Cryptocurrency Expert Converts $3,300 to $1.69 Million Within Two Weeks

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    <p class="paragraph">An expert in <a target="_blank" href="https://finbold.com/category/cryptocurrency-news/" rel="noreferrer noopener">cryptocurrency</a> netted a whopping $1.68 million in realized earnings within just 15 days by trading within the Solana (<a target="_blank" href="https://finbold.com/cryptocurrency/solana/" rel="noreferrer noopener">SOL</a>) network. This savvy <a target="_blank" href="https://finbold.com/guide/cryptocurrency-trading/" rel="noreferrer noopener">cryptocurrency trader</a> initially invested 23 SOL or $3,300 into two meme tokens and later liquidated the assets for a sum of 11,229 SOL, equating to more than $1.69 million.</p>

    <p class="paragraph">The analytical firm <em>Lookonchain</em> referred to this individual as a crypto insider after noting that the token acquisitions occurred right after their respective <a target="_blank" href="https://finbold.com/guide/liquidity-mining-definition/" rel="noreferrer noopener">liquidity pools</a> went live. Their findings were documented in a <a target="_blank" href="https://x.com/lookonchain/status/1804348965279940673" rel="noreferrer noopener nofollow">report</a> published on platform <a target="_blank" href="https://finbold.com/guide/how-to-buy-x-stock/" rel="noreferrer noopener">X</a> on June 22, following an examination of on-chain data from several wallets.</p>

    <h2 class="wp-block-heading" id="h-how-did-the-crypto-insider-make-over-1-68-million-in-profits-trading-two-meme-coins-on-solana">Trading Methods: Earning $1.68 Million in Profits on Solana with Meme Coin Trades</h2>

    <p class="paragraph">Breaking it down, the crypto guru expended 7.1 SOL and 16 SOL to secure positions in HULK and GUNIT, respectively.</p>

    <p class="paragraph">To start, a collective of wallets scooped up 190.2 million HULK by trading $1,200 in <a target="_blank" href="https://finbold.com/guide/how-to-buy-solana/" rel="noreferrer noopener">Solana</a>, and clung to them over a period of 15 days. The accumulation was later sold for a total of 5,760.7 SOL, fetching a substantial $974,200—a staggering 810x increase from their original investment.</p>

    <figure class="wp-block-image size-large">
        <img decoding="async" width="1024" height="472" src="https://assets.finbold.com/uploads/2024/06/HULK-crypto-insider-1024x472.jpg" alt="" class="wp-image-185286" srcset="https://assets.finbold.com/uploads/2024/06/HULK-crypto-insider-1024x472.jpg 1024w, https://assets.finbold.com/uploads/2024/06/HULK-crypto-insider-300x138.jpg 300w, https://assets.finbold.com/uploads/2024/06/HULK-crypto-insider-768x354.jpg 768w, https://assets.finbold.com/uploads/2024/06/HULK-crypto-insider-1536x708.jpg 1536w, https://assets.finbold.com/uploads/2024/06/HULK-crypto-insider.jpg 1800w" sizes="(max-width: 1024px) 100vw, 1024px"/>
        <figcaption class="wp-element-caption">Chart of HULK/SOL pair on Raydium. Source: <em>Lookonchain</em></figcaption>
    </figure>

    <p class="paragraph">With GUNIT, the astute market player allocated an investment of 16 SOL, valued at $2,100, to purchase 366.92 million tokens. Merely eight hours later, GUNIT's price skyrocketed, allowing the trader to offload their entire holdings. The transaction concluded with the player earning 5,475.5 SOL, translating to $719,800, amounting to a 343-fold enhancement from the input.</p>

    <figure class="wp-block-image size-large">
        <img decoding="async" width="1024" height="466" src="https://assets.finbold.com/uploads/2024/06/GUNIT-crypto-trader-1024x466.jpg" alt="" class="wp-image-185284" srcset="https://assets.finbold.com/uploads/2024/06/GUNIT-crypto-trader-1024x466.jpg 1024w, https://assets.finbold.com/uploads/2024/06/GUNIT-crypto-trader-300x137.jpg 300w, https://assets.finbold.com/uploads/2024/06/GUNIT-crypto-trader-768x350.jpg 768w, https://assets.finbold.com/uploads/2024/06/GUNIT-crypto-trader-1536x700.jpg 1536w, https://assets.finbold.com/uploads/2024/06/GUNIT-crypto-trader.jpg 1800w" sizes="(max-width: 1024px) 100vw, 1024px"/>
        <figcaption class="wp-element-caption">GUNIT/SOL performance graph on Raydium. Credit: <em>Lookonchain</em></figcaption>
    </figure>

    <p class="paragraph">Afterwards, this crypto insider amalgamated their gains at the crypto-wallet address ‘4uh969’. From the considerable amount of 11,229 SOL accrued, the address transferred 3,070 SOL to a <a target="_blank" href="https://finbold.com/review/kraken-review/" rel="noreferrer noopener">Kraken</a> account, likely to convert the sum into fiat currency.</p>

    <h2 class="wp-block-heading" id="h-the-dangers-of-insiders-and-crypto-traders-speculating-on-meme-coins">Risks Associatied with Insiders Speculating on Meme Coins</h2>

    <p class="paragraph">This incident serves as another stark reminder of the potential malpractices by crypto insiders who exploit nascent projects and 'meme coins' to their benefit, often at the expense of uninformed retail investors. The situation underscores a persistent issue where these actors leverage privileged information and speculation on assets with dubious fundamentals.</p>

    <p class="paragraph">Many in the crypto space subscribe to the "Greater Fool Theory," which purports that one can profit by purchasing overvalued assets and selling them off to someone who is willing to pay more – the proverbial 'greater fool'.</p>

    <p class="paragraph">While volatility is a natural aspect of <a target="_blank" href="https://finbold.com/cryptocurrencies/" rel="noreferrer noopener">cryptocurrency markets</a>, trading in 'meme coins' intensifies the gamble, typically redistributing wealth from the many to the few well-informed players. Thus, investors are advised to emphasize thorough research into the <a target="_blank" href="https://finbold.com/guide/technical-analysis/#h-technical-analysis-vs-fundamental-analysis" rel="noreferrer noopener">fundamentals</a> of cryptocurrencies and carefully evaluate supply-demand factors. The latest findings by Finbold indicate a preferential shift from meme coins to projects with robust fundamentals.</p>

    <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The information provided here is not investment advice. Investment decisions carry inherent risks, and capital is never guaranteed.</em></p>
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