After depositing $62 in Solana memecoin, the trader hit the $2M jackpot
Starting with just 1.5 SOL, a Solana (SOL) trader hit the pinnacle after placing a token on the dragon-themed memecoin on the Solana blockchain.
On December 27, blockchain analytics platform Lookonchain revealed a lucky trade of $2 million after Solana's holder bought memecoin. While the merchant initially had only 1.5 SOL, the user caught wind of SILLY Dragon on December 5, featuring a “silly dragon” as a mascot.
Starting from 1.5$SOL ($92), this trader made $2M in 22 days, a 21,715x profit!
This trader saw $SILLY 5 minutes after opening a trade and spent 1$SOL($62) to buy 43.1M $SILLY.
He then sold $33.34M SILLY for $528K and currently has $9.76M Silly ($1.5M) left… pic.twitter.com/ByY1Tpupah
— Lookonchain (@lookonchain) December 27, 2023
Five minutes after memecoin opened trading, the trader exchanged 1 SOL, worth $62 at the time, for 43 million SILLY tokens. After 22 days, the tokens are worth about $2 million as the price of SILLY has risen to a new high, reaching a market capitalization of over $123 million.
According to on-chain data, the trader has already spent about $528,000, leaving about $1.5 million worth of tokens in the wallet.
While the business seemed impressive, various members of the community on social media suspected it was insider trading. Some couldn't believe that anyone would do the business without inside information, while others were convinced that it was the developer.
RELATED: Trader Wins $1.69M in 5 Days After Gambling $226K on Solana memecoin
Memecoin Solana CEO and Co-Founder Anatoly Yakovenko's November 8th X post claims this is the Year of the Silly Dragon. The tweet referenced Yakovenko's Halloween costume at Solana's Breakpoint 2023 conference in Amsterdam.
According to the Silly Dragon website, Yakovenko's tweet “brought a fresh and playful energy to Solana's narrative.” However, the site has released a disclaimer stating that the coin is for “entertainment and educational purposes only” and that the founders are not responsible for any loss or damage.
Magazine: Top AI Tools of 2023, Weird DEI Image Guards, ‘Established' AI Bots: AI Eye
