A meme coin trader earned a 1,925x return on the newly launched token ELIZA, stirring market debate amid the token’s launch controversy.
A meme coin trader has drawn significant attention after profiting from the controversial launch of the ELIZA token.
On-chain data from Tuesday revealed that a trader made an impressive $3 million profit from trading the newly launched token, while further trades have fueled speculation around the token’s legitimacy.
Meme Coin Trader Nets $3M With ELIZA: Insider Move or Smart Strategy?
According to Lookonchain data shared on November 19, a trader achieved a staggering 1,925x return by turning $1,900 into $3.67 million in just two hours.
The trader, identified as address ExYQ, purchased 89.19 million ELIZA tokens for 7.84 SOL, worth $1,900.
They then sold 49.49 million tokens for 7,091 SOL, valued at $1.72 million, while retaining 39.7 million tokens worth $1.95 million.
These trades showcased a highly profitable strategy, capturing the market’s attention.
This event mirrors other high-profile trades during the bullish market. For example, a trader converted $33,000 into $12.2 million in 24 days with the token ai16z, and another whale gained $6 million trading MANTRA (OM).
These substantial profits have sparked discussions around trading strategies in the current market climate.
Meanwhile, suspicions arose when another trader was seen heavily dumping a different token to fund ELIZA. Crypto enthusiast Nate Rivers shared on X that wallet address GxkX.. sold another token, also named ELIZA, launched on the vvaifu.fun platform, and redirected funds to the new ELIZA token.
Rivers flagged the transaction as suspicious, tagging crypto investigator ZachXBT. Notably, the wallet was linked to ai16zdao’s managing partner, Logan, adding to the controversy.
What’s Behind the Controversy?
While the meme coin trader’s profits grabbed headlines, Shaw, another partner at ai16z, addressed the situation on X to clarify details about ELIZA.
Shaw explained that the token’s official launch was initially scheduled for last Friday but postponed to Monday.
However, another token with the same name was launched by unknown creators on the same day, causing confusion.
“They contributed to our treasury and used the vvaifu.fun platform,” Shaw noted. Despite the complications, Shaw’s team worked with the creators of the initial token to mitigate the impact on the new ELIZA token. “They were pretty bummed about this, obviously, but agreed to work with us,” Shaw added, confirming ai16z’s involvement in the official ELIZA token.
Shaw defended their position, stating, “What would you do? If you worked on a project, planned it, resourced engineers and backers and video production and everything for it, and then someone took the art you made and used it to make a meme coin that everyone thought was yours?”
This saga has stirred speculation within the crypto community, shifting focus back onto leading meme coins amid the ongoing controversy surrounding ELIZA’s launch.
