A trader turned an initial $960 investment into approximately $337,000 in under two hours by purchasing a newly launched Solana-based token called ASTEROID. Meanwhile, separate investors profited heavily from an Ethereum-based token of the same name, with one position ballooning to nearly $475,000 following a social media post by Elon Musk, though commentators suspect the Solana token’s rally may have been an insider dump.
A trader generated a 351x return in less than two hours using the Solana-based token ASTEROID. According to on-chain data reported by Lookonchain, the entity spent 11 SOL, worth about $960, to acquire 158.51 million tokens before selling most for approximately $135,000.
The entity still held tokens valued around $202,000 at the time of the report. Many industry commentators believe one of the tokens was dumped by a developer or another insider, with one analyst alleging it was a “distribution event wearing a success-story costume.”
Separately, significant gains were also made with an Ethereum-based token sharing the same name. Arkham data shows one trader swapped 1 ETH for ASTEROID after seeing a tweet from Elon Musk about it. That position surged in value to nearly $475,000 at its peak.
Another investor turned a $1,160 purchase into $210,000 in profit by selling during the rally. A third holder’s initial $21,400 investment from September 2024 is now worth approximately $370,000.
