An anonymous trader amassed $1.72 million in just four days by trading the meme token PEW, multiplying their initial deposit 140 times. This was highlighted by analysts at Lookonchain.
This trader made $1.72M in just 4 days by trading $PEW with only 3.2 $ETH($12.3K), a gain of 140x!
He spotted $PEW 3 minutes after opening trading and spent 3.2 $ETH($12.3K) to buy 27.05B $PEW.
Then he sold 8.05B $PEW for 83.5 $ETH($315K).
He currently holds 19B $PEW($1.42M),… pic.twitter.com/stHqODkNWP
— Lookonchain (@lookonchain) June 1, 2024
Three minutes after trading began for the meme coin, he invested 3.2 ETH (approximately $12,300) to acquire 27.05 billion PEW.
Four days later, the user sold 8.05 billion PEW for 83.5 ETH (about $315,000).
He retains 19 billion PEW, valued at around $1.42 million. Of these, 18 billion PEW are evenly distributed across 15 addresses.
In comments on the post, some users speculated about insider trading. Their arguments included the purchase of the asset on the Ethereum network, where fees are significantly higher than on Solana.
There are hundreds of tokens issued every day. It must be insider,consider doing it on eth network as fees will will be 100x more than $sol
— eskimo (@EskimoNorthen) June 1, 2024
Previously, an unknown trader achieved a 762-fold profit on the meme token MOTHER, turning $861 into $657,000 in five hours.
In May, Lookonchain experts suspected insider trading by a trader with the Minette token, on which he earned $4.5 million.
They later noted a user who gained $1 million on MAGA using a similar method.