On December 21, 2023, “Lookonchain,” a prominent pseudonymous on-chain analyst, shared an intriguing story on social media platform X (formerly known as Twitter) about a trader’s remarkable success in the cryptocurrency market.
Starting with an investment of only 1.5 SOL (approximately $92), the trader turned this into a substantial profit of around $202,000 within 16 days. This feat was achieved through strategic trading of Silly Dragon ($SILLY), a Solana-powered meme-based cryptocurrency. According to a press release by the Silly Dragon team on 20 December 2023, the token’s appeal lies in its meme-based character, inspired by a costume worn by Solana Labs co-founder Anatoly Yakovenko at the Breakpoint 2023 conference.
According to the on-chain analyst, on December 5, coinciding with the launch day of Silly Dragon, the trader received 1.5 SOL and invested 0.7 SOL (about $42) in purchasing 20.5 million SILLY tokens. After holding the tokens for two weeks, during which the price of SILLY increased significantly, the trader began selling them for profit. They sold approximately 5 million SILLY tokens for 202,575 USDC. The trader still possesses 15 million SILLY tokens, valued at around $1.35 million.
The timing of the trader’s initial investment, coinciding with Silly Dragon’s launch, raises questions about potential insider knowledge. While there is no concrete evidence to confirm this, the alignment of the investment with the project’s inception day, as well as the very little amount of information we have about the project, does warrant cautious speculation.
$SILLY is currently trading at around $0.068403, down 9.8% in the past 24-hour period, but up over 488% in the past five-day period.
Featured Image created by OpenAI’s DALL-E, a generative AI model
