April 19, 2024
Solana Trader's $2 Million Windfall from 1.5 SOL
Latest Cryptocurrency News

Solana Trader Turns 1.5 SOL Into $2 Million with Dragon-Themed Memecoin

A Solana trader, starting with just 1.5 SOL, struck gold by investing in a dragon-themed memecoin within the Solana blockchain. On Dec. 27, Lookonchain, a blockchain analytics platform, highlighted a particularly fortunate transaction involving a Solana holder who amassed approximately $2 million through a memecoin purchase. Despite initially owning only 1.5 SOL, this individual became aware of Silly Dragon (SILLY), a meme token featuring a whimsical dragon as its emblem, on Dec. 5.

Shortly after the memecoin commenced trading, the trader converted 1 SOL, valued at around $62 at the time, into 43 million SILLY tokens. Roughly 22 days later, these tokens soared in value to approximately $2 million, propelling SILLY’s price to new heights and pushing its market capitalization beyond $123 million. As per on-chain records, the trader withdrew approximately $528,000, retaining around $1.5 million worth of tokens in their wallet. Despite the impressive outcome, several community members on social platforms suspected potential insider trading. Some doubted anyone would execute such a transaction without insider knowledge, while others speculated it might involve the developer.

The inception of the memecoin followed Anatoly Yakovenko’s Nov. 8 tweet on Twitter, in which the Solana CEO and co-founder dubbed it the year of the silly dragon, referencing his Halloween costume at the Solana Breakpoint 2023 event in Amsterdam. Silly Dragon’s website attributed Yakovenko’s tweet to injecting a vibrant and playful essence into the Solana narrative. However, the site also issued a disclaimer stating that the coin serves solely for entertainment and educational purposes, absolving the founders of any liability for losses or damages.

Image by freepik

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