Lookonchain (@lookonchain) February 4, 2024

For 18 SOL (~$1758 at the time of the transaction), the user acquired 55.1 billion FART tokens, representing 55.1% of the total coin supply. In the same block, they sold 53.94 billion FART for 7215 SOL, yielding a profit of approximately $703,000.

Additionally, their wallet still holds 1.16 billion tokens valued at ~$27,000.

FartCaster is a parody of the decentralized network Farcaster, created by former Coinbase engineer Dan Romero and Varun Srinivasan in 2020. Together with their team, they promote the social media client Warpcast. 

Recently, the project experienced a surge in user activity following the launch of a new feature, Frames, which allows interaction with external links within the app. Over a few days, the number of daily users increased from 5,000 to nearly 25,000, according to Dune Analytics.

During this period, the volume of daily posts increased from 200,000 to 2 million.

Earlier, Forklog reported that a trader earned $3.3 million in three days on the PORK token.