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Massive Gains in Solana Meme Coin Raising Insider Suspicions

In what could be described as a mouth-watering investment escapade, an anonymous trader reportedly flipped $2,275 in Solana (SOL) to about $2.26 million in eight hours by investing in a newly released meme token, 1DOL.

Reporting the investor’s trading adventure via its official account on X, Lookonchain noted on May 19, 2024, that the account with the pseudonym “sundayfunday.sol” accumulated profits of about 1,000Γ— the investment capital.

The tweet also noted that the 13 SOL, equating to $2,275, accumulated 242 1DOL tokens for the trader, which amounted to $2.26 million at the time of making the post on X.

Notably, 1DOL launched on May 18, 2024, gracing the crypto market with an initial selling price below $0.01; the meme coin eventually appreciated significantly the following day, clinching price levels around $0.18.

Presently, the Solana-based token, 1DOL is trading at about $0.0026, having declined by 73.35% in the past 24 hours; the coin boasts a $2.46 million market cap, a 24-hour trading volume of $7 96 million, and liquidity of $228.79K, underscoring the gross instability associated with dealing in meme crypto assets.

Investor’s Wallet Identified As Largest BOME Holder Despite Massive Sell-Off

According to the post on X, the profitable investor’s Wallet remains the destination with the biggest Book of Memes (BOME) token stores despite selling off a significant amount of the tokens at a considerable profit.

Intriguingly, this trader became the largest pre-sale participant of BOME tokens after he invested 421 Solana tokens valued at about $72,000 to accumulate 1.43 billion BOME coins, worth around $40 million at the token’s zenith price level.

Notedly, the investor traded 530 billion BOME, from which he realized 38,305 SOL, a $7.66 million equivalent; he still possesses about 894 billion BOME stores valued at about $10.5 million, making him the largest BOME holder.

Crypto Community Speculates Insider Tip-Off Suspicions

Over the years, crypto investments have shown several capabilities of rewarding investors tremendously; in one of our previous news articles, we reported how a trader reaped about $3.2 million from Shiba Inu (SHIB) investment of over two years.

The above sums up the assertion about successful investment schemes amounting to incredible profits for traders, especially in a short time frame, as a rare occurrence in the crypto space, fuelling speculations about the possibilities of an insider leaking out tips for the trader, whose profitable trading escapade was covered in this insight among X users.

Taking to the Microblogging platform, a user remarked:

“I started following this account thinking of learning some valuable insight as a trader, and the only meaningful takeaway has been that insiders make a lot of money, and this account leaves no stone unturned glorifying them.”

Another user stated,“Yeah, this is just insider trading but tracked on-chain – don’t hate the player, hate the game, I guess.”

On the other hand, a few X users were concerned about the liquidity of 1DOL, which makes it impossible for the trader to withdraw profits. A verified X user noted, “1DOL has $400k liquidity, so it’s not like his coins are worth $2m.”

Another account commented, “They can’t sell for that value because there isn’t enough liquidity, and the price movement would be extreme,” corroborating the claim above.