A lucky investor made a staggering 94 times their initial investment by buying a Solana-based memecoin called CTO.
The trader bought over 256 million CTO tokens with just 50 Solana tokens, worth around $8,500.
The trader managed to sell 227 million tokens for 4,771 SOL, earning approximately $800,000 within an hour of purchase, sparking speculation about their insider knowledge. He also made $104,000 from a $3,400 investment in a token called PFI.
While some believe the trader is simply a memecoin hunter, others allege insider trading. Despite some traders profiting from memecoins, holders of the most popular meme tokens in the crypto space are seeing losses. Dogecoin, Shiba Inu, Pepe, and other popular memecoins have all seen significant price drops in the past week.
This stark contrast highlights the extreme volatility and risk associated with memecoin investments.
