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.
Insane!
This trader turned 9 $SOL($1,470) into 1,238 $SOL($202K) in less than 5 minutes, a gain of 137x!😱
He spent 9 $SOL to buy 28.58M $TOBIafter that, the price of $TOBI skyrocketed.
He immediately sold all $TOBI for 1.238 $SOL!
He made 1,229 $SOL($201K) in less than 5… pic.twitter.com/Xws3K2DPBA
— Lookonchain (@lookonchain) May 16, 2024
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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