This Trader Turned $92 into $2M from Memecoin

An on-chain trader on the Solana network started with a capital of only 1 SOL
(as of December 5, 2023) and made a profit of around US $ 2 million from memecoin.

A Trader Earns $2M from SILLY Memecoin

On December 27, 2023, Lookonchain's blockchain analysis account X found on-chain a wallet that made tremendous profits from trading memecoins. This Solana wallet managed to get a profit of around US $ 2 million or Rp31 billion after buying a memecoin.

Starting with only 1.5 $SOL($92), this trader made $2M in 22 days, a gain of 21,715x!

😱This trader spotted $SILLY 5 minutes after it opened trading and spent 1 $SOL($62) to buy 43.1M $SILLY.

Then he sold 33.34M $SILLY for $528K, and currently has 9.76M $SILLY($1.5M) left,... pic.twitter.com/ByY1Tpupah
— Lookonchain (@lookonchain) December 27, 2023

This wallet only has 1.5 SOL and users of this wallet purchased Silly Dragon (SILLY) memecoins on December 5, 2023.
Five minutes after the SILLY memecoin began trading, this trader exchanged 1 SOL or around IDR 1 million (as of December 5, 2023) for 43 million SILLY tokens. About 22 days later, the SILLY token reached a market cap of more than US $ 123 million and this wallet made a profit of around US $ 2 million or IDR 31 billion.
According to on-chain data, the trader withdrew about $528,000 and left around $1.5 million in tokens in wallets.
Although the profits earned look impressive, some X users suspect it to be insider trading. This is because trade execution almost coincides with the time the contract is launched.
As of this article (3/1/24), SILLY is trading at US$0.09086 with a market capitalization of US$90.8 million.

Figure: Price chart and details of the SILLY token. Source: Dexscreener
This memecoin was inspired by Solana founder Anatoly Yakovenko uploaded a post X on November 8, 2023, stating that this is the year of the silly dragon. The tweet referred to Yakovenko's Halloween costume at the Solana Breakpoint 2023 conference in Amsterdam.
According to Silly Dragon's website, Yakovenko's tweets have "brought fresh energy into Solana's memecoin narrative. Silly Dragon's website also includes a disclaimer stating that "these tokens are for entertainment purposes only and that the founders are not responsible for any loss or damage."