Trader makes $800K one hour after buying Solana memecoin for $8.5K
A memecoin trader achieved a 94-fold return on their initial investment after buying a Solana-based memecoin called “CTO.”
On August 1, blockchain analytics platform Lookonchain reported that a trader acquired over 256 million CTO tokens for just 50 Solana (SOL) tokens, worth approximately $8,500. The platform highlighted that this trader was only the third address to purchase the memecoin.
Within an hour, the trader sold 227 million CTO tokens for 4,771 SOL, making a profit of around $800,000. Additionally, the trader earned $104,000 from a $3,400 investment in another token called PFI.
While some believe the trader is merely a memecoin enthusiast, others speculate that the trader might be an insider.
Top memecoins show a downward price trend
Although some traders are profiting from memecoins, holders of the most popular meme tokens in the crypto market may not be as fortunate. Recent data reveals that over the past seven days, tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) have all experienced price declines.
In the last week, DOGE's price dropped by 10.38%, while PEPE saw a 12.74% decrease. WIF recorded the largest decline among the top memecoins at 26.79%.
Other dog-themed memecoins like FLOKI and BONK also faced significant losses, with FLOKI's price falling by 13.53% and BONK's by 17.63%.
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