In what can be called a dream for all traders, a cryptocurrency investor turned $960 into $337,000 in just two hours. The particular transaction was cleverly executed, achieving 351x returns in 120 minutes. Only a few traders are capable of executing this much profit, and mostly, the majority of them could be founders, insiders, or part of the token’s team.
So here’s how the 2-hour ordeal unfolded. A mysterious trader deployed 11 Solana (SOL) across three different wallets to accumulate 158.51 million ASTEROID tokens.The new token was launched on Pump.fun, where obscure, novice, and unheard cryptocurrencies rule the roost. Traders outside the platform mostly call the exchange ‘dumb money,’ where anything can happen, but mostly it’s all based on luck and not charts.
Now, coming back to the 11 SOL deployed into three wallets and buying 158.51 million ASTEROID tokens, the position in the cryptocurrency began to surge dramatically. The user was able to sell his 134.75 million tokens for 1,539 SOL, and still retained 23.76 million ASTEROID tokens valued at roughly $202,000,according to the recent report from Lookonchain.
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The tokens surge led the user to net $337,000 in two hours with just $960. The rise in value made other users take an entry position, eventually pushing the cryptocurrency higher. Its market cap exceeded $20 million within hours before cooling down in value. After the transaction, prices headed south and plunged 56% in 24 hours.
Therefore, anyone who took an entry position from Sunday, believing that ASTEROID still has an upward momentum, is under heavy losses. Doubts remain whether the trader was an insider or a member of the token’s team. The entry and exit positions remain perfect, which no ordinary person can take. The narratives of newly-launched meme coins are the same, where early investors take the lion’s share and move out.
Source: Watcher Guru
