Skip to content

Crypto trader turns $3.3k into $2.5 million in 3 hours

Crypto trader turns $3.3k into $2.5 million in 3 hours
Paul L.

A cryptocurrency investor has recorded over $2 million in returns by investing in the Solana (SOL)-based meme coin Slopfather (FATHA), which is witnessing an increasing capital inflow.

The trader, suspected to be a user with the X username Cooksassistant, initially invested $3,300, which turned into a staggering $2.5 million in just three hours, according to data shared by Lookonchain on November 23.

According to the trade analysis, the trader purchased 57.89 million FATHA for 13 SOL on Pump.fun, a platform that allows the creation of meme coins. 

Following the purchase, FATHA’s market cap surged to over $60 million, resulting in a return of about 750-fold. The trader sold all their FATHA at the peak, securing 9,718.5 SOL, valued at $2.5 million.

SOL/FATHA trading pair. Source: Dex Screener

After the impressive profit, the trader swapped 9,500 $SOL for 2.45 million $USDC and bridged the funds to the Ethereum network.

Further on-chain analysis of the investor’s wallets indicates they have been on a meme coin-hunting spree. Their wallet had completed 60 token trades with a win rate of 42.37%, translating to a profit of $2.7 million within three days.

Cooksassistant cryptocurrency trading returns. Source: Lookonchain

Concerns of insider trading 

Generally, FATHA’s significant buying pressure has also seen other investors turn modest investments into substantial profits. In another trade, an unidentified investor saw their initial $10,400 investment grow to $389,000 with an 83% win rate, according to data shared by wallet tracker Mv_Crypto.

Another analysis by Stalkchain revealed the possible existence of several suspicious wallets that purchased large quantities of FATHA 15 to 16 hours after the launch, driving the price spike.

These wallets quickly pumped the price, but there are concerns that they may also be poised to dump, causing significant volatility. 

To this end, the wallet tracing platform suggested that FATHA’s chart movement doesn’t appear organic, with price fluctuations potentially influenced by insiders who front-ran the market.

Interestingly, this trade has raised questions about the possibility of the investors having insider knowledge. In recent weeks, select traders have recorded massive profits in such trades, which have been deemed suspicious as the investors are suspected to have been privy to insider information, such as the listing of a token on a major exchange. 

At the same time, suspicion was raised around a transaction in which a trader turned $58,000 into $7.5 million, capitalizing on the Goatseus Maximus (GOAT) price explosion.

In general, FATHA is part of the growing momentum of meme coins, especially on Solana, which are gaining further attention through social media activity. By press time, FATHA was trading at $0.02648 with a market capitalization of $27 million.

Featured image via Shutterstock 

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Services

IMPORTANT NOTICE

Finbold is a news and information website. This Site may contain sponsored content, advertisements, and third-party materials, for which Finbold expressly disclaims any liability.

RISK WARNING: Cryptocurrencies are high-risk investments and you should not expect to be protected if something goes wrong. Don’t invest unless you’re prepared to lose all the money you invest. (Click here to learn more about cryptocurrency risks.)

By accessing this Site, you acknowledge that you understand these risks and that Finbold bears no responsibility for any losses, damages, or consequences resulting from your use of the Site or reliance on its content. Click here to learn more.