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A dealer received a fortune betting on a cryptocurrency impressed by a viral web meme, which is now value greater than $500 million in market capitalization.
What Occurred: On-chain monitoring platform Lookonchain took to X Wednesday, highlighting the extraordinary commerce of
Only a chill man (CHILLGUY) token.
The dealer turned a mere $160 right into a staggering $6.14 million in simply 12 days, marking a 38,399X return on funding.
The dealer bought 12.5 million CHILLGUY tokens on Pump.enjoyable, a Solana (CRYPTO: SOL)-based meme coin launching pad, for 0.75 SOL, equal to $160. Subsequently, they bought 2.8 million CHILLGUY for 149 SOL, value $35,400.
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The dealer nonetheless has 9.62 million tokens of their coffers, valued at $6.1 million, leading to a complete revenue of $6.14 million.
The massive windfall planted doubts within the minds of some observers, who known as the dealer an insider. Since their sale, the value of the token has plummeted as a lot as 21%.
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Schemes like pump-and-dumps have been pretty frequent within the cryptocurrency market, the place an individual or group begins to artificially inflate the value. As soon as unsuspecting buyers are lured in and the value is sufficiently “pumped,” the holders begin dumping their property at earnings.
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