- Some X users claimed the trader had insider information, while others labeled the trader as a meme coin hunter.
A memecoin trader who bought CTO, a memecoin based in Solana, has multiplied their original investment by 94 times.
Blockchain analytics company Lookonchain discovered on August 1st that a trader had purchased almost 256 million CTO tokens with just 50 Solana SOL tickers down $164 tokens, or around $8,500. The trader was just the third address to buy memecoin, according to the analytics portal.
An hour later, the trader made approximately $800,000 in profit by selling 227 million tokens for 4,771 SOL. Additionally, the trader profited $104,000 with a $3,400 investment in PFI tokens.
Some claim the trader is an insider, while others believe the trader might just be a meme coin hunter.
Leading memecoins are trending lower in value
The owners of the largest meme tokens in the cryptocurrency sector might not be as content, even though some traders are still profitable with memecoins. Data indicates that some tokens have had price losses during the past seven days, including Dogecoin (DOGE) tickers down $0.12, Shiba Inu (SHIB) tickers down $0.000016, Pepe PEPE tickers down $0.000010, Dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI).
Over the past week, the price of DOGE has decreased by 10.38%, while the price of PEPE has decreased by 12.74%. Among the top memecoins, WIF saw the most price decline, coming in at 26.79%.
The value of other dog-themed memecoins, such as FLOKI and BONK, also decreased by more than 10%. The price of FLOKI dropped by 13.53%, while BONK’s price dropped by 17.63%.
The WazirX hack demonstrates some resilience in the Shiba Inu
SHIB, on the other hand, had the least price decline over the previous seven days when compared to the other top memecoins, falling by just 6.51%. However, the WazirX security incident in July caused the token to drop by 10%.
A hack occurred on July 18 at the India-based cryptocurrency exchange WazirX, resulting in the theft of $235 million worth of cryptocurrency. $100 million worth of Shiba Inu tokens were in the compromised wallet, which is probably what caused the 10% decline after the incident.
Onchain researchers believe the attack was carried out by hackers from North Korea.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
