A trader in the Solana (SOL) ecosystem has flipped about $400+ to $245,000, trading BORK, one of the recently-introduced Solana-based meme coins, over five days.
Surveillance platform Lookonchain first spotlighted the individual in a recent post on X. The trader began this memecoin journey on Dec. 28, 2023, when he/she swapped approximately 4 Solana tokens for 1,199,553,675.88 (1.199 billion) BORK in a single transaction at 21:02 (UTC).
Interestingly, this trade occurred within just ten minutes after BORK opened for trading, Lookonchain confirms. Shortly after it began trading on the open market, the meme coin experienced a dramatic surge in value.
A Tale of Distribution
Following this dramatic surge, the trader began offloading their BORK holdings 20 minutes after buying them.
The first distribution occurred at 21:25 on the same day of the purchase, involving the swap of 239,910,735 (239.9 million) BORK for 48.16 SOL worth $4,864 at the time.
A few minutes later, the trader then sold an additional 19,192,858 (19.19 million) BORK for 5.29 SOL valued at $534 then.
Lookonchain confirmed that the individual continued to sell off more BORK tokens, eventually dumping 888 million BORK for 1,454 Solana ($146K).
This trader made ~2,250 $SOL($245K) with 4 $SOL in 5 days, a gain of 563x!
He spotted $BORK within 10 minutes of opening trading and spent 4 $SOL to buy 1.2B $BORK, then sold 888M $BORK for 1,454 $SOL.
He currently has 311.4M $BORK(800 $SOL) left.https://t.co/K8YE4vOaRZ pic.twitter.com/at67CVs0Y0
— Lookonchain (@lookonchain) January 3, 2024
As Social mentions of BORK spiked due to this value appreciation, bolstering its mainstream visibility and attracting more investor demand. Prominent crypto price-tracking resource CoinGecko onboarded the token on Dec. 30.
The asset rallied to an all-time high of $0.0013, according to data from CoinGecko. At the time of Lookonchain’s disclosure, the trader in question holds 311.4 million BORK.
The trader is currently sitting on 76 million tokens worth $68,476, as the meme coin trades for $0.000899.
This is the latest case of a memecoin pennies-to-fortune development on Solana. The Solana ecosystem has continued to record multiple cases of such trades since the emergence and success of BONK.
The Crypto Basic has recently documented some of these cases. In an exceptional case, an anonymous trader turned $2,220 to $5.7 million trading analoS (ANALOS), a Solana-based meme coin.
Another investor made $2 million by investing $92 in two days in SILLY after jumping on the token five minutes after it opened for trading.
However, due to the nature of these trades and the timing of the investments, evidence suggests the individuals involved could be insiders or developers affiliated with the projects.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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