Trader turns $2.2K SOL into $2.26M in 8 hours with new memecoin
Release: 2024/05/20 18:09 Reading: 449
A savvy trader transformed $2,275 worth of Solana (SOL) tokens into a $2.26 million profit within just eight hours.
According to a May 19 post by Lookonchain, the memecoin trader's wallet, known as 'sundayfunday.sol,' achieved an over 993-fold return on his 13 SOL investment into the newly launched memecoin 1DOL:
"8 hours ago, He spent 13 $SOL ($2,275) to buy 242M #1DOL, which is currently worth $2.26M!"
Memecoins, such as Dogwifhat (WIF) and Pepe (PEPE), have gained prominence since the Bitcoin halving. Despite lacking inherent utility, memecoins often attain multibillion-dollar valuations, creating millionaires for some investors.
The over 900-fold gain is not coincidental, as the wallet is also the largest pre-sale participant in the Book of Memes (BOME) token. During the presale, the trader purchased over $72,000 SOL worth of BOME tokens, which peaked at over $40 million in value.
Despite realizing profits on a portion of his holdings, the trader remains the largest BOME holder, according to Lookonchain:
"He sold 530 billion $BOME for 38,305 $SOL ($7.66M) and currently holds 894 billion $BOME ($10.5 million), still the largest individual holder of $BOME."
The 1DOL memecoin debuted on May 18 and reached a peak of $0.018 the following day before plummeting to its current $0.04 mark. According to CoinMarketCap, 1DOL has declined by over 43% in the past 24 hours, highlighting the volatility of memecoin trading.
1DOL/SOL, all-time chart. Source: CoinMarketCap
Despite lacking a website and a banned Twitter account, the 1DOL coin generated significant interest. The lucrative trade sparked accusations of insider trading and money laundering on social media platforms by crypto enthusiasts.
Others highlighted the trading pool's low liquidity, currently valued at $291,000 worth of Solana tokens, which would prevent the trader from withdrawing all of his profits without further crashing the price of 1DOL.
Related: Bitcoin rally above $67.5K could spark new record highs, says 10x Research
Memecoin frenzy reflects younger generation's disillusionment with the fiscal system
Over 99% of the savvy trader's holdings are in the Solana-based WIF memecoin. According to CoinStats data, the wallet holds over $15.8 million worth of WIF, which reached a peak valuation of over $42 million.
The wallet's peak value on April 1 was over $172 million, but it has since declined by over $75%, or $47 million, in the past month.
Wallet ‘AcLH’. Source: Coinstats
Last week, another savvy Pepe (PEPE) trader transformed $3,000 into $46 million by trading the memecoin, as Pepe's price was boosted by the resurgence of the GameStop saga. The trader achieved an over 15,718-fold return on their initial investment.
According to Hao Yang, the head of financial products at Bybit exchange, the extraordinary success of these memecoins reflects a younger generation that is disillusioned with the current fiscal system:
"The success of memecoins can be seen, like punk rock, as a symptom of disillusioned young investors who have seen the opportunities afforded to their parents disappear."
Magazine: Trader turns $3K into $46M in PEPE, Ethereum gas overhaul, Tornado dev guilty: Hodler’s Digest, May 12-18
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