**Crypto Trader Strikes Gold with Memecoin, Market Trends Down**

A savvy trader turned heads by multiplying their investment 94 times with a Solana-based memecoin called "CTO." On August 1, blockchain analytics platform Lookonchain reported that the trader bought over 256 million CTO tokens for just 50 Solana (SOL), worth around $8,500. Within an hour, they sold 227 million tokens for 4,771 SOL, netting a profit of about $800,000. The trader also scored $104,000 from a $3,400 investment in another token, PFI. While some believe the trader is an insider, others see them as a memecoin hunter.

However, not all memecoin holders are celebrating. Major tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have seen price drops over the past week. DOGE fell by 10.38%, PEPE by 12.74%, and WIF by a staggering 26.79%. Other dog-themed memecoins like FLOKI and BONK also declined, with drops of 13.53% and 17.63%, respectively.

Interestingly, Shiba Inu (SHIB) showed some resilience, with only a 6.51% decrease over the week, despite suffering a 10% drop in July due to a security breach at India-based crypto exchange WazirX. The hack, which saw $235 million stolen, likely contributed to the token's decline. Onchain analysts suspect North Korean hackers were behind the attack.