A Trader Makes $1.6 Million in Gains from Solana Memecoin
According to blockchain tracking firm Lookonchain, a trader has made more than $1.6 million in gains by getting in early on the memecoin trend on the Solana blockchain. The trader went long on Wen (WEN), a memecoin built on Solana, and has realized $682,000 in USDC with an additional $941,000 in unrealized profits still in their wallet. The trader spent 125,500 USDC to buy 20 billion WEN and sold 12.5 billion WEN for 807,000 USDC, resulting in a profit of $682,000. They currently hold 7.6 billion WEN with an unrealized profit of $941,000.
At the time of writing, WEN is trading at $0.000142 with a market cap of $142.34 million.
Memecoins Surge on Solana
Following Solana’s massive rallies in 2022, memecoins within its ecosystem have gained significant attention. One such coin is BONK, a competitor to Dogecoin (DOGE). Lookonchain reported that a profitable BONK trader purchased over three billion BONK after a dip and made approximately $6.9 million from it. The trader spent 386 SOL ($40,000) to buy 3.29 billion BONK and accumulated a total of 371.4 billion BONK over nine months at a cost of 6,998 SOL ($276,000). They sold half of the BONK during its surge for 50,139 SOL ($5.2 million).
At the time of writing, BONK is trading at $0.000012 with a market cap of $712.818 million.
Hot Take: Memecoin Traders Rake in Massive Profits on Solana
The memecoin frenzy continues on the Solana blockchain as traders capitalize on early accumulation and price surges. With substantial gains of over $1.6 million and $6.9 million from WEN and BONK respectively, these traders demonstrate the potential for significant profits in the volatile world of memecoins. However, it is important to note that memecoins are highly speculative investments and can be extremely risky. Investors should exercise caution and conduct thorough research before entering this market.
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