Trader Earns $1.6 Million in 14 Hours From Solana-Based Cryptocurrency

Jonathan Stoker Jan 31, 2024, 01:50am 35 views

Trader Earns $1.6 Million in 14 Hours From Solana-Based Cryptocurrency

Solana-based Memecoin Trader Earns Over $1.6 Million in 14 Hours

As per the insights from the crypto analysis firm LookonChain, a trader amassed a profit of over $1.6 million within 14 hours of trading the SolanaSolana$104 5.03%-based memecoin WEN. The firm reports that the trader initially invested 125.5k USDC to acquire 20 billion WEN tokens as trading started. The subsequent sale of 12.5 billion WEN tokens translated to 807k USDC, realizing a profit of $682,000. The trader's wallet presently contains 7.6 billion WEN tokens, valued at $941,000.

Price Fluctuations Indicate Possible Pump-and-Dump Scheme

In line with market data, the Solana-based cryptocurrency reached a high of over $900 immediately after trading began. Nevertheless, the token's value has since nosedived to approximately $0.00017. These sharp price movements seemingly indicate that the token was involved in a pump-and-dump scheme.

Surge in Popularity for Solana-based Tokens

Solana-based tokens have recently witnessed an unexpected rise in popularity. Last year, BONK, a memecoin built on Solana, started to dominate the market. BONK has since then emerged as a promising competitor to Shiba InuShiba Inu$0.000010 -2.05% (SHIB) and DogecoinDogecoin$0.091 -0.42% (DOGE), with a staggering rally of over 1100% since January 2023.

New Solana-based Memecoins on the Rise

Another Solana-based memecoin, Dogwifhat (WIF), made headlines recently with its price soaring following a listing on BinanceBinance, the globe's most extensive crypto exchange in terms of volume. WIF's price has also increased by more than 70% since December 2023, outperforming numerous top projects. Earlier this month, MYRO, another memecoin built on Solana, rallied by 488%.

Impact of Solana's Rally on Solana-based Crypto Tokens

The spike in popularity of Solana-based crypto tokens can largely be attributed to SOL's remarkable rally in 2023. The leading cryptocurrency's price surged by almost 1000% at one point, causing many other tokens in the network's ecosystem to follow its trajectory. However, SOL's price has dipped since reaching its peak in December 2023.

Edited by Jonathan Stoker

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