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Solana trader turns $49,000 into $2 million in 5 hours

Solana trader turns $49,000 into $2 million in 5 hours

A Solana (SOL) ecosystem cryptocurrency trader made nearly 4,000% of unrealized gains in a 5-hour trade, raising alerts for insider trading. The initial investment worth $49,000 suddenly became a $2 million stack of TORI, a recently launched meme coin.

According to a report by Lookonchain, a trader spent 344 SOL, worth $49,000, to purchase 261.4 million TORI. The initial SOL originated from two Binance withdrawals to two new wallet addresses on April 25 and 26.

Notably, the trader transferred the TORI tokens to multiple addresses on April 28, immediately after buying them. The 261.4 million TORI has a valuation of $2 million and reached approximately five hours after the trading activity.

This raised an alert for insider trading, as Lookonchain and several other accounts commented on X (formerly Twitter). Furthermore, the addresses followed a similar behavior, suggesting they belong to the same entity.

$2 million-worth Solana trader may face liquidity issues

However, the trader now needs to liquidate the tokens in order to realize these massive gains. In the highly volatile cryptocurrency landscape, unrealized profits can vanish as quickly as they were acquired.

In particular, this token, now labeled Tori the Cat (TORI) by SOLScan, is not properly identified by Raydium’s platform. Raydium is a decentralized exchange where the suspect insider trader bought the $2 million-worth TORI with Solana.

The platform’s liquidity pool can only recognize Tori the Cat by its mint address ‘D8F1F…dRexP.’ On that note, it has a 6,466.24 SOL and a 93.65 million TORI available liquidity for swaps.

Tori the Cat (TORI) and Solana (SOL) liquidity pool. Source: Raydium

Therefore, it is currently impossible to fully realize the $2 million profit while also being extremely challenging to realize any significant profit whatsoever.

Trading meme coins and low-liquidity tokens is a high-risk endeavor and is not recommended for beginners. Before engaging with these cryptocurrencies, traders must remain cautious and properly understand how liquidity issues may affect profit realization.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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