A cryptocurrency has managed to turn just 4 Solana (SOL) tokens into 2,250 SOL woth around $245,000 in just five days to make an impressive gain of over 56,000% after they spotted a meme-inspired cryptocurrency that had just started trading.
According to on-chain analysis service Lookonchain, the cryptocurrency trader managed to spot the BORK token just 10 minutes after it started trading, and quickly spent 4 SOL tokens to buy 1.2 billion BORK.
The trader then sold 888 million BORK tokens for 1,454 SOL after the price of the cryptocurrency appreciated, and still holds 311.4 million BORK worth around 800 SOL tokens, according to on-chain data.
Reacting to Lookonchain’s post on the microblogging platform X (formerly known as Twitter), several users suggested that this is a case of insider trading, potentially from a developer involved in $BORK trading advantage of information related to its development pipeline and listing schedule.
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Solana’s ecosystem has been booming as its price has been recovering from the collapse of cryptocurrency exchange FTX, whose founder Sam Bankman-Fried was a staunch supporter of, leading the token and its ecosystem to be affected by association. Bankman-Fried was recently found guilty on counts of wire fraud and money laundering.
Over the past year the price of Solana’s native token SOL surged more than 600%, with its ecosystem recently benefiting from its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.
Analysts believe SOL’s price may keep on rising, however, with a popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000, predicting a major surge for it in the near future.
As CryptoGlobe reported, a popular cryptocurrency trader has recently said he is “hyper bullish” on the smart contract platform Solana (SOL) going into 2024 after analyzing the cryptocurrency’s price against leading smart contract platform Ethereum (ETH).
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/01/rags-to-riches-sol-trader-makes-56000-return-on-solana-based-token/
