A cryptocurrency trader has managed to turn just 1.5 SOL, worth around $92 at the time they started trading, into more than $2 million in just 22 days for a gain of a whipping 21,715x after they traded a little-known Solana-based altcoin shortly after it started trading.
According to on-chain analysis service Lookonchain, the trader started trading $SILLY tokens just five minutes after they opened for trading, spending 1 SOL worth $62 to buy 43.1 million tokens right away.
The trader then sold 33.34 million $SILLY for over $520,000 and is still holding onto 9.67 million tokens worth over $1.5 million, making them the eighth largest holder of the cryptocurrency.
Reacting to Lookonchain’s post on the microblogging platform X (formerly known as Twitter), several users suggested that this is a case of insider trading, potentially from a developer involved in $SILLY trading advantage of information related to its development pipeline and listing schedule.
Solana’s ecosystem has been booming as its 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.
Year-to-date, Solana’s price is up over 1,000% as a result of its recovery, with its ecosystem recently benefiting from 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.
As CryptoGlobe reported, a popular cryptocurrency trader has recently said he is “hyper bullish” on the smart contract platform Solana (SOL) going into 2024 after analyzing the cryptocurrency’s price against leading smart contract platform Ethereum (ETH).
Featured image via Unsplash.
