{"id":20911,"date":"2024-05-20T23:40:58","date_gmt":"2024-05-20T20:40:58","guid":{"rendered":"https:\/\/coinengineer.io\/?p=20911"},"modified":"2024-05-20T23:24:16","modified_gmt":"2024-05-20T20:24:16","slug":"trader-turns-2275-into-2-26m-with-solana-tokens","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/trader-turns-2275-into-2-26m-with-solana-tokens\/","title":{"rendered":"Trader Turns $2,275 into $2.26M with Solana Tokens"},"content":{"rendered":"

In under eight hours, an astute trader made $2.26 million off of Solana<\/a> tokens<\/strong> valued at $2,275.<\/p>\n

According to a May 19 Lookonchain article, the memecoin trader’s wallet, “sundayfunday.sol,” gained almost 993x on their 13 Solana token<\/strong> 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!<\/p>\n

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

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.<\/p>\n

“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,”<\/em> states Lookonchain, indicating that the trader is still the largest BOME holder even after taking profits on some of his holdings.<\/p>\n

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.<\/p>\n

Memecoin Success Reflects Youth Disillusionment<\/h2>\n

The WIF memecoin, with its basis in Solana<\/strong>, 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.”<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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,<\/p>\n","protected":false},"author":6,"featured_media":20912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[4647,1767],"class_list":["post-20911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-dogwifhat-wif","tag-solana-sol"],"yoast_head":"\nTrader Turns $2,275 into $2.26M with Solana Tokens - Coin Engineer<\/title>\n<meta name=\"description\" content=\"A trader turned $2,275 into $2.26M in 8 hours with Solana memecoin 1DOL. 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