FLOKI

Pepe

Shiba Inu

WazirX

PEPE

A memecoin trader has multiplied their initial investment 94 times after purchasing a Solana-based memecoin called “CTO.”
On Aug. 1, blockchain analytics platform Lookonchain <a href="https://x.com/lookonchain/status/1818903878588678406" target="_blank" rel="noopener nofollow">flagged</a> a trader who bought over 256 million CTO tokens with only 50 Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) tokens worth about $8,500. The analytics platform noted that the trader was only the third address that purchased the memecoin. 
After an hour, the trader sold 227 million tokens for 4,771 SOL and realized a profit of about $800,000. The trader also made $104,000 on a $3,400 investment in a token called PFI. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/a464c22a-bf42-42be-83bf-98109e5ac37d.jpg" alt="Trader makes $800K one hour after buying Solana memecoin for $8.5K" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/Wizardtoshi/status/1818914722051224016" target="_blank" rel="noopener nofollow">Wizardtoshi</a>
 </figcaption>
</figure>
While some think the trader may simply be a <a href="https://x.com/spy_on_crypto/status/1818904644716052864" target="_blank" rel="noopener nofollow">memecoin</a> hunter, some&nbsp;<a href="https://x.com/FaadKv/status/1818904635681522139" target="_blank" rel="noopener nofollow">allege</a> that the trader is an insider. 
<h2 data-ct-non-breakable="true" id="top-memecoins-show-a-downward-price-trend">Top memecoins show a downward price trend</h2>
While some traders continue to make money on memecoins, holders of the biggest meme tokens in the crypto space may not be as happy. Data <a href="https://cointelegraph.com/price-indexes?categorySlug=memes">shows</a> that in the last seven days, tokens like Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>), Shiba Inu (<a href="https://cointelegraph.com/shiba-inu-price-index">SHIB</a>), Pepe (<a href="https://cointelegraph.com/pepe-price-index">PEPE</a>), Dogwifhat (<a href="https://cointelegraph.com/dogwifhat-price-index">WIF</a>), Bonk (<a href="https://cointelegraph.com/bonk-price-index">BONK</a>) and Floki (<a href="https://cointelegraph.com/floki-price-index">FLOKI</a>) have all shown price losses. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/5f63dddf-8dfd-4160-aeea-274226d1d061.jpg" alt="Trader makes $800K one hour after buying Solana memecoin for $8.5K" title="">
 <figcaption style="text-align: center;">
 Top meme tokens’ price data. Source: Cointelegraph
 </figcaption>
</figure>
In the last seven days, DOGE’s price showed a 10.38% loss, while PEPE suffered a 12.74% decline. Meanwhile, WIF showed the biggest price loss among the top memecoins at 26.79%. 
Other dog-themed memecoins like FLOKI and BONK also had over 10% declines in value. FLOKI had a 13.53% price drop, while BONK had a 17.63% decline. 
Related: <a href="https://cointelegraph.com/news/celebrity-tokens-impact-web3">Are celebrity tokens good or bad for Web3? Execs weigh in</a>
<h2 data-ct-non-breakable="true" id="shiba-inu-shows-some-resilience-amid-the-wazirx-hack">Shiba Inu shows some resilience amid the WazirX hack</h2>
Meanwhile, SHIB showed the lowest price decrease among the top memecoins in the last seven days, only dropping by 6.51%. However, the token <a href="https://cointelegraph.com/news/shiba-inu-price-drops-shib-sell-off-risk-wazirx-hack"></a><a href="https://cointelegraph.com/news/shiba-inu-price-drops-shib-sell-off-risk-wazirx-hack">suffered a 10%&nbsp;fall</a>&nbsp;in July due to the WazirX security incident.&nbsp;
On July 18, India-based crypto exchange WazirX <a href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m">suffered a breach</a>, and cryptocurrencies worth $235 million were stolen. The compromised wallet contained $100 million worth of Shiba Inu tokens, likely causing the 10% drop following the incident. 
Onchain analysts suspect that <a href="https://cointelegraph.com/news/wazirx-235m-hack-north-korean-hackers">North Korean hackers were behind the attack</a>. On July 18, forensic firm Elliptic informed Cointelegraph that the attacker’s transaction patterns were similar to those typically associated with North Korean hackers.
Magazine: <a href="https://cointelegraph.com/magazine/cailtlyn-jenner-token-scammer-sahil-arora-celebrity-network-leaked-price-list/">Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked</a>

Trader makes $800K one hour after buying Solana memecoin for $8.5K

Table of Contents

Cointelegraph

Other articles published on Aug 1, 2024

What is the difference between liquid and classic staking?

Manchester United Launches New Web3-Based Football Game

NY authorities announce charges related to ‘sham’ crypto recovery firm

FDUSD Is Falling Flat, But Still Maintains A Substantial Presence On Binance

Bitcoin Faces Significant Market Drop

Whales Accumulate Chainlink Tokens

Join our free newsletter for daily crypto updates!