According to crypto analysis firm LookonChain, a trader has made over $5.7 million with just 30 Solana (SOL) tokens worth around $2,220. The return on investment (RoI) for this trade is a whopping 2570x.
According to LookonChain, the trader spotted a Solana-based coin called $ANALOS one minute after it was open for trading. The trader spent 30 SOL and purchased 16 billion $ANALOS tokens. After prices spiked, the trader sold 14.5 billion $ANALOS tokens for 3.5 million USDC via multiple addresses over six days. The trader still has 1.56 billion tokens in four different wallets worth around $2.34 million.
Also Read: Solana New Year Price Prediction: How High Can SOL Go?
What is the Solana-based $ANALOS token?
ANALOS is another crypto project in the Solana (SOL) ecosystem. Moreover, this is not the first SOL-based token to skyrocket in price. Earlier this year, another SOL-based memecoin, BONK, gained significant traction. BONK recently hit an all-time high, but its price has dipped since. BONK is currently down 14.9% in the last 24 hours. Earlier this month, one trader turned $226,000 into $1.69 million in five days with another SOL-based token called Dogwifhat (WIF).
Also Read: Trader Turns $226K into $1.69M in 5 Days with This Solana Meme Coin – Here is How
The Solana (SOL) ecosystem seems to be in a euphoric state. SOL has also rallied by nearly 1000% since January of this year. However, the token has dropped by about 8% in the last 24 hours. The general crypto market seems to be witnessing a correction at the moment. Bitcoin (BTC), the original cryptocurrency, has fallen by around 2%, while Ethereum (ETH) has dipped by 1.6%. The reason behind the dip is unclear. It is possible that traders are taking a break from the market in light of the holiday season, or perhaps there is some uncertainty with interest rates. Nonetheless, the price drop has created a new opportunity for traders and holders to buy more assets.