Crypto Trader Turns $2.2K of SOL to $2.26M Within Eight Hours on Memecoin Trade😵😵😵

A crypto trader, operating under the wallet name "sundayfunday.sol," achieved an incredible 993x gain on their purchase of 13 Solana (SOL) worth of a newly-launched memecoin called 1DOL. The initial investment of $2,275 turned into an astonishing profit of $2.26 million within a span of just eight hours, according to lookonchain. However, the profitable trade triggered allegations of insider trading.

1DOL, the memecoin in which the trader invested, was launched on May 18 and reached a peak price of $0.02 the following day before dropping over 90% to its current value of $0.0017. 1DOL is currently down 43% in the past 24 hours, according to CoinMarketCap data.