With the continuous growth and evolution of the cryptocurrency industry, it has proven to be a profitable environment to be a part of, as one crypto trader recently witnessed, turning a mere $800 investment into a mind-blowing $657,000 in just a few hours.
Specifically, this particular investor sold 5.14 Solana (SOL) tokens worth $861, with which they purchased 86.55 million of Mother Iggy (MOTHER) or 8.66% of its total supply, then sold 80.41 million MOTHER for 3,035.5 SOL ($509,000), according to the observations by Lookonchain in an X post on May 29.
MOTHER/SOL chart on Raydium. Source: Lookonchain
Furthermore, the blockchain analyst pointed out that the said crypto trader now had 6.14 million MOTHER left, worth $148,000, and that they “had traded nearly 700 coins before buying MOTHER and was losing, with a win rate of less than 25%,” adding that they “should not be an insider.”
Crypto trader’s SOL/MOTHER transfers. Source: Lookonchain
MOTHER price analysis
Meanwhile, the meme coin Mother Iggy, a less-known and very recent addition to the crypto industry on the Solana chain, was at press time changing hands at the price of $0.01959, recording accumulating a 0.20% gain since its launch, as per the latest chart data retrieved by Finbold from CoinMarketCap on May 29.
Mother Iggy price 24-hour chart. Source: CoinMarketCap
Notably, the token’s website listed on CoinMarketCap leads to an X profile IGGY AZALEA, which has existed since June 2010, has around 7.6 million followers, and alludes to the popular Australian rapper and model, as the said X profile contains a number of memes referring to her.
All things considered, careful and planned timing of investments, in addition to carrying out detailed research and keeping up with any relevant developments related to the assets in question, can bring significant profit in the crypto sector, as the above crypto trader proved.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
