The cryptocurrency token $PUPS has seen significant price disparities between Bitcoin and Solana, leading to arbitrage opportunities. Early investors took advantage of the price gaps, with one user making a profit of around $20k in an hour through arbitrage trading. Despite the bridge to Solana, only a small percentage of the total token supply has been transferred. The token's price on Solana briefly spiked to $800+ before stabilizing around $2.
Wanted to track this down because behavior was so persistent. Turns out it was pure arb. 9:00 - Bridge goes live 10:16 - Buys ~$54k of $PUPS on BTC, immediately bridges 10:47 - Initiates selling of $PUPS on SOL 11:26 - Last sale Net profit: ~$20k. Not bad for an hour of work https://t.co/xWOjyotUoC https://t.co/wVaUiirWx4
As it stands, not even 1% of supply has been bridged over (~55k of 7.7M supply). Will keep some $PUPS on SOL and monitor market behavior just in case it pumps again. Not sure how this will impact rune claim for the token, and will pause until I know implications there. https://t.co/wVaUiirWx4
There's a very interesting situation playing out with the $PUPS token right now. The team decided to open up a bridge to Solana for the BRC20. The price on SOL briefly spiked to $800+ and was trading $100-$200 for about 30 minutes. Now it's trading at $2, which is 50% below… https://t.co/BZiyt84SH9
.@PupsToken just allowed bridging to SOL for degen exposure. Early whales ate up the arb opportunity, selling tokens for >$100/per when market price on BTC is ~$4. A few are being relentless with their sales, and probably invert the SOL-side arb negative https://t.co/hm8oJYDkTy
The mother of all arbs is currently on $pups Price on Bitcoin - $5.10 Price on Solana - $170 Who's gonna catch it?
Wen you put $pups on Solana https://t.co/JNieJ45F1X
🔸new listing at MultiBit $PUPS 🔸@PupsToken is the #1 meme on #Bitcoin (100% community deployed) 🔸token $PUPS is BRC20, runes and SPL/ERC now trading (PUPS/SOL) on @RaydiumProtocol and soon on BNB @PancakeSwap 🔸CA: PUPS8ZgJ5po4UmNDfqtDMCPP6M1KP3EEzG9Zufcwzrg https://t.co/KMtAAgExog