The trader turns $2.2K SOL into $2.26M in new memecoin in 8 hours

A savvy trader turned $2,275 worth of Solana tokens into a $2.26 million profit in eight hours.

A memecoin merchant wallet known as “sundayfunday.sol” has made over 993x profit on their 13 Solana (SOL) token investment on the newly launched memecoin 1DOL.

“8 hours ago he spent 13$SOL ($2,275) to buy 242M #1DOL, which is currently worth $2.26M!”

Memecoins like Dogwifhat (WIF) and Pepe (PEPE) have gained attention since the Bitcoin halving. Despite the lack of basic utility, memecoins often reach multi-billion dollar values, making some investors millionaires.

The over 900x profit is no coincidence, as the wallet is also the largest pre-sale Book of Memes (BOME) participant. The trader bought more than $72,000 worth of BOME tokens in the presale, with a peak value of more than $40 million.

Despite making profits on some of his holdings, the trader remains the largest owner of BOME, according to Lookonchain:

“It sold $530 billion BOME for $38,305 $SOL ($7.66M) and currently holds $894 billion BOME ($10.5 million), still the largest BOME holder.”

1DOL memecoin launched on May 18 and rose to a high of $0.018 the next day, before plunging to its current mark of $0.004. 1DOL has decreased by more than 43% in the last 24 hours, which shows the volatility of memecoin trading, according to CoinMarketCap.

The 1DOL token has generated a lot of interest despite the lack of a website and a suspended X account. The lucrative trade has sparked allegations of insider trading and money laundering by crypto enthusiasts on social platforms.

Others point to the exchange's low liquidity, currently worth $291,000 worth of SOL tokens, which prevents traders from withdrawing all of their profits without increasing the value of 1DOL.

Related: Bitcoin Rally Over $67.5K Could Hit New Record High, Says 10x Research

Memecoin frustration shows the dissatisfaction of the younger generation with the financial system

Over 99% of Art Traders' holdings are Solana-based WIF memecoin. The wallet holds more than $15.8 million worth of WIF, with a peak value of more than $42 million, according to CoinStats data.

At its peak on April 1, the wallet was worth more than $172 million. However, it is currently down more than 75 percent, or $47 million, over the past month.

Last week, another savvy Pepe trader turned $3,000 into $46 million by trading memecoin. The return of the GameStop saga boosted Pepe's value, and the retailer made a return of more than 15,718x on its original investment.

Hao Yang, head of financial products at BayBit ​​Exchange, told Cointelegraph that the wild success of Memecoins reflects a younger generation that is disaffected with the current fiscal system.

“The success of memecoins can be seen as a sign of disillusioned young investors who saw the opportunities given to their parents disappear, like punk rock.”

Magazine: Trader Turns $3K to $46M in PEPE, Ethereum Gas Shift, Tornado dev Guilty: Hodler Digest, May 12-18