In another story of making millions from Solana meme coins, a trader has managed to secure a $2.1 million profit in less than 20 minutes on the Solana blockchain.
The tweet shared by Lookonchain, has sparked discussions about market manipulation, insider trading, and the risks associated with investing in new crypto projects.
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Anatomy of a High-Stakes Trade
Lookonchain provided a detailed breakdown of the trade:
- A new wallet was created just 5 hours before the trade.
- Funds were withdrawn from the Bybit exchange to this wallet.
- The trader spent 16,900 SOL (approximately $2.1 million) to purchase 612.23 million $WATER tokens.
- This purchase represented 22.71% of the pooled $WATER tokens.
- The buy order was executed in the same block where the deployer added liquidity.
- Within minutes, the trader sold all acquired $WATER tokens for 39,279 SOL (approximately $5 million).
The entire operation, from purchase to sale, was completed in less than 20 minutes, resulting in a net profit of 22,379 SOL, valued at about $2.9 million at the time of the trade.
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Show more +Community Reaction and Concerns
The cryptocurrency community has reacted swiftly to this incident, with many expressing concerns about potential insider trading or market manipulation. Two prominent voices in the Solana ecosystem shared their thoughts:
Sarah Milady, a well-known figure in crypto Twitter, warned:
- The $WATER token is likely to experience a major price drop.
- She interpreted “red” as indicating insider activity and “sniper” referring to the trading strategy employed.
- Milady predicted that $WATER’s price would eventually drop to zero.
Guney, a Solana developer, echoed these sentiments, emphasizing the likelihood of a “dump” on retail investors and reiterating the interpretation of “red” and “sniper” terminology.
While the trader in question managed to secure an impressive profit in a remarkably short time, this event serves as a cautionary tale for the community. While some has managed to make millions with lucky trades like this, hundreds has also lost a considerable amount of money by investing in scam coins.
Read also: Ripple’s XRP Will Surpass Ethereum – Here Are 3 Reasons According to Crypto Analyst
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