In a remarkable feat of cryptocurrency trading prowess, an anonymous trader has turned a mere 1.5 SOL, equivalent to approximately $92 when they began, into a staggering $2 million in just 22 days.
This extraordinary success story was made possible by trading a little-known Solana-based altcoin known as $SILLY shortly after its debut in the market.
Crypto trader’s million-dollar move
According to on-chain analysis service Lookonchain, this savvy trader wasted no time and jumped into action just five minutes after $SILLY tokens became available for trading. They invested 1 SOL, worth $62 at the time, to acquire a substantial 43.1 million $SILLY tokens right off the bat.
The trader’s strategic moves didn’t stop there. They wisely chose the opportune moment to cash out, selling 33.34 million $SILLY tokens for a whopping $520,000.
However, what truly sets this trader apart is their calculated decision to hold onto 9.67 million $SILLY tokens, currently valued at over $1.5 million. This not only solidifies their financial gains but also positions them as the eighth largest holder of this intriguing cryptocurrency.
While the trader’s success is nothing short of remarkable, it has raised eyebrows within the cryptocurrency community. Some individuals have voiced concerns, suggesting that this could potentially be a case of insider trading.
Speculation surrounds the possibility that a developer or someone closely connected to the $SILLY project may have taken advantage of non-public information related to its development pipeline and listing schedule.
Solana’s resurgence and its impact on $SILLY
Solana, the blockchain platform on which $SILLY is built, has experienced a resurgence in recent times. This resurgence comes in the wake of the collapse of cryptocurrency exchange FTX, whose founder, Sam Bankman-Fried, was a staunch supporter of Solana.
Bankman-Fried’s recent conviction on counts of wire fraud and money laundering added to the intrigue surrounding Solana’s ecosystem.
Year-to-date, Solana’s price has surged by over 1,000% as it bounces back from the FTX incident. Furthermore, Solana’s ecosystem received a significant boost when the Saga smartphone, which initially faced sluggish sales, recently sold out.
This surge in sales was driven by a lucrative 30 million BONK token airdrop for each new owner of the phone.
Many analysts believe that Solana’s price may continue to climb. A popular cryptocurrency strategist, known for accurately predicting Bitcoin’s 2018 bear market bottom above $3,000, has forecasted a major surge in Solana’s value in the near future. This has added to the growing bullish sentiment surrounding the smart contract platform.