Trader Earns $23 Million By Flipping Solana Memecoins: Here’s How
A memecoin trader in Solana (SOL) has spent millions in profits from multiple positions on meme-themed tokens.
On April 26, blockchain analytics firm Lookonchain identified the trader's activity under Solana's service account as “paulo.sol.” The crypto wallet has profited from virtual tokens such as DogwhipHat (YFF), Joe Boden (BODEN) and Bonk (BONK).
The businessman November 11, 2023 Initially invested in BONK. The user notices that memecoin is rising and buys tokens. The trader then executes swing trades by buying low and selling high. In total, the trader made BONK about 6.28 million dollars in trade.
Meanwhile, the trader also noticed WIF and BODEN. When the tokens first came online, Solana's memecoin portfolio didn't immediately jump to them.
However, when the trader showed the first upward swing, he started buying too much. The trader started buying WIF on December 4, 2023 and started trading BODEN on March 6. In total, the trader made $9.51 million from the WIF trade and $7.04 million in BODEN.
In total, the trader realized more than $22.83 million from flipping Solana-based meme tokens. Despite the trader making millions in profits, the crypto user still holds $7.6 million in BODEN tokens and $5.7 million in WIF at the time of writing.
In addition to these memecoin holdings, the trader has started cashing in on other memecoins. The crypto wallet started buying tokens called PUPS and POPCAT.
The businessman became the largest owner of Solana, spending $1.77 million on POPCAT and nearly $6 million on PUPS.
Related: Solana memecoin craze with Biden parody token reaches $250M market cap
Community members praised the businessman for his amazing moves. One X user said that the trader was not lucky but had “more judgement” than others.
Another user said that the trader has “diamond” hands, this term is used to describe crypto traders who can hold signals even under pressure.
This trader is one of the many people who have made crazy profits from Solana memecoin. On December 29, a trader hit a $2 million gamble after placing just $62 on the SOL-based meme token. On April 3rd, another $13,000 turned into $2 million in an hour as the memecoin boom continued.
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