A cryptocurrency trader has managed to turn an initial investment of $861 into an astonishing $657,000 in just five hours. This impressive feat was accomplished by purchasing 86.55 million MOTHER tokens, which accounted for 8.66% of the total supply, for 5.14 Solana (SOL). The trader then sold 80.41 million of these tokens for 3,035.5 SOL, resulting in a profit of approximately $509,000.
The trader currently holds 6.14 million MOTHER tokens, valued at around $148,000. This remarkable success has generated a lot of buzz within the cryptocurrency community, considering the trader’s previous track record of a less than 25% win rate in nearly 700 coin trades. Despite the significant profits, there is no evidence to suggest that the trader had access to insider information.
Taking a closer look at the current state of Solana’s price, it is trading at approximately $169.23. After a recent surge, the price is now consolidating. The Alligator indicator, consisting of three moving averages, reveals that the green line (Lips) is above the red line (Teeth) and the blue line (Jaw). This alignment typically indicates a bullish momentum, although the close proximity of the lines suggests a weakening trend or a potential consolidation phase.
On the other hand, the Awesome Oscillator (AO) indicator at the bottom of the chart displays green bars, with the last value recorded at 2.07. These bars are above the zero line and increasing in height, indicating a short-term bullish momentum.
Overall, the cryptocurrency trader’s impressive gain has sparked discussions and garnered attention from the crypto community. With a substantial holding of MOTHER tokens and no signs of insider trading, this trader’s success has certainly made waves in the industry.