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Investor turns $3,300 into $2.5 million with Solana-based memecoin
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A cryptocurrency investor made a return of more than $2 million by betting on the Slopfather (FATHA) memecoin, built on the Solana (SOL) blockchain. According to data released by Lookonchain on November 23, the trader, identified on network X by the username “Cooksassistant”, turned an initial investment of US$3,300 into US$2.5 million in just three hours.
Analysis of the operation indicates that the investor purchased 57.89 million FATHA for 13 SOL on the Pump.fun platform, which allows the creation of memecoins. After the acquisition, FATHA’s market value exceeded US$60 million. This resulted in a return of around 750 times the amount invested. Then, the trader sold all the tokens at their peak value, receiving 9,718.5 SOL, equivalent to US$2.5 million.
After profiting, he converted 9,500 SOL into 2.45 million USDC and transferred the funds to the Ethereum network. Further on-chain analysis revealed that the investor’s portfolio carried out around 60 token trades in three days, with a success rate of 42.37%, accumulating a total profit of US$2.7 million in the period.
FATHA’s performance also benefited other investors. An anonymous trader, for example, turned a US$10,400 investment into US$389,000, with a success rate of 83%, according to data from the Mv_Crypto platform.
Suspicions of manipulation with memecoin
However, the rapid appreciation of memecoin raised suspicions. According to Stalkchain, some wallets acquired large amounts of FATHA within 15 to 16 hours of launch, boosting the price significantly. These portfolios may also be primed for a mass sell-off, which would generate high volatility.
Stalkchain suggested that movements on the FATHA memecoin price chart do not appear organic, raising the possibility of manipulation by insiders. The possibility that investors obtained inside information, such as listings on major exchanges, was also raised.
In another recent case, a trader converted US$58,000 into US$7.5 million by taking advantage of the appreciation of the Goatseus Maximus (GOAT) memecoin, reinforcing questions about practices in the memecoin market.
FATHA, part of the growing interest in memecoins on Solana, is trading at $0.032 in the latest update, with a market cap of $33 million.
Investor turns $3,300 into $2.5 million with Solana-based memecoin
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Investor turns $3,300 into $2.5 million with Solana-based memecoin
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Investor turns $3,300 into $2.5 million with Solana-based memecoin
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Investor turns $3,300 into $2.5 million with Solana-based memecoin
