In the dynamic world of cryptocurrency trading, traders have been capitalizing on the volatility of Solana tokens, with the latest buzz surrounding the Solana token $SHROOM.
According to insights from on-chain reports provided by Lookonchain, a trader recently made a staggering profit of 51,112 $SOL, equivalent to $8.9 million, in less than an hour through trading $SHROOM tokens.
The trader initiated the trade by investing 6,000 $SOL, totaling $1.04 million, to acquire 292.16 million $SHROOM tokens in a single block, coinciding with the deployment of liquidity by the Shroom deployer.
Unbelievable!😱
This guy made 51,112 $SOL($8.9M) in less than 1 hour!
He spent 6K $SOL($1.04M) to buy 292.16M $SHROOM in the same block where #Shroom deployer added liquidity.
Then sold it for 57,112 $SOL($9.93M) within an hour.
Made 51,112 $SOL($8.9M) in less than 1 hour!… pic.twitter.com/IHzLVdX8rZ
— Lookonchain (@lookonchain) March 20, 2024
Within the span of an hour, the trader swiftly sold the acquired $SHROOM tokens for 57,112 $SOL, amounting to $9.93 million, effectively generating a profit of 51,112 $SOL ($8.9 million) within a remarkably short timeframe.
$SHROOM Sees Massive 73% Price Drop
Despite the lucrative nature of the trade, it’s essential to consider the current market conditions and token prices.
The live SHROOM/SOL decentralized exchange (DEX) price on the Solana chain, particularly on platforms like Orca, is currently reported at 0.01079 USD. However, it’s worth noting that the SHROOM/SOL price has experienced a significant decline of 73.05% in the last 24 hours.
Examining further, the SHROOM/SOL DEX pair has witnessed fluctuating prices, with the highest price recorded at 0.05177 USD and the lowest at 0.008293 USD within the same timeframe.
Additionally, the trading volume for the SHROOM/SOL pair on DEX platforms has reached 4.12 million USD over the past 24 hours, indicating active trading activity amidst the price volatility.
As traders navigate the intricate landscape of Solana tokens, $SHROOM stands out as a prime example of the potential for substantial gains within the Solana ecosystem, albeit accompanied by inherent market risks and price fluctuations.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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