A trader multiplied their investment by 195 times with a meme token on the Solana blockchain, as noted by analysts at Lookonchain.
In just 1 day, this guy made 5,906.4 $SOL($1.03M) with only 30.3 $SOL($5.3K) on #Solana, a gain of 195x.
He spent 30.3 $SOL($5.3K) to buy 261.27M $EPIK and sold 231.27M $EPIK for 5,936.7 $SOL($1.04M).
Address:https://t.co/AFmCrkNsSr pic.twitter.com/usKEYS7Kqh
— Lookonchain (@lookonchain) April 5, 2024
On April 4, a user purchased 261.27 million TEH EPIK DUCK (EPIK) coins for 30.3 SOL ($5300). The following day, through a series of transactions, they sold 231.27 million EPIK for 5936.7 SOL ($1.04 million).
Subsequently, the address continued to buy and sell the meme coin.
In the comments, users warned that such trading stories often resemble a Pump & Dump scheme.
Do you know that they make fake trades among themselves and earn 200x profit in order to look like a successful wallet and then get a lot of people to follow them wallet and attract volume to the ridiculous coin they will issue?
— Tahir (@tahirdik) April 5, 2024
Previously, ForkLog reported that a trader turned 0.1 ETH into $8.39 million with low-cap tokens.