Crypto Trader Turned 30 SOL into $5.7 Million In 6 Days
A trader has managed to turn 30 Solana (SOL) tokens worth around $2,220 into a stash of over $5.7 million in just six days, making a gain of over 2,570% in that short period by buying a Solana-based altcoin just a minute after it opened trading.
On-Chain Analysis Service
According to on-chain analysis service Lookonchain, the trader spotted the cryptocurrency $ANALOS just a minute after it started trading and quickly bought 16 billion tokens for 30 SOL, holding onto the tokens for six days.
Significant Gains During Crypto Bull Run
After the token’s value exploded, the trader sold 14.5 billion $ANALOS for a whopping $3.45 million worth of the USDC stablecoin, while keeping 1.56 billion tokens now worth over $2.34 million in a total of four addresses on the Solana network.
Social Media Reactions
Most respondents on social media suggested that the trader was an insider of the project, as they put in a significant amount shortly after it opened for trading, suggesting they understood the token’s price was soon going to move upward.
Solana’s Impressive Rise in 2021
Solana has been seeing an impressive price rise so far this year and has overtaken Binance’s BNB token by market capitalization, making it the fourth largest digital asset by the metric, behind Bitcoin, Ethereum, and Tether’s USDT.
Solana’s Market Capitalization and Adoption
According to available data, Solana currently has a market capitalization of $48.59 billion, while BNB’s market capitalization stands at $45.2 billion. Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone recently selling out over a lucrative 30 million BONK token airdrop for each new owner of the phone.
Positive Price Predictions for Solana
Analysts believe SOL’s price may keep on rising, with a popular cryptocurrency strategist predicting a major surge for it in the near future.
Hot Take: Speculation or Insider Trading?
The impressive gains made in this short period raises questions about whether the trader had insider information or was simply speculating on a quickly rising altcoin. Solana’s rising market cap and ecosystem growth show the potential for both long-term and short-term gains for savvy traders. Keep an eye on Solana as its profile continues to grow in the crypto space.
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