Dumb money is pouring back into the crypto space, with one trader turning $62 into $2 million by betting on, of all things, a token whose mascot is a �silly dragon�.
Dumb money is pouring back into the crypto space, with one trader turning $62 into $2 million by betting on, of all things, a token whose mascot is a �silly dragon�. The lucky trader bought the memecoin Silly Dragon (SILLY) on Halloween 2023, shortly after it made its debut on the Solana blockchain�s DeFi markets.
$62 To $2M In 22 Days
On-chain sleuth Lookonchain posted on X (Twitter) on Dec. 27, driving attention toward a trader who made $2 million, thanks to dragon-themed memecoin Silly Dragon (SILLY).�
Lookonchain notes that the trader started with only 1.5 SOL (worth approximately $92). But, the mystery trader caught wind of SILLY and swapped 1 SOL, valued at around $62 at the time, for 43 million SILLY tokens just five minutes after the memecoin went live.
Starting with only 1.5 $SOL($92), this trader made $2M in 22 days, a gain of 21,715x!
This trader spotted $SILLY 5 minutes after it opened trading and spent 1 $SOL($62) to buy 43.1M $SILLY.
Then he sold 33.34M $SILLY for $528K, and currently has 9.76M $SILLY($1.5M) left,� pic.twitter.com/ByY1Tpupah
Roughly 22 days later, the value of the cache ballooned to $2 million as SILLY skyrocketed to new record highs, hitting a market cap of over $120 million. According to Lookonchain, the trader withdrew about $528,000 of his profits while letting the remaining 9.76 million SILLY tokens worth $1.5 million ride in his wallet. At the moment, the unknown trader is the eighth-largest holder of SILLY.
Lucky Trader Or Insider Trade?
A new wave of interest hit the Solana ecosystem in recent months, with memecoins based on the network delivering enormous gains to investors. Earlier this month, dog-themed memecoin Bonk (BONK) became the third-biggest memecoin in the market, joining fellow canine-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) in the top three and beating the frog-themed memecoin Pepecoin (PEPE). As BONK has shot up in price, it spurred surprising new demand for the Solana Saga smartphone, which recently sold out fast.
Solana CEO Anatoly Yakovenko�s Nov. 8 X post saying this is the �year of the silly dragon� inspired the SILLY memecoin. The tweet referenced Yakovenko�s dragon Halloween costume at the Solana Foundation�s 2023 Breakpoint conference. The team behind the meme coin posited on the project�s official website that the Solana CEO�s tweet �infused a fresh and playful energy into the Solana narrative.��
Although the $2 million SILLY trade is quite remarkable, crypto observers on X speculated it was definitely an insider trade. Some stressed it was simply impossible for anyone to execute such a trade without inside information, while others were confident it was a developer.
