Memecoin Millionaires: Insiders Turns $6,400 Into Over $8 Million in a Day

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As an experienced financial analyst, I find the recent events surrounding the insiders behind a particular Solana-based memecoin, $TIM, turning a small investment of under $6,500 into over $8 million in a single day, quite intriguing. This rapid profit generation is not an isolated occurrence but rather a trend that has been happening for months within the memecoin market, specifically on the Solana blockchain.

As a crypto investor, I’ve been keeping a close eye on recent developments in the market. Not long ago, insiders associated with a specific cryptocurrency project managed to transform a little over $6,400 worth of digital assets into an astonishing $8.28 million in just one day. Now, they’re cashing out and selling the meme-inspired crypto that fueled their profits, making a substantial gain.

Based on data from the blockchain analysis platform Lookonchain, two recently formed crypto wallets transferred approximately 44.78 Solana ($SOL), equivalent to around $6,400, to acquire roughly 52.66% of the entire supply of meme-themed cryptocurrency $TIM, amounting to around 526.6 million tokens, within a mere three-minute span after their trading commencement.

The insiders transferred the funds to various cryptocurrency wallets, subsequently selling off the tokens in modest quantities “in order not to raise suspicion.” (Or) The insiders moved the funds to numerous cryptocurrency addresses and then disposed of the tokens gradually “to keep a low profile.”)

As an analyst, I’ve uncovered some intriguing activity in the crypto market. Insiders managed to transform a modest investment of $6,404 into a substantial profit of $8.28 million within a single day. Now, they are cashing out their $TIM holdings for a tidy profit.

— Lookonchain (@lookonchain) April 29, 2024

Insiders have reaped profits following a prolonged period during which memcoins built on the Solana blockchain experienced impressive growth. According to CryptoGlobe’s report, other prominent crypto investors also achieved substantial returns, with insiders frequently purchasing tokens immediately after they became available for trade.

As a successful crypto investor this year, I made a significant profit of around $6.9 million by trading the meme-inspired cryptocurrency $BONK based on Solana. Following my gains, I decided to invest an extra $40,000 worth of Solana’s native SOL token back into $BONK.

Significantly, Solana’s wealthy investors have been purchasing meme tokens during the current cryptocurrency market slump, resulting in substantial price drops for these assets.

Based on information provided by the on-chain analysis platform Lookonchain, two significant Solana investors have been purchasing memcoins as their prices declined. Their acquisitions include the Sloth-inspired coin Slerf ($SLERF), the Pepe-themed Book of Meme ($BOME), and the Joe Biden-resembling Jeo Boden ($BODEN).

Whales amassed these tokens from well-known cryptocurrency platforms such as KuCoin and Binance. For instance, one whale transferred approximately $34.5 million in Solana (SOL) coins from KuCoin to invest around $300,000 in BODEN.

A large sum of $2.25 million was transferred from the top cryptocurrency exchange by another whale. Subsequently, they spent $1.12 million to acquire SLERF, and $660,000 worth of BOME was purchased using the remaining funds.

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2024-05-01 03:05