An insider managed to flip 3.89 Solana (worth around $600) into 999 (about $153,560) in just 15 hours, securing $2.5 million in unrealized profits. The anonymous trader withdrew 3.89 SOL from Binance and used 2.89 SOL ($445) to buy 2.46 billion Minette tokens immediately after the developer added liquidity. The insider quickly sold 1.04 billion Minette for 998.7 SOL ($153,000), leaving 1.42 billion Minette in their wallet, currently valued at $2.5 million.
Starting at 3.89 $SOL($600), the insider turned it to 999 $SOL($153.56K) in just 15 hours and has $2.5M in unrealized profits.
He withdrew 3.89 $SOL($600) from #Binance and spent 2.89 $SOL($445) to buy 2.46B #Minette at the same block where the developer added liquidity.
Then… pic.twitter.com/daxXb6h59P
— Lookonchain (@lookonchain) May 10, 2024
Despite the remarkable gains, concerns remain. The developer of VibeCat (the parent token of Minette) failed to burn LP tokens, leaving investors worried about a potential “rug pull.” Rug pulls refer to situations where developers abandon a project after draining liquidity, leaving holders with worthless tokens.
FOMO Leads to Costly Losses for Another Investor
In a separate incident, an investor lost 239 SOL (approximately $37,000) in just 17 minutes due to fear of missing out (FOMO). This individual purchased Devin tokens with 398 SOL at peak price. However, following a sudden price drop, the investor panicked and sold for 158.8 SOL, cutting their losses. Ironically, if they had held onto their investment longer, they would have seen an approximate profit of $36,000.
Please be patient and don’t be #FOMO!
This guy lost 239 $SOL($37K) in just 17 minutes!
He #FOMO bought $DEVIN with 398 $SOL at the price high.
After holding it for only 17 minutes, he panicked because of the price drop and sold it for 158.8 $SOL.
If he hadn’t sold, he would… pic.twitter.com/xWI6KWHLw2
— Lookonchain (@lookonchain) May 6, 2024
Both stories serve as a cautionary tale for investors. While the first demonstrates strategic success through well-timed buying and selling, the second highlights the dangers of panic selling amid market fluctuations. Investors are encouraged to remain calm, conduct thorough research, and avoid making impulsive decisions driven by fear.
