A cryptocurrency trader has managed to turn 30 Solana (SOL) tokens worth around $2,220 into a stash of over $5.7 million in just six days to make a gin of over 2,570 in that short period by buying a Solana-based altcoin just a minute after it opened trading.
According to on-chain analysis service Lookonchain, the trader spotted the cryptocurrency $ANALOS just a minute after it started trading and quickly bought 16 billion tokens for 30 SOL, and then proceeded to hold onto the tokens for six days.
After the value of the tokens exploded the trader sold 14.5 billion $ANALOS for a whopping $3.45 million worth of the USDC stablecoin. The trader also kept 1.56 billion tokens, now worth over, $2.34 million in a total of four addresses on the Solana network.
Most respondents on social media suggested that the trader was an insider of the project, as they put in a significant amount shortly after it opened for trading, suggesting they understood the token’s price was soon going to move upward.
As CryptoGlobe reported Solana has been seeing an impressive price rise so far this year, to the point it has overtaken Binance’s BNB token by market capitalization, making it the fourth largest digital asset by the metric, behind Bitcoin, Ethereum, and Tether’s USDT.
According to available data, Solana currently has a market capitalization of $48.59 billion, while BNB’s market capitalization stands at $45.2 billion. Solana’s price has been recovering from the collapse of cryptocurrency exchange FTX, whose founder Sam Bankman-Fried was a staunch supporter of, leading the token and its ecosystem to be affected by association. Bankman-Fried was recently found guilty on counts of wire fraud and money laundering.
Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.
Analysts believe SOL’s price may keep on rising, however, with a popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000, predicting a major surge for it in the near future.
Featured image via Unsplash.
