Silly Dragon, a new memecoin based on the Solana blockchain, has marked a notable increase in value.

Silly Dragon (SILLY) has achieved a market capitalization exceeding $140 million, with its price climbing to $0.147. This represents a substantial 36% rise in the past 24 hours and an impressive 300% increase over the last week. Earlier today, KuCoin also announced the token’s listing, further driving its trading volume.

$SILLY trading is now live on #KuCoin!🚀SILLY/USDT: https://t.co/1rxPLRPWcQ Find out more about Silly Dragon in #KuCoinCryptoGem card.#Meme #SolanaEcosystem https://t.co/oPifdlra5g pic.twitter.com/NxCBZ21OUF

— KuCoin (@kucoincom) December 27, 2023

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Silly Dragon, launched on Dec. 16, has quickly gained traction among memecoin enthusiasts. The inspiration for the token traces back to last Halloween, when Anatoly Yakovenko, the co-founder of Solana, appeared at a conference dressed as a dragon.

Despite its recent success, the smart contracts associated with SILLY have not yet been verified, which is a crucial aspect for investors to consider regarding security and transparency.

The token’s distribution reveals that the top ten currency holding addresses, excluding those of centralized exchanges (CEX), currently possess 18.5% of the total SILLY tokens. These holders are reportedly experiencing an average floating profit of 30 times their initial investment.

The rise of SILLY coincides with a broader upswing in the Solana ecosystem. SOL, the native token of Solana, has seen a 35% increase over the past week. Similarly, other prominent Solana-based tokens, such as Chainlink, The Graph, and Render, have also experienced growth, each recording over a 10% rise this week.

Read more: Why is crypto down today?

Dumb money is pouring back into the crypto space, with one trader turning $62 into $2 million by betting on, of all things, a token whose mascot is a “silly dragon”. The lucky trader bought the memecoin Silly Dragon (SILLY) on Halloween 2023, shortly after it made its debut on the Solana blockchain’s DeFi markets.

$62 To $2M In 22 Days

On-chain sleuth Lookonchain posted on X (Twitter) on Dec. 27, driving attention toward a trader who made $2 million, thanks to dragon-themed memecoin Silly Dragon (SILLY). 

Lookonchain notes that the trader started with only 1.5 SOL (worth approximately $92). But, the mystery trader caught wind of SILLY and swapped 1 SOL, valued at around $62 at the time, for 43 million SILLY tokens just five minutes after the memecoin went live.

Starting with only 1.5 $SOL ($92), this trader made $2M in 22 days, a gain of 21,715x!This trader spotted $SILLY 5 minutes after it opened trading and spent 1 $SOL ($62) to buy 43.1M $SILLY.Then he sold 33.34M $SILLY for $528K, and currently has 9.76M $SILLY($1.5M) left,… pic.twitter.com/ByY1Tpupah

— Lookonchain (@lookonchain) December 27, 2023

Roughly 22 days later, the value of the cache ballooned to $2 million as SILLY skyrocketed to new record highs, hitting a market cap of over $120 million. According to Lookonchain, the trader withdrew about $528,000 of his profits while letting the remaining 9.76 million SILLY tokens worth $1.5 million ride in his wallet. At the moment, the unknown trader is the eighth-largest holder of SILLY.

Lucky Trader Or Insider Trade?

A new wave of interest hit the Solana ecosystem in recent months, with memecoins based on the network delivering enormous gains to investors. Earlier this month, dog-themed memecoin Bonk (BONK) became the third-biggest memecoin in the market, joining fellow canine-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) in the top three and beating the frog-themed memecoin Pepecoin (PEPE). As BONK has shot up in price, it spurred surprising new demand for the Solana Saga smartphone, which recently sold out fast.

Solana CEO Anatoly Yakovenko’s Nov. 8 X post saying this is the “year of the silly dragon” inspired the SILLY memecoin. The tweet referenced Yakovenko’s dragon Halloween costume at the Solana Foundation’s 2023 Breakpoint conference. The team behind the meme coin posited on the project’s official website that the Solana CEO’s tweet “infused a fresh and playful energy into the Solana narrative.” 

Although the $2 million SILLY trade is quite remarkable, crypto observers on X speculated it was definitely an insider trade. Some stressed it was simply impossible for anyone to execute such a trade without inside information, while others were confident it was a developer.

Whale investors can significantly impact meme coin markets, as seen with SILLY’s rapid value increase.

The crypto market’s volatility is highlighted by contrasting outcomes in short timeframes.

Insider trading concerns arise in crypto, demonstrated by the rapid success of early SILLY investors.

In a recent move, a whale made a significant investment in a Solana-based memecoin, Silly Dragon (SILLY). As per Lookonchain a prominent blockchain figure, this investor deployed 8,552 SOL, equivalent to approximately $787,000, to purchase 9.51 million SILLY tokens at an average price of $0.08277 over the past eight days.

This strategic move has already resulted in a substantial floating profit of $473,000, marking a 60% increase in value. Prior to this venture, the same investor engaged with another digital asset, $ZERO, with contrasting results. They initially spent 1,475 SOL on $ZERO but subsequently sold it for 1,022 SOL, enduring a loss of 453 SOL, or about $34,000, within just two days.

A whale spent 8,552 $SOL ($787K) to buy 9.51M $SILLY at an average price of $0.08277 in the past 8 days. The current floating profit is $473K (+60%).Before buying $SILLY, this whale spent 1,475 $SOL to buy $ZERO and sold it for 1,022 $SOL , losing 453 $SOL ($34K) in 2 days.… pic.twitter.com/lxANPdRDhO

— Lookonchain (@lookonchain) December 29, 2023

The whale’s decision to invest heavily in SILLY, especially after their recent loss of $ZERO, highlights the unpredictable and dynamic nature of the market. Their success story sheds light on the potential lucrative outcomes for those who strategically navigate the crypto space while also underscoring the inherent risks involved.

Moreover, the story of this Solana trader dovetails with another intriguing event in the crypto world. A different trader, starting with a modest 1.5 SOL, seized an opportunity with the same memecoin, SILLY. They invested in SILLY just five minutes after its trading debut on December 5th, exchanging 1 SOL for a staggering 43 million SILLY tokens.

This gamble paid off significantly, as the value of these tokens soared to approximately $2 million within 22 days. This outcome has sparked discussions about potential insider trading within the crypto community.

Starting with only 1.5 $SOL ($92), this trader made $2M in 22 days, a gain of 21,715x!😱This trader spotted $SILLY 5 minutes after it opened trading and spent 1 $SOL ($62) to buy 43.1M $SILLY.Then he sold 33.34M $SILLY for $528K, and currently has 9.76M $SILLY($1.5M) left,… pic.twitter.com/ByY1Tpupah

— Lookonchain (@lookonchain) December 27, 2023

Adding to the intrigue, the creation of Silly Dragon was inspired by a tweet from Solana’s CEO and co-founder, Anatoly Yakovenko. His post, referencing his Halloween costume and declaring the year of the silly dragon, infused a playful energy into the Solana narrative, influencing the meme coin’s thematic direction.

These developments serve as a vivid illustration of the complexities and fascinations of cryptocurrency trading. They highlight the necessity for investors to approach the market with both strategic insight and a healthy degree of caution, given its rapidly shifting tides and the diverse factors that can influence investment outcomes.

The post Breaking: Solana Whale Scores Big with SILLY, Turning $787K into Major Profit appeared first on Coin Edition.

Silly Dragon, a new memecoin based on the Solana blockchain, has marked a notable increase in value.

Silly Dragon (SILLY) has achieved a market capitalization exceeding $140 million, with its price climbing to $0.147. 

This represents a substantial 36% rise in the past 24 hours and an impressive 300% increase over the last week. Earlier today, KuCoin also announced the token’s listing, further driving its trading volume.

$SILLY trading is now live on #KuCoin!

SILLY/USDT: https://t.co/1rxPLRPWcQ

Find out more about Silly Dragon in #KuCoinCryptoGem card.#Meme #SolanaEcosystem https://t.co/oPifdlra5g pic.twitter.com/NxCBZ21OUF

— KuCoin (@kucoincom) December 27, 2023

Silly Dragon, launched on Dec. 16, has quickly gained traction among memecoin enthusiasts. The inspiration for the token traces back to last Halloween, when Anatoly Yakovenko, the co-founder of Solana, appeared at a conference dressed as a dragon.

Despite its recent success, the smart contracts associated with SILLY have not yet been verified, which is a crucial aspect for investors to consider regarding security and transparency.

The token’s distribution reveals that the top ten currency holding addresses, excluding those of centralized exchanges (CEX), currently possess 18.5% of the total SILLY tokens. 

See Also: Binance Has Announced The Addition Of New Trading Pairs For SOL, XRP, ADA, And MATIC

These holders are reportedly experiencing an average floating profit of 30 times their initial investment.

The rise of SILLY coincides with a broader upswing in the Solana ecosystem. SOL, the native token of Solana, has seen a 35% increase over the past week. 

Similarly, other prominent Solana-based tokens, such as Chainlink, The Graph, and Render, have also experienced growth, each recording over a 10% rise this week.

The post New Solana Memecoin, Silly Dragon (SILLY), Reaches 300% Weekly Rise appeared first on BitcoinWorld.

An interesting trading move has been spotted in which a trader converted about $42 to $1.55 million in 2 weeks trading the Solana-based memecoin SILLY.
Read more on: https://thecryptobasic.com/2023/12/22/lucky-moves-or-smart-play-this-trader-turned-42-to-1-5m/
#Solana.blockchain #SILLY #Cryptocurrrency #crypto2024catch #CryptoNews🔒📰🚫

In a calculated move, a significant whale invested 8,552 SOL ($787,000) in Silly Dragon ($SILLY), acquiring 9.51 million tokens at an average price of $0.08277 over eight days. This strategic move quickly resulted in a floating profit of $473,000, marking a remarkable 60% increase. Interestingly, the same investor faced a loss of 453 SOL ($34,000) …

Continue reading "Whale Takes a Plunge: SILLY Investment Unveiled"

The post Whale Takes a Plunge: SILLY Investment Unveiled appeared first on Cryptoknowmics-Crypto News and Media Platform.

A cryptocurrency trader has managed to turn just 1.5 SOL, worth around $92 at the time they started trading, into more than $2 million in just 22 days for a gain of a whipping 21,715x after they traded a little-known Solana-based altcoin shortly after it started trading.

According to on-chain analysis service Lookonchain, the trader started trading $SILLY tokens just five minutes after they opened for trading, spending 1 SOL worth $62 to buy 43.1 million tokens right away.

The trader then sold 33.34 million $SILLY for over $520,000 and is still holding onto 9.67 million tokens worth over $1.5 million, making them the eighth largest holder of the cryptocurrency.

Starting with only 1.5 $SOL ($92), this trader made $2M in 22 days, a gain of 21,715x!😱This trader spotted $SILLY 5 minutes after it opened trading and spent 1 $SOL ($62) to buy 43.1M $SILLY.Then he sold 33.34M $SILLY for $528K, and currently has 9.76M $SILLY($1.5M) left,… pic.twitter.com/ByY1Tpupah

— Lookonchain (@lookonchain) December 27, 2023

Reacting to Lookonchain’s post on the microblogging platform X (formerly known as Twitter), several users suggested that this is a case of insider trading, potentially from a developer involved in $SILLY trading advantage of information related to its development pipeline and listing schedule.

Solana’s ecosystem has been booming as its price has been recovering from the collapse of cryptocurrency exchange FTX, whose founder Sam Bankman-Fried was a staunch supporter of, leading the token and its ecosystem to be affected by association. Bankman-Fried was recently found guilty on counts of wire fraud and money laundering.

Year-to-date, Solana’s price is up over 1,000% as a result of its recovery, with its ecosystem recently benefiting from its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.

Analysts believe SOL’s price may keep on rising, however, with a popular cryptocurrency strategist who has gained a large following on social media after accurately calling Bitcoin’s 2018 bear market bottom above $3,000, predicting a major surge for it in the near future.

As CryptoGlobe reported, a popular cryptocurrency trader  has recently said he is “hyper bullish” on the smart contract platform Solana (SOL) going into 2024 after analyzing the cryptocurrency’s price against leading smart contract platform Ethereum (ETH).

Featured image via Unsplash.

According to Foresight News, monitoring by Yujin reveals that the top ten addresses holding the Silly Dragon token (SILLY) in the Solana ecosystem, excluding CEX addresses, possess 18.5% of the total SILLY supply. These addresses have experienced a maximum floating profit of 27,000 times, a minimum floating profit of 0.7 times, and an average floating profit of 30 times.