Trader Makes $5.7M from $2K Trading this Solana Memecoin

The Solana meme coin craze lingers as another trader pockets a massive $5.7 million profit from a $2,220 investment by holding analoS (ANALOS) for six days.

Lookonchain, a platform that surveils blockchain activity, highlighted the development in a recent post on X. On-chain data confirms that the trader began his ANALOS trade on Dec. 20 when he swapped 30 SOL (worth $2,220 at the time) for 16,182,126,318 (16.1 billion) ANALOS on Raydium.

In just 6 days, this trader made more than $5.7M with only 30 $SOL($2,220)!????

A gain of over 2570x!

He spotted $ANALOS 1 minute after it opened trading and spent 30 $SOL($2,220) to buy 16B $ANALOS.
Then he sold 14.5B $ANALOS for 3.45M $USDC via multiple addresses over the past… pic.twitter.com/jD17YOD5hJ

— Lookonchain (@lookonchain) December 26, 2023

Notably, the trader procured the tokens merely a minute after ANALOS opened for trading on Dec. 20. This quick move has triggered speculation among crypto community members that the address could actually belong to one of the project developers or an insider.

Immediately after procuring the assets, the trader began transferring the ANALOS tokens to other addresses. The individual made 30 transfers worth 516,726,238 (516 million) ANALOS each to other wallets from 03:22 (UTC) to 03:45 (UTC) on Dec. 20.

In total, the trader transferred out 15,501,787,140 (15.5 billion) ANALOS, leaving just 680,339,178 (680.3 million) tokens in the primary wallet. Interestingly, ANALOS appreciated in price shortly after the purchase and the token transfers, resulting in a massive appreciation of the worth of this trader’s holdings.

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Following the transfers to other wallets and the price appreciation of ANALOS, the individual began dumping his holdings for USDC. Over the course of six days, the trader swapped 14.5 billion ANALOS in multiple addresses for $3.45 million worth of USDC.

Despite the sales, the individual still holds over 1 billion ANALOS across four addresses, Lookonchain confirmed. These four addresses currently contain 1.56 billion ANALOS worth $2.34 million.

Solana Memecoin Craze

The recent development is one of several profitable trades involving Solana-based meme coins. Following the success of BONK, several meme coins have emerged on the Solana blockchain, attracting investors who have cashed in on their massive rallies.

The Crypto Basic recently called attention to a similar trade involving ANALOS in a report on Christmas day. The trade saw an individual flip $900 into $3.47 million within five days of trading ANALOS. Another trader turned $242 to $250K in one day trading MELON, a Solana-based meme coin.