A crypto trader, operating under the wallet name “sundayfunday.sol,” achieved an incredible 993x gain on their purchase of 13 Solana (SOL) worth of a newly-launched memecoin called 1DOL. The initial investment of $2,275 turned into an astonishing profit of $2.26 million within a span of just eight hours, according to lookonchain. However, the profitable trade triggered allegations of insider trading.
1DOL, the memecoin in which the trader invested, was launched on May 18 and reached a peak price of $0.02 the following day before dropping over 90% to its current value of $0.0017. 1DOL is currently down 43% in the past 24 hours, according to CoinMarketCap data.
Some observers pointed out that the trading pool’s low liquidity, currently valued at $291,000 in SOL tokens, would make it difficult for the trader to cash out all their profits without further depressing the price of 1DOL.
The “sundayfunday.sol” wallet is also the largest participant in the Book of Memes (BOME) token’s presale. The trader purchased over $72,000 worth of BOME tokens, which reached a peak value of over $40 million. Although the trader has taken profits on some of their holdings, they remain the largest holder of BOME tokens, currently holding 894 billion BOME tokens worth $10.5 million.