Trader Scores Big with Solana Memecoins; Rare Satoshi Sold; Consensys Sues U.S. SEC
Summary:
A trader has realized over $22.83M in profits from trading Solana memecoins, with continued investments in certain tokens. Additionally, a satoshi from Bitcoin's fourth halving was auctioned for roughly $2.1 million. Meanwhile, software development company Consensys has sued the U.S. SEC over alleged conspiracies to regulate Ether as a security.
A merchant has generated significant revenue from offloading three Solana-based memecoins. An extraordinarily scarce satoshi, extracted during the fourth Bitcoin halving by ViaBTC, has recently been sold at auction for a staggering $2.1 million. Meanwhile, Consensys, the company responsible for the development of MetaMask, has taken legal action against the U.S. Securities and Exchange Commission (SEC).
The significant gains from trading Solana memecoins were generated by a trader who spotted the potential in meme-themed tokens within the Solana (SOL) network. Lookonchain, a blockchain analysis company, identified movement from a trader named “paulo.sol.” This trader gained substantial profits from meme tokens such as Dogwifhat (WIF), Jeo Boden (BODEN), and Bonk (BONK).
Through careful investment and execution of swing trades on the BONK token from as early as November 11, 2023, this trader was able to amass approximately $6.28 million. Simultaneously, they took advantage of the price changes in the WIF and BODEN tokens, which they had initially been skeptical about investing in.
In total, the profits made from Solana's meme tokens amounted to over $22.83 million. Despite this, the trader continues to hold onto BODEN and WIF tokens, supposedly valued at $7.6 million and $5.7 million respectively, at the time of reporting.
In other news, an "epic sat"—a highly rare satoshi that was mined from the fourth Bitcoin halving block—sold for an impressive 33.3 Bitcoin (BTC) or approximately $2.13 million. The auction, held on the CoinEx Global cryptocurrency exchange five days after partner viaBTC mined the satoshi in block 840,000, drew in a total of 34 bids before concluding.
The culmination of the auction saw an anonymous bidder claim ownership of the epic sat, which bore the number 1,968,750,000,000,000. This bidder far exceeded the offerings of any competition, with the next highest bid sitting at 20 Bitcoin.
On the legal front, Consensys has initiated a lawsuit against the U.S. SEC for its alleged attempts to regulate Ether (ETH) as a security. Consensys argued in a recent filing that the SEC has unlawfully sought to dominate the future trajectory of cryptocurrency through a series of enforcement actions targeting Ether. The developer cited the regulator's 2018 stance wherein it had declared that Ether was not a security.
The implications of the SEC's alleged overreach could prove disastrous for both Ether's network and Consensys, according to the latter's filing. It insisted that any holder of Ether would potentially be in violation of securities law if they engaged in transfers of the asset on its network. Alongside the SEC, the legal action also targets its five commissioners and particularly highlights the perceived inconsistencies in Chairman Gensler's comments on Ether regulation.
Please note that this article does not provide investment advice or recommendations. It is crucial that individuals conduct thorough research and consider the inherent risk associated with investment and trading decisions. Special thanks to Geraint Price, Sam Bourgi, and Felix Ng for their reporting contributions.
Published At
4/26/2024 3:43:45 PM
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