A trader managed to turn an initial investment of 0.4 SOL (around $90) into a profit of 3,600,000% by trading the memecoin Unicorn Fart Dust (UFD).
The journey, according to data from Lookonchain, began with the acquisition of almost 13 million UFD tokens, and in just two days, the trader made two large exchanges that consolidated his gains.
In the first trade, the trader exchanged 50,000 UFD for 13.27 wrapped SOL (wSOL), valued at over $2,800. He then made another exchange of 30,490 UFD for 7.96 wSOL, totaling approximately $1,700. The remaining UFD tokens still in the trader’s possession are estimated to be worth around $3.25 million.
These results were made possible by the meteoric rise of UFD, a memecoin created as a satire of the cryptocurrency market.
Despite its humorous tone and lack of practical application, the token quickly became a viral phenomenon, ranking among the most traded assets on the Solana blockchain in just 48 hours.
Profiting from altco with memecoin
The success of UFD reflects a growing trend in crypto markets: investors’ willingness to take on large risks in pursuit of exponential profits.
The rapid appreciation of these coins, often driven by speculation and viral marketing, has sparked both excitement and concern. Currently, UFD is trading at $0.1742, with a market cap of $174 million.
While this trader’s case is extraordinary, it also serves as a reminder of the risks associated with memecoins. Coins like UFD are known for their extreme volatility, low liquidity, and vulnerability to scams like rug pull schemes. The lack of solid fundamentals makes these assets highly speculative.
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Memecoins have gained popularity on the Solana blockchain due to their transaction speed and low operating costs. This combination has attracted developers and investors to create and trade humorous and viral-themed tokens, such as Samoyedcoin (SAMO) and Bonk (BONK).
These coins often gain notoriety through marketing on social platforms and support from engaged communities, which results in high volatility and occasionally significant gains for traders.
For example, the launch of BONK in early 2023 attracted a lot of attention by positioning itself as “the Dogecoin of Solana,” achieving impressive volume within a few weeks. #TrendingTopic
