Trader makes $800K an hour after putting $8.5K on a Solana memecoin

While one X user described the trader as a memecoin hunter, others alleged that the trader had insider information.

A memecoin trader was seen multiplying their initial investment by 94 times after purchasing a Solana-based memecoin called “CTO.”

On Aug. 1, blockchain analytics platform Lookonchain flagged a trader who bought over 256 million CTO tokens with only 50 Solana (SOL), worth about $8,500. The analytics platform noted that the trader was only the third address that purchased the memecoin.

After an hour, the trader sold 227 million tokens for 4,771 SOL and realized a profit of about $800,000. The trader also made $104,000 on a $3,400 investment in a token called PFI.

While some think the trader may simply be a memecoin hunter, many allege that the trader is an insider.

Top memecoins show a downward price trend

While some continue to make money on memecoins, holders of the biggest meme tokens in the crypto space may not be as happy. Data shows that in the last seven days, tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK) and Floki (FLOKI) have all shown price losses.

In the last seven days, DOGE’s price showed a 10.38% loss, while PEPE suffered a 12.74% decline. Meanwhile, WIF showed the biggest price loss among the top memecoins at 26.79%.

Other dog-themed memecoins like FLOKI and BONK also had over 10% declines in value. FLOKI had a 13.53% price drop, while BONK had a 17.63% decline.

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Shiba Inu shows some resilience amid the WazirX hack

Meanwhile, SHIB showed the lowest price decrease among the top memecoins in the last seven days, only dropping by 6.51%. However, the token suffered a 10% fall in July due to the WazirX security incident. 

On July 18, India-based crypto exchange WazirX suffered a breach, and cryptocurrencies worth $235 million were stolen. The compromised wallet contained $100 million worth of Shiba Inu tokens, likely causing the 10% drop following the incident.

Onchain analysts suspect that North Korean hackers were behind the attack. On July 18, forensic firm Elliptic informed Cointelegraph that the attacker’s transaction patterns were similar to those typically associated with North Korean hackers.