In the memecoin sector, making a quick profit is nothing new. However, one trader’s recent success has sparked both admiration and suspicion. This trader turned an $8.5K investment into a massive $802.5K profit in just one hour by buying a Solana-based memecoin called “CTO.”
While some people say he had insider information, others think he’s just a savvy memecoin hunter.
Leading Solana swap and AMM platform Raydium Protocol recently introduced a new MEME coin, CTO, on the MakeNow.Meme platform. After the launch, a savvy trader saw a golden opportunity and invested 50 SOL (about $8.5K) to acquire 256.8 million CTO tokens, becoming the third person to invest in the new coin, according to Lookonchain, a prominent blockchain analytical platform.
However, traders’s decision to invest in CTO memecoin paid off big. After a few times, he sold 227.67 million CTO tokens for 4,771 SOL (around $811K), making a stunning profit of 4,721 SOL, or $802.5K. This remarkable gain of 94x of his initial investment was achieved within just an hour.
This trader is no stranger to making big profits. However, just 11 hours before the CTO trade, he made a successful trade with another coin, PFI. Meanwhile, by investing 20 SOL (about $3.4K), he earned 612 SOL ($104K), a 30x increase on his initial investment.
Some believe the trader might be just lucky with meme coins, while others suspect he could be an insider with special knowledge.
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