An unknown trader took home millions of dollars in profits in a span of a few minutes after their timely exit in a new memecoin running on the Solana (SOL) network, on-chain data shows.
Blockchain tracking firm Lookonchain first spotted trader who spent nearly 10,000 SOL to accumulate about 70 million Slerf (SLERF) tokens.
Lookonchain says the trader had no plans to hold onto their SLERF stack for the long haul as he immediately unloaded it at the first opportune time.
“Unbelievable!
This guy made ~$3.02 million in just 12 minutes by trading SLERF!
He spent 9,894 SOL ($1.98 million) to buy 69.74 million SLERF immediately after opening trading.
Then sold it for 25,001 SOL ($5 million) within 12 minutes.
Making 15,107 SOL ($3.02 million) in just 12 minutes!”
The blockchain tracking firm also spotted a different trader who used a different strategy to more than double their initial investment in Slerf.
According to Lookonchain, the trader unloaded about half of their Slerf trove during a recent rally to recoup their capital and left the rest in anticipation of future rallies.
“A fresh wallet withdrew 10,100 SOL from Binance and spent 10,000 SOL to buy 2.39 million SLERF…
After SLERF surged again, he sold 1.43 million SLERF for 10,000 SOL to get the principal back.
He currently holds 961,165 SLERF ($1.24 million), which is pure profit!”
At time of writing, SLERF is trading for $0.753, up more than 25% in the last 24 hours.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: DALLE3