A memecoin trader made an impressive profit of $800,000 within an hour after purchasing Solana-based memecoin CTO for $8,500.
Points
- Trader bought 256 million CTO tokens for $8,500.
- Sold tokens for $800,000 within an hour.
- Allegations of insider trading arise.
- Top memecoins show a downward trend.
A memecoin trader managed to multiply their initial investment by 94 times after purchasing a Solana-based memecoin called “CTO.” On Aug. 1, blockchain analytics platform Lookonchain flagged a trader who bought over 256 million CTO tokens with only 50 Solana （SOLUSD）, worth about $8,500. The platform noted that the trader was only the third address to purchase the memecoin. After an hour, the trader sold 227 million tokens for 4,771 SOL, realizing a profit of about $800,000. The trader also made $104,000 on a $3,400 investment in a token called PFI. While some think the trader may simply be a memecoin hunter, many allege that the trader is an insider.
Top Memecoins Show a Downward Price Trend
While some continue to make money on memecoins, holders of the biggest meme tokens in the crypto space may not be as happy. Data shows that in the last seven days, tokens like Dogecoin （DOGEUSD）, Shiba Inu （SHIBUSD）, Pepe （PEPEUSD）, Dogwifhat （WIF）, Bonk （BONK）, and Floki （FLOKI） have all shown price losses.
Cointelegraph
In the last seven days, DOGE’s price showed a 10.38% loss, while PEPE suffered a 12.74% decline. Meanwhile, WIF showed the biggest price loss among the top memecoins at 26.79%. Other dog-themed memecoins like FLOKI and BONK also had over 10% declines in value. FLOKI had a 13.53% price drop, while BONK had a 17.63% decline.
Shiba Inu Shows Some Resilience Amid the WazirX Hack
Meanwhile, SHIB showed the lowest price decrease among the top memecoins in the last seven days, only dropping by 6.51%. However, the token suffered a 10% fall in July due to the WazirX security incident.
On July 18, India-based crypto exchange WazirX suffered a breach, and cryptocurrencies worth $235 million were stolen. The compromised wallet contained $100 million worth of Shiba Inu tokens, likely causing the 10% drop following the incident. Onchain analysts suspect that North Korean hackers were behind the attack. Forensic firm Elliptic informed Cointelegraph that the attacker’s transaction patterns were similar to those typically associated with North Korean hackers.
解説
- The rapid profit made by the trader highlights the speculative nature and high-risk, high-reward potential of memecoin trading.
- Allegations of insider trading underline the need for transparency and regulatory oversight in the crypto market.
- Despite the overall downturn in top memecoins, some tokens like Shiba Inu show resilience, reflecting their strong community support.