LIVETrader turns $2.2K of SOL into $2.26M in 8 hours with new memecoin🚀👻
8 hours ago, He spent 13 $SOL ($2,275) to buy 242M 1DOL, which is currently worth $2.26M!”
savvy trader turned $2,275 worth of Solana tokens into a profit of $2.26 million in just eight hours.
The memecoin trader’s wallet, known as “sundayfunday.sol,” made an over 993x gain on their 13 Solana
$177
token investment into newly-launched memecoin 1DOL, according to a May 19 post by Lookonchain:
Memecoins like Dogwifhat (WIF) and Pepe
$0.000009
have taken the spotlight since the Bitcoin halving. Despite having no underlying utility, memecoins often reach multibillion-dollar valuations, making millionaires for some investors.
The over 900x gain is no coincidence, as the wallet is also the largest pre-sale participant of the Book of Memes (BOME) token. The trader bought over $72,000 worth of BOME tokens at presale, which was worth over $40 million at its peak.
The 1DOL token generated significant interest despite a lack of a website and a banned X account. The profitable trade spurred insider trading and money laundering allegations by crypto enthusiasts on social platforms.
Over 99% of the savvy traders’ holdings are in the Solana-based WIF memecoin. The wallet holds over $15.8 million worth of WIF, which was valued at over $42 million at its record high, according to CoinStats data.
At its peak on April 1, the wallet was worth over $172 million. However, it is currently down over $75%, or $47 million, over the past month.
Last week, another savvy Pepe trader turned $3,000 into $46 million by trading the memecoin. The return of the GameStop saga bolstered the Pepe price, and the trader made an over 15,718x return on their initial investment.