A Solana Trader Makes $700K in Hours Thanks to a Meme Token
Within five hours, the trader was able to increase his Solana investment by 400 times by purchasing FartCaster (FART) tokens. Lookonchain analysts drew attention to this.
For 18 SOL (~$1758 at the time of the transaction), the user purchased 55.1 billion FART tokens, which is 55.1% of the total coin supply. In the same block, he sold 53.94 billion FART for 7215 SOL – a profit of about $703,000.
In addition, his wallet still holds 1.16 billion tokens worth ~$27,000.
FartCaster is a parody of the decentralized network Farcaster, created by former Coinbase engineer Dan Romero and Varun Srinivasan in 2020. Together with the team, they are promoting the Warpcast social media client.
The project recently experienced a surge in user activity after the launch of the new Frames feature, which allows you to interact with external links within the application. Within a few days, the number of daily users grew from 5,000 to almost 25,000, according to Dune Analytics.
