Based on Lookonchain data, an anonymous cryptocurrency trader clocked a profit of more than 2,570 times using 30 Solana tokens within a short span of six days.
What Happened: The trader did not directly buy and sell Solana SOL/USD tokens instead he used the 30 SOL tokens he owned to buy 16 billion Analos in the very first minute of the memecoin opening trade.
Next, he sold 14.5 billion Analos ANALOS/USD from several addresses, earning 3.45 million USDC stablecoins.
Currently, the trader continues to hold 1.56 billion Solana worth $2.34 million. It is spread across four of his blockchain wallets. Overall, the trader reports $5.7 million within six days based on only $2,220 worth of Solana.
Analos is a meme cryptocurrency based on the Solana chain built only a week ago. Price action: In the past day trading, the token reported a 58% drop. It peaked to its all time high on Dec.22 with a 132% gain and drop to its all-time low on Dec.25 with 71% fall.
Solana Price: In the past 24-hour trade, SOL is down 12.6%. In the past month trading session, SOL is up 88.6%.
Why It Matters: Based on data from TheBlock, active Solana network addresses increased around 50% over its November numbers to peak over 15.6 million, an increase over its former record of 15.2 million in January 2023.
Easy App, who gets world’s best developers building on the world’s leading chains, announced that its Solana challenges have become the most popular ever with more than 48,000 developers learning about Solana with the EasyA app.
Crypto influencer and content creator Ben Armstrong took to X on Dec.23 and stated that, “I thought Solana was going to die. It didn't. And now it is VERY MUCH alive. This is going to be a pivotal week in the Solana ecosystem and narrative. Price speculation is great. But now is when the deeper narrative begins.”
Solana pumping or dying was always a binary choice.
— Ben Armstrong (@BenArmstrongsX) December 22, 2023
I thought Solana was going to die. It didn't. And now it is VERY MUCH alive. This is going to be a pivotal week in the Solana ecosystem and narrative.
Price speculation is great. But now is when the deeper narrative begins.
He added today that, “VCs are giving $SOL the vote of confidence with their investments. While there will be pullbacks, look for Solana to be one of the top 5 coins in the top 100 for gains.”
Read Next: Crypto Analyst Says This 'Ethereum Killer' Will Get Him Rich In 2024: 'My Thesis On Solana Was..'
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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