"Wow, just for a moment, I'm lucky to have it, if it's like this every day, it's the best, isn't it?"
A trader recently achieved the incredible feat of raising half a million United States (US) dollars from just 0.34 Ethereum (ETH) tokens worth $878 in just eight hours.
The swift and strategic execution of trades has led an on-chain tracker called Lookonchain to characterize the trader as someone who has very special insider knowledge.
This is because a trader identified as an insider acquired 80 million FERRET meme tokens using five newly created wallets, then sold them in different batches to make huge profits within hours of FERRET being traded on January 16, 2024.
Over 315,000 FERRETs were exchanged in four transactions for a profit of $8,850 and shortly after, traders unloaded additional tokens then sold 11.8 million FERRETs for 21 ETH worth $54,000.
Despite the transaction, the trader still retains over 68.2 million FERRET worth about $495,000.
Going back to the relationship between the insider and the creator of FERRET, both parties were found to be transferring the token to the same wallet address and this means the trader may be the developer behind the memecoin.
The scenario of turning a modest investment into a huge profit through memecoin is unprecedented in the crypto space, where a similar situation has been observed with traders taking advantage of the growing memecoin trend.
