Traders Profit from Memecoins on Solana Network
The Solana network has gained significant interest from the crypto community, leading traders to cash out on investments in memecoins. According to blockchain analytics platform Lookonchain, a trader made around $1.55 million in profits from a $42 investment in Silly Dragon (SILLY), a memecoin on the Solana network.
Turning $42 to $1.55M
The trader initially had 1.5 Solana (SOL) worth $92 and used 0.7 SOL worth $42 to purchase 20.5 million SILLY. After two weeks, the price of SILLY surged, and the trader sold more than 16.4 million SILLY for over 600,000 USD Coin (USDC). They still hold about 4.1 million SILLY in two wallets.
SILLY has become a prominent memecoin with high returns, inspired by a little dragon worn by Anatoly Yakovenko, co-founder of Solana Labs. Since its launch on December 5, SILLY’s market capitalization and trading volumes exceeded $10 million and $30 million respectively.
SOL Soars 55% in One Month
Other memecoins on the Solana network like Bonk (BONK) and Dogwifhat (WIF) have also experienced significant price surges. One trader made $1.4 million by purchasing $226,000 worth of WIF within five days of its launch.
The surge in BONK’s price has boosted sales of the Solana Saga phones, which were previously experiencing low interest. Additionally, SOL, the native token of Solana, has seen remarkable growth with a 55% surge in the past month.
Hot Take: Traders Reaping Huge Profits from Memecoins on Solana
The Solana network has become a hotspot for traders looking to profit from memecoins. With SILLY, BONK, and WIF experiencing significant price surges, traders have turned small investments into millions of dollars in profits. The growth of these memecoins reflects the increasing popularity of the Solana network and its native token, SOL. As the trend continues, more traders may seize the opportunity to capitalize on the potential gains offered by memecoins on Solana.
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