A Memecoin Trader Turns $72,000 Into $30.2 Million in Just Three Days: Lookonchain
A trader has managed to turn a $72,000 investment into over $30 million in just three days during the recent memecoin craze. This impressive feat was first reported by blockchain tracking firm Lookonchain. The trader used the Solana (SOL) address โsundayfunday.solโ to make their massive profits buying and selling Book of Meme (BOME), a new memecoin launched on Solana last week.
Massive Profits and Remaining Holdings
According to Lookonchain, the trader locked in $3.66 million in profits and still holds over $26 million worth of BOME. The โsundayfunday.solโ address is now the largest BOME pre-sale participant, having spent 421 SOL ($72,000) to participate in the pre-sale and receiving 1.43 billion BOME ($30.6 million currently). The trader sold 190 million BOME for 19,646 SOL ($3.66 million) to take profits and still has 1.24 billion BOME ($26.57 million) left.
Listing on Major Exchanges
During this time, BOME was listed on several large crypto exchanges, including Binance and Kucoin.
Another Impressive Gain
Lookonchain also spotted another address that made a 340x gain on their $19,000 investment. This participant spent only 102 SOL ($19,000) to participate in the pre-sale and received 347 million BOME through an airdrop. They sold all their BOME for 34,647 SOL ($6.58 million), resulting in a gain of 340 times their initial investment.
Missed Opportunities
While these traders managed to make incredible profits, others were not as fortunate. Lookonchain reported a Solana address that sold their BOME coins for $131,000 when, if they had held for just 48 more hours, they could have made $3.5 million. This missed opportunity is evident in the chart below, with the red โSโ indicating where the trader sold their BOME stack.
Hot Take: Memecoin Trader Strikes Gold
The memecoin frenzy has proven to be highly lucrative for some traders, with one individual turning a $72,000 investment into a staggering $30.2 million in just three days. This success story demonstrates the potential for massive gains in the volatile world of memecoins. However, it also highlights the risks and missed opportunities that come with such investments. Timing and patience are crucial factors that can determine whether traders strike gold or miss out on significant profits.
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