A cryptocurrency trader has managed to make a profit of over $3 million trading a newly launched Solana-based memecoin within just 12 minutes after betting nearly $2 million on it right after it started trading.

According to on-chain analysis service Lookonchain, the trader spent 9,894 SOL tokens worth $1.98 million on the meme-inspired cryptocurrency $SLEF shortly after it started trading, buying up 69.74 million tokens.

The trader then sold their holdings for 25,0001 SOL within just 12 minutes, making 15,107 SOL – over $3 million – in profit in that short period.

The on-chain analysis service also spotted another trader that withdraw 10,100 SOL from leading cryptocurrency exchange Binance before buying 2.39 million SLEF with the 10,000 SOL.

After the price of the meme-inspired cryptocurrency surged, the trader sold 1.43 million SLEF tokens for the 10,000 SOL principal, and now holds 961,165 SLEF tokens worth $1.24 million.

Various users on the microblogging platform X (formerly known as Twitter), suggested that the traders making such high-risk investments in the newly launched cryptocurrency were the developers behind them or marketers helping pump the cryptocurrency’s price up so they could later sell the tokens at a higher value.

The Solana network has been seeing an influx of meme-inspired cryptocurrencies that has allowed various traders to take advantage of newly launched cryptocurrencies. As reported a trader, identified on-chain by the alias “sundayfunday.sol,” recently turned a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.

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