Cryptocurrency Trader Transforms $3,300 into $2.5 Million within Three Hours

An investor in digital currencies has amassed gains exceeding $2 million by placing funds into the meme coin Slopfather (FATHA) that operates on Solana’s blockchain (SOL). This coin has been experiencing a surge in investment.

It is speculated that the investor, known by the alias Cooksassistant, used an initial investment of $3,300 that skyrocketed to $2.5 million in a remarkable three-hour period, as confirmed by Lookonchain on November 23.

A transaction review uncovered that the investor bought 57.89 million FATHA at the cost of 13 SOL on Pump.fun, a site designed for meme coin creation.

Post-acquisition, the market capitalization of FATHA skyrocketed past $60 million, giving the investor an incredible return of about 750 times their investment. At the height of the value surge, they liquidated their entire FATHA holdings for 9,718.5 SOL, which was worth $2.5 million at the time.

With the profits in hand, the investor then exchanged 9,500 SOL for $2.45 million in USDC and transferred the funds over to the Ethereum network.

Additional monitoring of the investor’s transactions reveals a pattern of meme coin investments. Within just three days, their wallet shows a record of 60 token exchanges, with a 42.37% success rate, yielding profits of $2.7 million.

Insider Trading Suspicions

Interestingly, the massive buy-in trend set by FATHA has also been beneficial for other traders. One such investor turned a $10,400 bet into $389,000, boasting an 83% hit rate, according to Mv_Crypto.

Suspicions arose following analysis by Stalkchain, indicating numerous wallets engaged in significant purchases of FATHA shortly after its launch, resulting in the price increase. Despite the price surge initiated by these wallets, there is a concern over possible abrupt dumps, potentially creating market turbulence.

In light of these patterns, there are signs suggesting that the price moves may not be entirely natural and could be influenced by insiders capitalizing on early market movements.

This situation has led to speculation regarding the possibility that certain investors might be acting on insider information. As seen in other instances, substantial gains can be traced back to such knowledge, raising the question of fairness in these trades.

Another point of contention involves a transaction where a trader’s $58,000 investment surged to $7.5 million, after capitalizing on a price rally in the token Goatseus Maximus (GOAT).

Overall, FATHA represents the ever-growing interest in meme coins within the Solana ecosystem, with the trend gaining momentum through various social platforms. As of the latest update, FATHA was valued at $0.02648, with its market capitalization at $27 million.

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