From 1.5 SOL to $2 Million: Trader Strikes Gold with Dragon-Themed Meme Coin
Summary:
A Solana (SOL) trader went from holding only 1.5 SOL tokens to earning almost $2 million in 22 days by investing in a dragon-themed memecoin on the Solana blockchain. The trader purchased 43.1 million Silly Dragon (SILLY) tokens shortly after its launch and later sold a portion for a significant profit. Despite the massive gain, there's debate in the online community about potential insider trading. The memecoin was inspired by Solana's CEO, Anatoly Yakovenko's, playful tweet about the 'year of the silly dragon'.
A trader who kick-started his journey with a meager 1.5 Solana (SOL) tokens hit a fortune after investing a single token in a dragon-themed memecoin on the Solana blockchain. On December 27, Lookonchain, a blockchain analytics platform, highlighted an unexpectedly successful trade. Here, a Solana token holder raked in close to $2 million post purchasing a memecoin. Initially, the trader possessed a mere 1.5 SOL, but on December 5, he got wind of Silly Dragon (SILLY), a meme token that features a comically drawn dragon as its symbol. With just 1.5 $SOL($92), this trader was able to amass $2M in just 22 days, marking a leap of 21,715x! The trader came across $SILLY five minutes into its trade launch, and spent 1 $SOL($62) to acquire 43.1M $SILLY. He later sold 33.34M $SILLY for $528K, and currently holds 9.76M $SILLY($1.5M) in his possession.
Only five minutes into the memecoin's commencement of trade, the trader swapped 1 SOL, valued at around $62, for a whopping 43 million SILLY tokens. The tokens burgeoned to nearly $2 million over the next 22 days, as SILLY token's price skyrocketed, reaching a market cap skyrocketing past $123 million. As per the on-chain data, the trader has already cashed out roughly $528,000, while around $1.5 million worth of tokens are still stowed in his wallet. Several online community members echoed their doubts about the trade, suspecting it to be an 'insider' trade. Some were skeptical about anyone carrying out such a trade without inside information, while others were certain it was orchestrated by a developer.
The creation of the memecoin was influenced by a tweet by Solana CEO and co-founder Anatoly Yakovenko. In his November 8 post, Yakovenko mentioned that it is the year of the silly dragon, referring to his Halloween costume at the Solana Breakpoint 2023 event in Amsterdam. According to Silly Dragon’s official website, Yakovenko's playful tweet invigorated a new and vibrant sentiment into the Solana story. However, the site also announces a cautionary notice implying that the coin is merely for "entertainment and educational purposes," and the founders shall bear no responsibility for any potential losses or harm.
Published At
12/29/2023 1:52:54 PM
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