Trader Earns $20K in Hour by Arbitraging $PUPS Between Bitcoin, Solana

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.