Experts from Lookonchain found that an unknown trader earned over $8 million on the PENGU token in just 20 minutes. According to their information, the investor profited from the rise following the start of trading of the PENGU token.
So, the trader spent 23,742 Solana (SOL) worth about $5.36 million to purchase 239.6 million coins. Twenty minutes later, amidst the rising price of the PENGU token, the investor sold the coins for 60,726 SOL (around $13.72 million).
Thus, the deal brought him 36,984 SOL worth approximately $8.36 million, analysts noted. They pointed out the timing of the deal. Not every participant in the crypto community manages to time their trades so precisely and earn that much money in just a few minutes, experts emphasized.
In addition, the trader showed interest in a number of other tokens, including SharkPengu, 777, Tuxie, SecretAI, CHML, FJO, and DING. In the comments to the Lookonchain analysts' post, a discussion unfolded about how exactly the trader managed to conduct the deal so successfully.
According to some users, the trader had insider information, which allowed him to make a multi-million dollar trade in such a short time. Others believe that, in this case, the investor simply got lucky, which sometimes happens in the crypto market.