An anonymous cryptocurrency trader has made a staggering profit of over $9 million in just three days after investing $3,000 in a small-cap memecoin called Numogram (GNON) based on the Solana blockchain. This extraordinary 3,000x return on investment demonstrates the high-risk, high-reward potential that memecoins offer in the current crypto market cycle.
The transaction was spotted by onchain intelligence firm Lookonchain on Oct. 20, 2024, just three days after Numogram launched on Oct. 17. While the GNON token has no clear use case, the asset has seen a daily appreciation of over 200%, driven by a 233% increase against Solana’s price on Oct. 19.
Memecoins, despite their lack of practical utility, continue to attract investors due to their extreme volatility and potential for quick gains. In one previous case, in May 2024, a trader who bet on the Pepe (PEPE) memecoin turned a $3,000 investment into $46 million in just one month.
GNON’s initial success may be tied to its October 19 listing on the Moonshot trading platform, known for promoting new memecoins and popular among retail traders looking for the next big meme. However, GNON’s valuation appears to be based largely on social media hype and speculation, with no solid fundamentals to support its long-term growth.
As with other memecoins, the rally may be short-lived, and the future of GNON will depend on continued speculative interest from investors.
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