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High volatility in the memecoin market often leads to sudden wealth creation stories making headlines. Recently, an investor captured attention by earning $802,500 in just one hour from an $8,500 investment. This impressive success was achieved by purchasing CTO, a newly launched Solana-based memecoin via Raydium Protocol’s MakeNow.Meme platform.
Investor’s Incredible Profit with CTO
Raydium Protocol, a leading Solana-based exchange and automated market maker (AMM) platform, launched CTO, a memecoin that quickly caught investors‘ attention. Through the blockchain analysis platform Lookonchain, an investor was identified who bought 256.8 million CTO tokens by investing 50 SOL (approximately $8,500), becoming one of the altcoin’s early investors.
Following a significant price increase, the investor sold 227.67 million CTO tokens for 4,771 SOL (about $811,000), earning an astonishing profit of 4,721 SOL or $802,500. This means the investor increased their initial investment by 94 times.
Investor Turned $3,400 into $104,000 with PFI Memecoin
Moreover, this was not the investor’s first success in the memecoin market. According to on-chain data, the investor made a significant profit from another memecoin, PFI, just hours before the CTO transaction.
The lucky investor invested 20 SOL (approximately $3,400) in PFI and earned 612 SOL ($104,000), growing their investment by 30 times. The investor’s performance made a significant impact in the cryptocurrency world.
However, the remarkable timing and scale of the investor’s transactions led some to speculate about the possibility of insider trading. Skeptics argue that such consistent success could only be achieved with access to non-public information, giving an unfair advantage in a highly speculative market. Others attribute the investor’s success to strong instincts, the ability to manage volatility, and a deep understanding of the memecoin market known for its significant and rapid profit potential.
