Cryptocurrency analysis firm Arkham recently shared the intriguing performance of an unlikely cryptocurrency whale who managed to raise just $300 to over $150,000 in a month, generating a staggering return of over 60,000% in a single trade.
The trader known as 2yZ7 made a very risky bet on the Solana network. About $300 worth of WIF was purchased on November 20, about 4 hours after its launch. When investors on the Solana network began buying WIF in early December, its initial purchase increased almost 20-fold to over $5,000.
However, he refused to change his investment, instead withdrawing his money. By December 15, amid a wave of hype in the Solana ecosystem, his position was worth well over $150k. He then converted 2/3 of his tokens into SOL for over $110,000, turning a profit of more than 300 times his initial purchase.
Still, he wasn't done. He held $60,000 worth of tokens, which are now worth over $95,000. This brings its total profit and loss (PnL) to over 200 thousand dollars, of which almost half is still unrealized.
WIF is known as one of the Solana memecoins that has made a name for itself recently and does not have any intrinsic value.
*This is not investment advice.