A anonymous crypto trader has managed to turn a modest investment into a staggering $1.4 million profit in just two days by trading a popular Solana-based memecoin, according to on-chain data analyzed by Lookonchain.
The trader, whose public Solana address is J1T5MFNkbSgStH6PQsjsifFGpZQBejeEjLRrihJt43, is said to have executed seven highly profitable trades of the memecoin over March 16th and 17th alone, netting a total profit of 8,282.8 SOL, worth around $1.49 million at current prices.
Lookonchain, a blockchain analytics platform, stated that despite not being an insider, this trader demonstrated remarkable skill in navigating the volatile memecoin market. The analysts scanned all of the trader’s transactions and provided insights into their journey.
Initially, the trader struggled, with 6 out of their first 10 memecoin trades resulting in losses, achieving only a 40% win rate. However, the trader remained cautious, never investing more than 80 SOL (approximately $14,400) in a single token during this learning phase.
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Show more +After about two weeks of trading, the anonymous investor appeared to have “mastered the method,” as Lookonchain put it. They began increasing their investment sizes, putting over 500 SOL, and even more than 1,000 SOL (around $180,000), into certain trades.
Out of a total of 35 memecoin trades executed by the trader, 25 were profitable, reflecting an impressive 71.43% win rate. Their total profit across all trades amounted to 8,582.6 SOL, worth approximately $1.54 million.
Remarkably, a staggering 96.5% of the trader’s total profit was generated from just the last two days of trading on March 16th and 17th, when the seven highly lucrative memecoin trades occurred.
There have been speculations about the trader’s identity and trading strategies, with some suggesting the use of advanced technical analysis or insider information. However, Lookonchain has explicitly stated that the trader is “not an insider,” adding an air of mystery to the extraordinary profits.
It’s worth noting that the memecoin sector of the crypto market is known for its high volatility and speculative nature, often driven by social media trends and meme culture. While this trader’s success is remarkable, it also highlights the risks associated with such investments.
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