Meme Coin Investor Bought One Third of the Supply: Millions of Dollars of Profit in 20 Minutes!

A whale who invested in Solana (SOL)-based meme coin earned millions of dollars in a short time.

According to data cited by the on-chain analysis platform Lookonchain, an investor earned $2.9 million in 20 minutes, thanks to the meme coin WATER launched on the Solana network.

As soon as WATER was launched, this investor purchased 612.23 million WATER, corresponding to 23% of its total supply. It spent approximately $2.1 million on this acquisition.

Taking advantage of the strong rise that occurred approximately 20 minutes later, the investor sold all of his WATER assets for $5 million and made a profit of $2.9 million.

There have been many times when such short-term high-profit purchases have faced allegations of insider trading. In particular, it was claimed that the million-dollar purchases made as soon as the project was launched belonged to someone from the team.

Especially in recent months, hit-and-run incidents over meme coin projects have reached their peak. According to on-chain data, 1 million meme coins were produced in the last 3 months, and most of them were minted on the Solana network.