Savvy Trader Turns Modest Solana Investment Into a $2.26M Fortune Overnight
Summary:
A shrewd investor, known as 'sundayfunday.sol', converted $2,275 worth of Solana (SOL) coins into a $2.26 million profit within an eight-hour timeframe. This 993-fold profit was made through an investment in a newly launched memecoin, 1DOL. Despite banking some of the earnings, the investor still holds a majority of the Book of Memes (BOME) token shares, bought earlier during pre-sale. Such scenarios underline the younger generation's dissatisfaction with the traditional financial system.
One resourceful investor turned a small investment of $2,275 into a staggering $2.26 million in the span of just eight hours. The individual, known online by the handle 'sundayfunday.sol', saw an impressive 993-fold return on a 13 SOL (Solana tokens) investment into the recently introduced memecoin 1DOL, as reported by Lookonchain on May 19.
Memecoins – which include Dogwifhat (WIF) and Pepe (PEPE) – have gained significant attention since the Bitcoin halving, despite these digital currencies having no real-world use. They have, however, reached sky-high valuations, minting overnight millionaires for a number of investors.
This dramatic return is more than just luck. 'Sundayfunday.sol' was also the biggest out of all the pre-sale contributors to the Book of Memes (BOME) token, having bought over $72,000 worth of SOL in BOME tokens during the pre-sale event. This investment reached over a worth of $40 million at its pinnacle.
Now, even after banking some of the profits, 'Sundayfunday.sol' is currently the leading holder of BOME. Lookonchain states that: "The investor sold 530 billion BOME for 38,305 SOL ($7.66M) and is still in possession of 894 billion BOME ($10.5 million), remaining the largest individual holder of BOME."
Launched on May 18, 1DOL memecoin reached a high of $0.018 the very next day, only to dip to its current value of $0.04, demonstrating the fluctuating nature of memecoin trading, as per CoinMarketCap stats. The launch of the 1DOL coin stirred up a great deal of interest, even though it lacks a website and a functioning X account. However, this sparked allegations of insider trading and money laundering among the digital currency community online.
The low liquidity of the trading pool, currently valued at $291,000 in Solana tokens, has also raised concerns as this would make it nearly impossible for 'sundayfunday.sol' to liquidate all his profits without significantly dropping the price of 1DOL.
Furthermore, more than 99% of 'Sundayfunday.sol''s investments are in the Solana-based WIF memecoin. The investor owns WIF worth over $15.8 million, which had a peak value of over $42 million, according to CoinStats. At its zenith, 'Sundayfunday.sol''s total value exceeded $172 million on April 1, which has since plunged over 75%, equal to a loss of $47 million in the past month.
Another exemplary example is from the last week when a PEPE (Pepe) trader transformed a $3,000 investment into $46 million during the GameStop saga's comeback, seeing an approximately 15,718-fold rise from the original investment.
These instances of striking success symbolize the younger generation's dissatisfaction with the existing financial system, as per Hao Yang, the Leader of Financial Products at Bybit Exchange: "The triumph of memecoins could be likened to punk rock as a sign of disgruntled young investors who feel that the opportunities lining up for their parents have disappeared.
Published At
5/20/2024 12:59:48 PM
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