According to data provided by cryptocurrency analysis company Lookonchain, a crypto wallet made a huge profit in just hours.
According to the data, the whale wallet in question purchased $49,000 from a newly launched altcoin called Tori the Cat (TORI), and the price increased 41 times in just 5 hours, and the assets of the wallet in question climbed over $2 million.
The memecoin in question was launched on Solana, and this move by the highly profitable wallet led to the questioning of the existence of “insider trading” by Lookonchain.
It has also been revealed that the memecoin craze, which has been particularly focused on the Solana network lately, has not yet died out.
Just before making these transactions, the wallet in question withdrew 345.6 SOL tokens worth $49,000 from Binance with two fresh wallets and then purchased 261.4 million TORI with 344 SOL.
In the latest development, the whale wallet transferred 261.4 million TORI tokens to different wallets without selling them. Whale's TORI assets amount to $2.05 million at the time of writing.
*This is not investment advice.