One Lucky Meme Coin Trader Turns $140 Into $450,000 In 24 Hours
A buyer of a new Solana meme coin called Pochita turned $140 into $450,000 in less than 24 hours — and hasn't sold most of the coins yet.
The coin emerged (and skyrocketed) after the owner of the meme-famous dog that originally inspired Solana’s BONK coin adopted a new furry friend named Pochita on Wednesday. The news spurred several crypto degenerates to create a plethora of meme coins inspired by the pup, and unlike Neiro’s so-called civil war, one token quickly emerged as the winner.
An unidentified trader, using a wallet beginning with “AjwF,” purchased 1 SOL ($140 at the time) worth of the tokens just over a minute after it went live on Pump.fun. He was the 19th person to purchase more than 0.05 SOL ($7) worth of this particular Pochita coin, representing a relatively large bet on the nascent token.
Interestingly, the trader had already bought and sold two previous Pochita tokens just seconds before identifying the big winner. The trader continued to buy and sell coins, including more Pochita tokens, but for some reason he was left holding onto this token amidst the initial frenzy.
Nearly 24 hours later, the Pochita token held has reached a market cap of $22 million, while the discarded tokens failed to take off. As a result, the initial purchase of 1 SOL is now worth over $450,000, according to DEX Screener, after AjwF sold just $450 of it in the hours since the initial purchase. This makes the trader the largest Pochita holder with 2.18% of the supply.
Blockchain analytics visualization firm Bubblemaps told Decrypt that there are no immediately discernible chain links between early buyers, with most having already sold their holdings amid the surge. This is typically a sign that the token is not controlled by insiders, though the firm cautioned that it cannot be 100% sure at this stage.
That said, with 2.18% of the supply, the big winner of Pochita could significantly reduce the price if he decided to sell his tokens. However, it is worth noting that AjwF would not receive the full market value for his tokens if he decided to sell them all at once. As a result of holding a large portion of the total tokens, a large amount of slippage would occur.
This may explain why the trader has started splitting his funds into different wallets, the same behavior that the “millionaire Moo Deng” displayed. Now, by storing funds in five separate wallets, the lucky trader is spreading the funds around in a scattered manner as he looks for the perfect opportunity to sell.
Pochita is down 45% from its all-time high of $35 million reached just over eight hours ago. Did AjwF miss his chance at the perfect cashout? This is an all-too-common tragedy for meme coins. As billionaire investor Mark Cuban said in an interview this week with Decrypt’s sister company Rug Radio, meme coin trading is a high-stakes game of timing.
Perhaps most notably, the Dogecoin millionaire became a billionaire with DOGE, but sadly never sold. Most recently, a trader turned $800 into $7.5 million with Moo Deng. According to blockchain data, they have yet to sell and the token has fallen 30% from its all-time high.
Edited by Andrew Hayward
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