Trader hits $2M jackpot after putting $62 into a Solana memecoin

    2023.12.29 | exchangesranking | 133onlookers

    A Solana (SOL) trader who started with a balance of only 1.5 SOL hit the jackpot after putting one token on a dragon-themed memecoin on the Solana blockchain. 

    On Dec. 27, blockchain analytics platform Lookonchain flagged a lucky trade where a Solana holder got hold of around $2 million after buying a memecoin. While the trader only had 1.5 SOL at the start, the user caught wind of Silly Dragon (SILLY), a meme token showcasing a “silly dragon” as its mascot, on Dec. 5. 

    Five minutes after the memecoin opened trading, the trader exchanged 1 SOL, worth around $62 at the time, for 43 million SILLY tokens. About 22 days later, the tokens were worth around $2 million as the price of SILLY surged to new highs, reaching a market capitalization of over $123 million. 

    According to on-chain data, the trader has already withdrawn around $528,000 while leaving around $1.5 million worth of tokens in the wallet. 

    Community members comment on the trade. Source: X (formerly Twitter)

    While the trade seems impressive, various community members on social media suspected it was an insider trade. Some couldn’t believe anybody would execute the trade without inside information, while others were convinced it was the developer.  

    Related: Trader gambles $226K on Solana memecoin, hits $1.69M in 5 days

    The memecoin was created following Solana CEO and co-founder Anatoly Yakovenko’s Nov. 8 X post saying this is the year of the silly dragon. The tweet referenced Yakovenko’s Halloween costume at the Solana Breakpoint 2023 conference in Amsterdam. 

    Solana’s Anatoly Yakovenko wearing a “silly dragon” costume on stage. Source: Breakpoint

    According to Silly Dragon’s website, Yakovenko’s tweet “infused a fresh and playful energy into the Solana narrative.” However, the site also published a disclaimer stating that the coin is only “for entertainment and educational purposes” and that the founders are not liable for any losses or damages. 

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