Crypto trader turns $1.9K into $3.6 million in just 2 hours 
Cryptocurrency Nov 19, 2024 Share
One cryptocurrency trader turned a modest $1,900 into an eye-watering $3.67 million in under two hours, thanks to the meteoric rise of ELIZA, a meme-inspired token trading on the Solana (SOL) blockchain.
The trader’s strategy began with an investment of 7.84 SOL, worth $1,900, to purchase a staggering 89.19 million ELIZA tokens via the decentralized exchange Raydium. As ELIZA’s price began its meteoric rise, the trader swiftly sold 49.49 million tokens for 7,091 SOL, netting $1.72 million at the time of the sale.
Remarkably, the trader still retains 39.7 million ELIZA tokens, valued at approximately $1.95 million. Together with the realized gains, this brings their total profit to an astonishing $3.67 million, reflecting an incredible 1,925x return on the original investment, according to data retrieved by Finbold from Solscan and Lookonchain on November 19.
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ELIZA’s meteoric rise
The rise of ELIZA has been nothing short of spectacular. Its market cap surged to $48.5 million, while liquidity stands at $1.6 million. Over the last 24 hours, trading volume exploded to $273.7 million, a clear indication of the frenzy surrounding the token.
ELIZA’s initial ascent was followed by some signs of consolidation, with sell pressure evident on the latest charts. Notably, the trader behind this incredible profit continues to actively sell, suggesting the rally may still be garnering attention but also flagging risks for latecomers.
Eliza/USD – Radium. Source: CoinMarketCap
A community divided
As news of this phenomenal return spread, it sparked heated debates on X (formerly Twitter). While some hailed the trader’s success as an example of sharp market timing, others raised concerns about potential insider activity.
Whoever this trader is go ahead and follow me and drop a dm so I can just bask in your shadows until we've conquered the financial realm
— Honcho (@Bucket_5hop) November 19, 2024
Critics pointed out ELIZA’s early price behavior, where it “dropped two zeros within minutes of minting,” making it difficult for regular investors to participate in the initial gains.
@shawmakesmagic $ELIZA drops 2 zeros in the first 2 mins itself of mint. Was that also AI or good ol VC and their buddies scratching each others back.
Mischievous and deceitful. Chicanerous and deplorable
— Kiran Vaidya (@KiranVaidya) November 19, 2024
Another user commented: “It was around 50m before a real person could buy. Insider or someone dodging taxes—imagine calling this person a trader.”
The risks of meme coin trading
While this trader’s success is remarkable, it highlights the high-risk, high-reward nature of meme coin trading. Tokens like ELIZA often experience rapid price increases driven by speculation, but their volatile nature can result in sharp declines as traders cash out.
Many of these projects also face scrutiny for lack of transparency, raising concerns about fairness in their initial distribution and trading activity.
For now, ELIZA’s story is the latest chapter in the unpredictable saga of meme coins. With its trading activity still drawing significant interest, it remains to be seen whether ELIZA can sustain its momentum or if it will serve as a cautionary tale for late investors.
Featured image via Shutterstock