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A trader increased his deposit 137 times in five minutes thanks to memcoin

An unknown trader increased his deposit 137 times in about five minutes. He turned $1,470 into $202,000 by trading TOBI memcoin on the Solana network. This was reported by the analytical company Lookonchain.

According to experts, he purchased 28.58 million TOBI tokens on the Raydium exchange, spending 9 SOL on it. Five minutes later, the price of memcoin rose sharply and the trader immediately sold all assets for 1238 SOL.

Purchases and sales of TOBI tokens by a trader. Data: Lookonchain.

Note that this is not the first such success story this week. Previously, the trader increased his deposit by 15,718 times thanks to the PEPE memcoin. He turned about $3,000 into $46 million in one year.

At the end of April 2024, Solana co-founder Raj Gokal supported the development of projects related to the release of memcoins. He questioned Buterin's claims that the asset class is scaring off developers.

Source: Cryptocurrency

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