The crypto community has been captivated by the rare feats of traders transforming a modest amount into millions of dollars.
In one of the latest cases, a trader has made half a million dollars with barely a thousand dollars. On-chain tracker Lookonchain uncovered this latest ingenious trading stunt in a recent statement on X.
According to the disclosure, an individual turned 0.34 Ethereum tokens, worth $878 at the time of the transactions, to approximately $550,000 in under eight hours of trading.
Given the specifics of the transactions, Lookonchain characterized the trader as a person privy to inside knowledge.
Details of the Transactions
Specifically, Lookonchain disclosed that the insider acquired 80 million FERRET meme tokens with five new wallets. Blockchain data suggested the acquisitions occurred on January 16 at 08:45:47 PM +UTC.
According to the on-chain resource, the trader orchestrated the transactions within seconds of FERRET going live for trading. Within a few hours, the insider began offloading the amassed FERRET tokens in different batches for profit.
In the first batch, the trader exchanged more than 315k FERRET tokens in four transactions, netting $8,850. Less than two hours after the last sale, the individual further dumped more tokens.
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Ultimately, Lookonchain reported that the trader sold 11.8 million FERRET for 21 ETH, equivalent to $54,000.
Additionally, the report indicated that the insider still retained more than 68.2 million tokens at the time of the disclosure. These tokens hold a market value of approximately $495,000 based on the trading price of FERRET.
Mystery of the Trader
Furthermore, additional investigations indicated that the insider trader might be the creator of the meme token.
Lookonchain uncovered evidence showing that both the insider and the deployer transferred FERRET tokens to an identical wallet address.
Notably, The Crypto Basic has brought to light numerous instances where individuals have transformed meager sums into substantial amounts solely through trading meme coins.
An illustrative case includes a trader who earned $5.7 million by trading a Solana-based meme coin with an initial investment of $2,220.
The impeccably timed nature of these occurrences has raised suspicion that the traders involved are the developers behind the meme coins.