Crypto analytics firm LookOnChain just reported an incredible gain made by one trader on the Solana blockchain. In just a short period of 5 hours, this trader turned $1,758 worth of Solana (SOL) into a staggering $703,000.
The trader accomplished this by getting involved very early with a new token launch on Solana called FartCaster. When the token was first deployed and opened up for trading, the trader spent 18 SOL to acquire 55.1 billion FartCaster tokens. This represented 55.1% of the total supply that had been minted at that time.
By acquiring over half of the total supply in the first block of trading, the trader was able to have huge influence over the price. With such a large percentage of the available tokens, the trader essentially set the opening price.
Over the next 5 hours, as more buyers came into the new FartCaster market, the price rose significantly. The trader then made the decision to sell off 53.94 billion of their FartCaster holdings, netting them an incredible 7,197 SOL in the process.
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Show more +At the time the SOL was worth around $97 each. So the trader turned their initial $1,758 investment into roughly $703,000 by selling at the peak of this new token’s launch pump. They still hold onto 1.16 billion FartCaster tokens as well, valued at around $27,000 based on the current price.
This is an amazing example of the potential gains that can be achieved by getting very early access to new blockchain projects and token releases. With perfect timing and positioning, an initial investment of under $2,000 turned into over $700,000 in profit for this savvy Solana trader within just 5 hours.
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