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Trader Strikes $2 Million Fortune from a $62 Investment in a Solana-Based Memecoin

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Approximately $528,000 have already been cashed out, according to on-chain data, while the remaining tokens, which are valued at about $1.5 million, are still in the trader’s wallet.

After placing one token on a memecoin with a dragon motif on the Solana blockchain, a trader from Solana who had 1.5 SOL at the beginning of the transaction won big.

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Lookonchain, a blockchain analytics website, reported a fortunate trade on December 27 in which a Solana holder acquired approximately $2 million by purchasing a memecoin. Although the trader initially only possessed 1.5 SOL, on December 5 the user learned about Silly Dragon (SILLY), a meme token with a “silly dragon” as its mascot.

The trader traded one SOL, which was valued about $62 at the time, for 43 million SILLY tokens five minutes after the memecoin started for business. Twenty-two days later, the tokens were valued at about $2 million as SILLY’s price soared to all-time highs, with a market capitalization of more than $123 million.

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According to on-chain data, the trader has already withdrawn around $528,000 while leaving around $1.5 million worth of tokens in the wallet. 

Community members comment on the trade. Source: X (formerly Twitter)

CryptoCaster Quick Check:

Even if the trade looks spectacular, several social media community members had suspicions that it was an insider transaction. While some were certain it was the developer, others found it hard to imagine someone would carry out the exchange without inside knowledge.

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Following Solana CEO and co-founder Anatoly Yakovenko’s Nov. 8 X post declaring that this is the year of the foolish dragon, the memecoin was developed. Yakovenko’s Halloween attire at the Solana Breakpoint 2023 conference in Amsterdam was mentioned in the tweet.

Yakovenko’s tweet “infused a fresh and playful energy into the Solana narrative,” per the Silly Dragon website. The coin is just “for entertainment and educational purposes,” according to the website’s disclaimer, which also states that the creators are not responsible for any losses or damages.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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