According to information based on onchain data by the cryptocurrency analysis company Lookonchain, a crypto whale made a lucky transaction by taking a big risk.
Considering the popularity of memecoins in the Solana ecosystem, many traders try to make a profit by being the first buyer of memecoins released here, but traders often fail because a large number of these tokens fail to deliver as expected and are reset.
However, this trader seems to have gotten lucky. According to onchain data, the trader in question bought 110 thousand dollars from the memecoin named MANEKI and turned it into 8.72 million dollars in just three hours.
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However, the trader in question was not one of the “sniper” investors who bought the MANEKI token as soon as it was launched. Despite this, he managed to purchase 716 SOL coins ($110 thousand) and 1.02 billion MANEKI tokens 27 seconds after its launch. With this purchase, the whale wallet in question purchased 11.51% of the total supply of MANEKI tokens.
This whale wallet then distributed the 1.02 billion MANEKI tokens it purchased to 15 different wallets, which are worth $8.72 million at the time of this writing.
However, it is important to remember that memecoins do not have any intrinsic value and are very high-risk speculative assets.
*This is not investment advice.
Continue Reading: “Dream Whale” Turns $110K into $8.72 Million in Just 3 Hours by Buying This Memecoin