Trader turns US$ 861 into US$ 657 thousand in five hours

A cryptocurrency trader turned US$ 861 into approximately US$ 657,000 in five hours. The transaction involved the purchase of 86.55 million MOTHER tokens, representing 8.66% of its total supply, for 5.14 Solana (SOL). The trader sold 80.41 million of these tokens for 3,035.5 SOL, netting around US$ 509,000.

In just 5 hours, this trader transformed $ 861 into $ 657 thousand, a gain of $ 762x! He spent 5.14 $ SOL ($ 861) to buy 86.55 million $ MOM (8.66% of the total supply) and sold 80.41 million $ MOM for 3,035.5 $ SOL (9 4622736600509 thousand). He currently has 6.14 million $ MOTHER remaining, worth $ 148 thousand.

– Lookonchain (@lookonchain) May 29, 2024

Previously characterized by a win rate of less than 25% across nearly 700 coin trades, this significant gain has sparked discussions in the cryptosphere. The trader owns 6.14 million MOTHER tokens, worth an estimated US$ 148,000. Despite the extraordinary profits, there is no evidence that the trader had privileged information.

Solana Price Review: How Is SOL Today?

Analyzing Solana price charts, we see that Solana price is currently around US$ 169.23. It is consolidating after a recent increase. The Alligator indicator, which consists of three moving averages, shows that the green line (Lips, 5-period smoothed moving average) is above the red (Teeth, 8-period smoothed moving average) and the blue line (Jaw, 13-period moving average). smoothed mobile). This alignment typically indicates bullish momentum. However, the lines are close together, suggesting a weakening trend or a possible consolidation phase.

SOL/USD 4-hour chart | Source: TradingView

On the other hand, the Awesome Oscillator (AO) indicator at the bottom of the chart shows green bars, with the last value being 2.07. The bars are above the zero line and increasing in height, indicating near-term bullish momentum