As a researcher with experience in the crypto market, I find the story of the Solana trader who made $2 million profits from TORI meme coin investment intriguing. The quick gains within hours have raised eyebrows and suspicions in the community.
In the present day, Solana stands out as a preferred network for creators with numerous meme coins making their debut. These coins have experienced significant success and thrived despite challenging markets, even generating substantial profits. For instance, a savvy trader recently capitalized on the opportunity to invest in TORI, a newly introduced Solana meme coin, and transformed a $49,000 investment into an impressive $2 million within just 5 hours.
In this blog, let us discuss how he did it. A mere luck or insider trading?
Solana Trader Made 4000% Profits With TORI
As a crypto investor, I closely monitor my portfolio using data from Lookonchain. Yesterday, I made a significant investment by purchasing 261.4 million TORI tokens with 344 Solana tokens worth approximately $49,000. I transferred the required Solana tokens from my Binance exchange account to newly created wallet addresses on the 25th and 26th of April for this transaction.
Insider trading?
This guy turned $49K to $2M in just 5 hours, a gain of 41x!
He removed $345.6 worth of Solana (approximately $49,000) from Binance using two newly created wallets. Subsequently, he spent $344 ($49,000) to acquire around 261.4 million Tori tokens.
He transferred the 261.4M $TORI to multiple wallets without selling them.
Currently, the…
— Lookonchain (@lookonchain) April 28, 2024
After purchasing the Solana tokens, the trader swiftly moved them to several different wallets without making any sales on the 28th. The value of the 261.1 million TORI tokens had increased to a worth of $2.05 million by this point, resulting in a staggering 4000% return on investment.
As I pen down these words, Tori The Cat (TORI) is currently priced at $0.002946 and boasts a market capitalization of approximately $2.945 Million. TORI has graced the market with its presence for around 12 hours now, accumulating a trading volume of about $37.103 Million during this period. During this timeframe, TORI reached an impressive peak price of $0.007506, only to subsequently experience a downtrend.
Crypto Community Believed It To Be Insider Trading
As an analyst, I’ve noticed that recent discussions in the Lookonchain community point towards possible insider trading regarding the Solana investor’s profits. Given that the token was only recently launched, making such high returns would have been a difficult prediction for most. In fact, with hundreds of new tokens being introduced every other day, the likelihood of achieving these substantial gains is relatively low.
Sure he is an insider!
Hundreds not to say thousands of coins are launched everyday!
We cant know which coin will pump.
Even if we blind ape on every launch it cant be 345 SOL per coin kek
I just hope they are reliable and wont dump!
— Gems Aristocrat (@GemsAristocrat) April 28, 2024
Raydium, a well-known decentralized exchange, is investigating the possibility that the recent purchase of TORI tokens was an insider job. Notably, Raydium has not yet acknowledged the existence of the TORI token, and the identification of transactions is based solely on the mint address.
As a researcher, I would add that analysts hold the view that it would be highly challenging to liquidate such a substantial amount without causing significant price volatility for the token. In the most unfavorable situation, this could result in erasing all previous gains.
The value of TORI tokens could be significantly impacted by liquidation since traders have not offloaded any tokens yet. This is due to the fact that TORI prices have been declining steadily since yesterday, and it’s possible they may drop further. Based on current calculations, the 261.1 million TORI tokens are now worth approximately $769,200, given a market price of $0.002946 for each token.
Conclusion
As a researcher, I’m still in the process of uncovering the facts behind this situation. It’s unclear whether a trader played a role in the $2 Million profit that Solana investors experienced from their small investment within a short timeframe. However, I can’t ignore the possibility of potential risks. TORI, the token involved, has already seen a decline in value, raising concerns about its liquidity. This could mean that the profit gained might not last long. In essence, it appears to be a fleeting success for the Solana trader given the current market conditions for TORI.
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2024-04-29 18:14