Introduction
According to on-chain data from Lookonchain, a trader has managed to generate impressive profits of over $1.6 million by flawlessly timing one of the latest memecoin trends on the Solana (SOL) blockchain. Let’s take a closer look at this remarkable achievement.
The Trader’s Profits
The trader successfully earned $682,000 in USDC and continues to hold an additional $941,000 in unrealized profits within their wallet. To achieve this, the trader invested 125,500 USDC to purchase 20 billion WEN during the initial trading phase. Subsequently, they decided to sell 12.5 billion WEN for 807,000 USDC, thereby securing a profit of $682,000.
Current Status of WEN
As of this moment, WEN is being traded at a price of $0.000142, with a market capitalization totaling $142.34 million. Given the recent surge in interest surrounding memecoins, it comes as no surprise that several coins within Solana’s ecosystem, such as BONK, have experienced substantial growth over the past few months.
The Success of BONK
A brilliant example of this success is reflected in a smart trader who managed to generate approximately $6.9 million by investing in BONK, a competitor of Dogecoin (DOGE). The trader invested 386 SOL, equivalent to $40,000, to purchase 3.29 billion BONK on January 9th.
Current Status of BONK
Presently, BONK is being traded at $0.000012 and boasts a market capitalization of $712.818 million. This achievement exemplifies the potential for substantial gains within the memecoin landscape.
In conclusion, this trader’s ability to identify and capitalize on emerging memecoin trends within the Solana blockchain has resulted in significant financial gains. As the market continues to evolve, it is crucial to stay tuned to the latest trends and developments to maximize profit potential.