A cryptocurrency trader made a net profit of approximately $20,000 in just over an hour by exploiting price differences of the $PUPS token across Bitcoin and Solana blockchains. The strategy involved buying ~$54k of $PUPS on the Bitcoin blockchain at 10:16, shortly after a bridge between Bitcoin and Solana went live at 9:00, and then selling the tokens on the Solana blockchain starting at 10:47, with the last sale at 11:26. This event highlighted the arbitrage opportunities presented by the newly established bridge, which has seen 88k PUPS (~1% of supply) bridged, with an arbitrage of ~$0.50/PUPS ($3 on SOL, $3.5 on BTC). Additionally, the bridge's launch has sparked discussions within the cryptocurrency community, with some users highlighting its one-way functionality from Bitcoin to Solana and teasing a potential burn/mint conversion to Runes. Despite the initial success, some developers and traders expressed concerns over the bridge's impact on the token's liquidity and price.
the original $PUPS token is on solana.... but it was there before the bridge @pupsonsolana😄 https://t.co/SJsUBj0iOn
the true and original $PUPS token is on solana but it was there before the bridge..... 😄
tfw kook was right 🤭🤣 $PUPS https://t.co/byvvoUq1ha
A couple of countertakes: 1. This is a one-way bridge to SOL, they've teased a burn/mint conversion to runes so it basically burns supply (@0xBreadguy) 2. Rune Pups were airdropped & $PUPS were already up 2x in the last 7 days - pullback was imminent https://t.co/pFIJWF83ep
So, this $PUPS bridge is one-way (BTC to SOL) and they've been teasing a burn/mint conversion to Runes. Wonder if these bridgoors are boned on conversion. CURRENT STATS Bridged: 88k PUPS (~1% of supply) Arb: ~$0.50/PUPS ($3 on SOL, $3.5 on BTC) https://t.co/4bFgfHU3OC
$PUPS devs proved i sold the top when they bridged to solana and no one wanted the token would have been better to leave it as an impossible-to-buy-or-sell brc20 token the friction and illiquidity + extremely low supply is the reason the price was high told you 🫵😹
Congrats to @FarmerJoe0x for the Solana move with $pups If you're a Bitcoin maxi and just don't get it, let me simplify it for you: Degens wanna play pre-runes plays, and what's better currently for that than Solana? To get Runes, they need to come to the motherchain BULLISH
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