A cryptocurrency trader transformed $861 into approximately $657,000 within five hours. The transaction involved purchasing 86.55 million MOTHER tokens, representing 8.66% of its total supply, for 5.14 Solana (SOL). The trader sold 80.41 million of these tokens for 3,035.5 SOL, netting around $509,000.
In just 5 hours, this trader turned $861 into $657K, a gain of $762x!He spent 5.14 $SOL($861) to buy 86.55M $MOTHER(8.66% of the total supply) and sold 80.41M $MOTHER for 3,035.5 $SOL($509K).He currently has 6.14M $MOTHER left, worth $148K.He should not be an insider.… pic.twitter.com/8mLAD8aGm8
— Lookonchain (@lookonchain) May 29, 2024
Previously characterized by a less than 25% win rate across nearly 700 coin trades, this significant gain has sparked discussions within the crypto sphere. The trader holds 6.14 million MOTHER tokens, worth an estimated $148,000. Despite the extraordinary profits, there are no indications that the trader possessed insider information.
Solana Price Review: How is SOL Doing Today?
Analysing Solana price charts, we see that the price of Solana is currently around $169.23. It is consolidating after a recent rise. The Alligator indicator, which consists of three moving averages, shows that the green line (Lips, 5-period smoothed moving average) is above the red (Teeth, 8-period smoothed moving average) and the blue line (Jaw, 13-period smoothed moving average). This alignment typically indicates a bullish momentum. However, the lines are close together, suggesting a weakening trend or a possible consolidation phase.
4-hour SOL/USD Chart | Source: TradingView
On the other hand, the Awesome Oscillator (AO) indicator at the bottom of the chart shows green bars, with the last value being 2.07. The bars are above the zero line and increasing in height, indicating bullish momentum in the short term.