The recent market correction has lowered the prices of major cryptocurrencies and prompted traders to turn to meme coins. By choosing this tactic, one crypto trader was able to make huge profits, which created additional excitement around this type of token.

Specifically, the investor spent 15.8 SOL (worth approximately $2,558) to buy 36.77 million RNT tokens. He then sold 606,000 RNT for 165 SOL (approximately $26,800), leaving himself with 36.17 million RNT, worth approximately $2.4 million.

According to Lookonchain, on June 7, a successful trader created a new crypto wallet and began trading 12 meme coins. In 83% of cases he recorded a profit.

The user bought assets such as RNT, TOPG, TATESOL and others. This trend has become more noticeable amid the meme coin frenzy fueled by Solana-based assets.

The Meme Coin Craze and the Market Correction Last month, another trader made $657,000 in just a few hours by investing $800 in Mother Iggy (MOTHER) token. The crypto asset saw extraordinary price gains following last week's market correction, which saw both meme coins and leading crypto assets decline in value.