A trader has hit the jackpot with a Solana-based memecoin. They turned $8,500 into $800,000 in just one hour.
The coin in question is called "CTO". Blockchain analytics platform Lookonchain spotted the trade on August 1. The trader bought over 256 million CTO tokens with 50 Solana tokens. At the time, this was worth about $8,500.
Lookonchain noted the trader was only the third address to purchase the memecoin. Talk about being early to the party.
An hour later, the trader cashed out. They sold 227 million tokens for 4,771 SOL. This netted them a cool $800,000 profit.
But wait, there's more. The same trader also made $104,000 on a $3,400 investment in another token called PFI.
Some reckon the trader's just a memecoin wizard. Others smell a rat. They're suggesting the trader might have had insider info.
Meanwhile, the big-name memecoins are having a rough time. Data shows they're all in the red over the past week.
Dogecoin's down 10.38%. Shiba Inu and Pepe are hurting too. But the biggest loser is Dogwifhat (WIF), down a whopping 26.79%.
Other dog-themed coins aren't faring much better. Floki's dropped 13.53%, while Bonk's taken a 17.63% hit. It's a dog-eat-dog world out there.
