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.
