Solana Trader Turns 1.5 SOL into $2 Million Jackpot

After placing just one token on a dragon-themed memecoin hosted on the Solana blockchain, a Solana trader with a starting balance of only 1.5 SOL was able to win the jackpot.

On the 27th of December, the blockchain analytics company Lookonchain became aware of a fortunate transaction in which a Solana holder was able to acquire approximately $2 million after purchasing a memecoin.

Even though the trader had only 1.5 SOL at the beginning of the transaction, the user became aware of Silly Dragon (SILLY), a meme token that features a “silly dragon” as its mascot, on December 5th.

In the five minutes that followed the opening of trading for the memecoin, the trader successfully traded 43 million SILLY tokens for one SOL, which was approximately worth $62 at the time.

Approximately 22 days later, when the price of SILLY reached new highs, the tokens achieved a market capitalization of over $123 million, valuing them at over $2 million. This occurred as the price of silver surged to new highs.

The data stored on the blockchain indicates that the trader has already withdrawn approximately $528,000, while the wallet still holds almost $1.5 million worth of tokens.

Although the transaction appears to be spectacular, numerous members of the community on social media suspected that it was an insider trade. Some believed the developer carried out the trade, while others couldn’t fathom anyone executing it without access to confidential information.

Solana CEO and co-founder Anatoly Yakovenko made a statement on November 8th, X, declaring this as the year of the foolish dragon, which led to the development of the memecoin.

At the Solana Breakpoint 2023 conference in Amsterdam, Yakovenko donned a Halloween costume, as mentioned in the tweet. The website of Silly Dragon states that Yakovenko’s tweet injected a fresh and playful energy into the Solana narrative.

However, the website also released a notice that stated the coin is solely “for entertainment and educational purposes” and that the founders are not responsible for any losses or damages that may occur as a result of its use.