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Bitcoin:
$ 64.094
BTC Dominance:
% 54.1
Market Cap:
$2.34 T

Trader Turns $2,275 into $2.26M with Solana Tokens

Solana Token

In under eight hours, an astute trader made $2.26 million off of Solana tokens valued at $2,275.

According to a May 19 Lookonchain article, the memecoin trader’s wallet, “sundayfunday.sol,” gained almost 993x on their 13 Solana token investment in the just-released memecoin 1DOL. He paid 13 SOLs ($2,275) eight hours ago to purchase 242M #1DOL, which is now valued at $2.26 million!

Since the Bitcoin halve, memecoins like Dogwifhat (WIF) and Pepe have gained popularity. Memecoins can fetch multimillion-dollar valuations, making some investors wealthy even if they have no underlying use.

The wallet is also the biggest Book of Memes (BOME) token pre-sale participant; hence, the over 900x gain is no accident. At presale, the trader purchased almost $72,000 worth of BOME tokens, which at their peak were valued at over $40 million.

“He sold 530 billion $BOME for 38,305 $SOL ($7.66 million) and currently holds 894 billion $BOME ($10.5 million), still the largest individual holder of $BOME,” states Lookonchain, indicating that the trader is still the largest BOME holder even after taking profits on some of his holdings.

On May 18, the 1DOL memecoin debuted, and by the next day, it had reached a peak of $0.018 before falling to its current value of $0.004. The volatility of memecoin trade is demonstrated by the nearly 43% drop in 1DOL during the last 24 hours, according to CoinMarketCap.

Memecoin Success Reflects Youth Disillusionment

The WIF memecoin, with its basis in Solana, makes up more than 99% of the holdings of astute traders. Based on CoinStats statistics, the wallet contains about $15.8 million worth of WIF, which was valued at over $42 million at its peak.

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The wallet was worth more than $172 million on April 1. It is currently down over $75%, or $47 million, over the last month, nevertheless.

Trading the memecoin, another astute Pepe trader made $46 million last week. Pepe price increased with the reintroduction of the GameStop story, and the trader received a return on their initial investment of over 15,718x.

Head of Financial Products at Bybit Exchange Hao Yang told Cointelegraph that the wild success of memecoins is a sign of a younger generation 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.”

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