An anonymous trader has caught the market’s attention as they managed to successfully turn $35,000 into $44 Million in just five days.

The trader was caught on the blockchain by an on-chain analytical company called Lookonchain on Twitter where they showed how the trader moves on the Solana Blockchain.

How This Trader Turned $35,000 into $44 Million in 5 Days

Lookonchain found and reported about the trader after it detected an anomaly on the Solana Blockchain.

Anomalies usually occur when huge transactions are happening usually as a result of a hack, stolen funds, an error in the blockchain, or this case a degen trader.

Tweet from LookonChain / Source: Twitter

Lookonchain has not been able to identify the trader as the trader uses a decentralized exchange (DEX) platform to do all of their transactions.

The trader used the most popular DEX on the Solana Blockchain which is Raydium. During the meme coin frenzy, Raydium has become the most used DEX on the Solana Blockchain, currently holding the most liquidity for Solana meme coins.

It seems that there were no anomalies in the transaction as the trader only bought and sold MEW in 5 days.

The trader looks to just buy and sell the token randomly as they please without any specific patterns or a trading strategy.

Speculations started to rise as most traders thought that this was an inside job, where the trader was either an influencer who had early information to promote the token or a part of the MEW team.

MEW’s Price Movement

After the news got out that this trader made a fortune through MEW, the token went volatile where it rose and fell quickly in eight hours.

MEW Price Movement / Source: Tradingview

After that, the price went into a downtrend with a correction of more than 50% in less than two days.

However, when the hype started to go down degen traders started to buy into MEW again, creating a 91% price surge in one day.

This movement often occurs in meme coins where a token falls significantly before rising again creating FOMO for the early buyers to take profit off of.

The pattern can be a guide for newbie traders to not contribute themselves as exit liquidity for more experienced traders so that less volatility will occur in the future due to fewer losses which increases the token’s market capitalization.

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