A cryptocurrency trader has managed to turn less than $3,000 worth of cryptocurrency into over $650,000 in less than a day to register a gain of 220x, after spending 1.31 ETH to buy 43.5% of the total supply of a little-known altcoin.
According to on-chain analysis service Lookonchain, the trader bought 386.94 trillion $SNOW tokens using their ETH, before selling 72 trillion tokens for 53.4 ETH, worth around $120,000, to realize a gain of 52.09 ETH, of around $116,000.
The trader still has 314.9 trillion $SNOW tokens on their wallet, equivalent to 35.4% of the cryptocurrency’s total supply, and is sitting on an unrealized gain of $535,000. The large amount of supply captured by the trader suggests they could be an insider trader, as pointed out by other users on the microblogging platform X (formerly known as Twitter).
The event highlights the volatile and sometimes unpredictable nature of cryptocurrency markets, where huge gains can be realized swiftly, often accompanied by risks and ethical grey areas.
Other notable gains have been seen over the last few months. As reported, one cryptocurrency trader has managed to turn 30 Solana (SOL) tokens worth around $2,220 into a stash of over $5.7 million in just six days to make a gin of over 2,570 in that short period by buying a Solana-based altcoin just a minute after it opened trading.
As Lookonchain reported then, the trader spotted the cryptocurrency $ANALOS just a minute after it started trading and quickly bought 16 billion tokens for 30 SOL, and then proceeded to hold onto the tokens for six days.
After the value of the tokens exploded, the trader sold 14.5 billion $ANALOS for a whopping $3.45 million worth of the USDC stablecoin. The trader also kept 1.56 billion tokens, now worth over, $2.34 million in a total of four addresses on the Solana network.
Most respondents on social media then suggested that the trader was an insider of the project, as they put in a significant amount shortly after it opened for trading, suggesting they understood the token’s price was soon going to move upward.
Featured image via Unsplash.
