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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 a chain report provided by Lookonchain, a trader recently made a staggering profit of 51,112 $SOL, equivalent to $8.9 million, in less than an hour by trading $SHROOM tokens.
The trader initiated the trade by investing 6,000 $SOL (totaling $1.04 million) to purchase 292.16 million $SHROOM tokens in a single block, coinciding with the time when the Shroom deployer added liquidity.
This individual earned 51,112 $SOL ($8.9M) in less than 1 hour.
They spent 6K $SOL ($1.04 million) to buy 29.216 million $SHROOM in the same block as the #Shroom deployer increased liquidity.
Then sold them within an hour for 57,112 $SOL ($9.93 million).
Earning 51,112 $SOL ($8.9 million) in less than 1 hour…
— Lookonchain (@lookonchain) March 20, 2024
Within an hour, the trader swiftly sold the acquired $SHROOM tokens for 57,112 $SOL (approximately $9.93 million), effectively generating a profit of 51,112 $SOL ($8.9 million) in a very short time.
$SHROOM Price Plummets by 73%
Despite the hefty profit from the trade, the current market conditions and token prices must be considered.
The real-time SHROOM/SOL price on the Solana chain’s decentralized exchanges (DEX), especially on platforms like Orca, is currently reported at $0.01079. However, it’s noteworthy that the SHROOM/SOL price has dropped significantly by 73.05% in the past 24 hours.
Further observation reveals that the SHROOM/SOL DEX pair has experienced significant price fluctuations, with the highest price in the same period being $0.05177 and the lowest being $0.008293.
Moreover, the trading volume of the SHROOM/SOL pair on DEX platforms has reached $4.12 million in the past 24 hours, indicating active trading amidst price volatility.
As traders navigate the intricate landscape of Solana tokens, $SHROOM stands out as a prime example of the tremendous profit potential within the Solana ecosystem, albeit accompanied by inherent market risks and price fluctuations.
Sentiment: Positive
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