An unknown trader pocketed millions of dollars in profits within minutes after untimely shutting down a new memecoin running on the Solana (SOL) network, according to on-chain data.
Blockchain tracking company Lookonchain first discovered a trader who spent nearly 10,000 SOL to accumulate approximately 70 million Slerf (SLERF) tokens.
Lookonchain said it had no plans to hold on to the SLERF stack for long periods of time, as traders immediately unloaded it at the first opportune time.
“unbelievable!
This guy made ~$3.02 million by trading SLERF in just 12 minutes!
He spent 9,894 SOL ($1.98 million) to purchase 69.74 million SLERFs shortly after trading commenced.
It was then sold within 12 minutes for 25,001 SOL ($5 million).
We earned 15,107 SOL ($3.02 million) in just 12 minutes!”
The blockchain tracking company also discovered other traders using different strategies to more than double their initial investment in Slerf.
According to Lookonchain, traders can unload About half of the Slerf was collected to recover capital from recent rallies, with the remainder set aside in anticipation of future rallies.
“The new wallet withdrew 10,100 SOL from Binance and used the 10,000 SOL to purchase 2.39 million SLERF…
After SLERF surged again, he sold 1.43 million SLERF for 10,000 SOL to get his money back.
He now has 961,165 SLERF ($1.24 million), which is pure profit!”
As of this writing, SLERF is trading at $0.753, up more than 25% in the last 24 hours.
Don’t miss a beat – subscribe to get email alerts delivered straight to your inbox
Check Price Action
follow us TwitterFacebook, Telegram
Daily Hodl Mix Surfing
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
Image created: DALLE3