A mysterious individual raked in an astonishing $8.9 million in profits within a mere hour by engaging in Shroom memecoin trading during the exact block in which developers introduced liquidity, according to on-chain data.
Trader Makes Remarkable $8.9 Million Profit on Shroom Memecoin
During the same block in which the token contract deployer injected new liquidity, a wallet utilized 6,000 SOL (SOL) tokens, equivalent to $1.04 million, to purchase Shroom coins. After 60 minutes had passed, the trader sold these coins for 57,112 SOL, valued at $9.93 million. This information was shared by on-chain analytics firm Lookonchain through an X post on March 20.
The Shroom token made its debut on Raydium on March 20 as a memecoin centered around mushrooms, lacking any underlying utility or intrinsic value. Since its launch, the token’s price has plummeted by over 70% and its current market cap stands at $11.88 million, according to GeckoTerminal.
The unusual timing of this highly profitable trade has led to allegations of insider trading within the cryptocurrency community. In response to Lookonchain’s post, a user named Blockchain Maxi wrote, “That’s the developer himself.” Pseudonymous trader Bull.Bnb concurred, stating the same thing in response to the aforementioned post.
Related:
An Unnamed Presale Address Accumulates $33M SOL in a Single Hour
The memecoin based on Solana, Shroom, began attracting attention after Trippy Labs announced a surprise airdrop of Shroom in a post on March 20, which garnered over 268,000 views within 12 hours.
The frenzy surrounding memecoins continues to grow as retail investors show increasing interest. The recently launched meme token, Book Of Meme (BOME), has surged by over 1,100% on the weekly chart and currently holds the 130th position in terms of market capitalization, with a value of $617 million, according to data from CoinMarketCap.
The Book of Meme token is part of a series of new memecoins that raised funds for unreleased coins through a controversial presale model. These Solana-based memecoins managed to gather over $100 million worth of SOL in the three days leading up to March 18.
It is important to note that this article does not provide investment advice or recommendations. Every investment and trade involves a certain level of risk, and readers should conduct their own research before making any decisions.