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A trader won a fortune betting on a cryptocurrency inspired by a viral internet meme, which is now worth more than $500 million in market capitalization.
What Happened: On-chain tracking platform Lookonchain took to X Wednesday, highlighting the extraordinary trade of
Just a chill guy (CHILLGUY) token.
The trader turned a mere $160 into a staggering $6.14 million in just 12 days, marking a 38,399X return on investment.
The trader purchased 12.5 million CHILLGUY tokens on Pump.fun, a Solana (CRYPTO: SOL)-based meme coin launching pad, for 0.75 SOL, equivalent to $160. Subsequently, they sold 2.8 million CHILLGUY for 149 SOL, worth $35,400.
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The trader still has 9.62 million tokens in their coffers, valued at $6.1 million, resulting in a total profit of $6.14 million.
The huge windfall planted doubts in the minds of some observers, who called the trader an insider. Since their sale, the price of the token has plummeted as much as 21%.
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Schemes like pump-and-dumps have been fairly common in the cryptocurrency market, where a person or group starts to artificially inflate the price. Once unsuspecting investors are lured in and the price is sufficiently “pumped,” the holders start dumping their assets at profits.
