A savvy trader turned a $62 investment in a Solana memecoin into a $2 million jackpot. On-chain data reveals that the trader has already cashed out approximately $528,000, leaving about $1.5 million worth of tokens untouched. The trader’s initial stake of 1.5 Solana coins was invested in Silly Dragon (SILLY), a dragon-themed memecoin launched on the Solana blockchain.

The financially fortunate move was first flagged by blockchain analytics platform Lookonchain on Dec. 27. The trader converted one Solana coin, equivalent to roughly $62, into 43 million SILLY tokens just after the memecoin started trading. Fast-forward 22 days, and the value of this once small investment had skyrocketed to around $2 million, coinciding with SILLY’s impressive market cap growth of over $123 million.

However, this extraordinary trade has sparked suspicion among some in the crypto community. They expressed doubts on social media, questioning the probabilities of such a lucky bet and speculating it might have been an “insider” trade. Some even suggested that the trader was the memecoin’s developer.

Silly Dragon was launched in the wake of Solana’s CEO and co-founder, Anatoly Yakovenko, characterizing 2021 as the ‘year of the silly dragon’ in a tweet dated November 8. This off-the-cuff phrase served as the inspiration for the memecoin’s creation. Nevertheless, the token’s website includes a clear disclaimer, stating that the coin exists purely for “entertainment and educational purposes” and that its founders will not accept responsibility for any financial losses.