Solana News – Solana Trader Nets $2.26 Million in Hours with 1DOL Memecoin

Solana News – Solana Trader Nets $2.26 Million in Hours with 1DOL Memecoin

Solana News – A savvy trader managed to turn a $2,275 investment in Solana tokens into a staggering $2.26 million profit within just eight hours.

The wallet, identified as ‘sundayfunday.sol,’ achieved a remarkable 993-fold gain by investing 13 SOL into the newly-launched memecoin 1DOL, as highlighted in a May 19 post by Lookonchain:

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

Memecoins such as Dogwifhat (WIF) and Pepe have gained significant attention since the Bitcoin halving. Despite lacking inherent utility, these tokens often reach multibillion-dollar valuations, creating substantial wealth for some investors.

The enormous gain achieved by this trader is no mere coincidence; he is also the largest pre-sale participant of the Book of Memes (BOME) token. He invested over $72,000 worth of SOL in BOME tokens during the presale, which peaked at a value of over $40 million.

Even after realizing profits from some of his holdings, the trader remains the largest individual BOME holder, according to Lookonchain:

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

The 1DOL memecoin launched on May 18, reaching a peak of $0.018 the following day before dropping to its current price of $0.04, reflecting a 43% decrease over the past 24 hours, as reported by CoinMarketCap.

The 1DOL coin garnered significant interest despite lacking a website and having a banned X account. This profitable trade has sparked allegations of insider trading and money laundering among crypto enthusiasts on social media.

Critics also noted the low liquidity of the trading pool, currently valued at $291,000 in Solana tokens, suggesting that the trader would be unable to cash out all his profits without drastically affecting the price of 1DOL.

The memecoin frenzy underscores the younger generation’s disillusionment with the current financial system.

Over 99% of this savvy trader’s holdings are in the Solana-based WIF memecoin. His wallet contains over $15.8 million worth of WIF, which was valued at over $42 million at its peak, according to CoinStats data.

At its highest point, the wallet was valued at over $172 million on April 1 but has since declined by more than 75%, now standing at around $47 million over the past month.

Recently, another successful Pepe (PEPE) trader transformed a $3,000 investment into $46 million by trading the memecoin, achieving an astonishing 15,718-fold return on his initial investment, boosted by the resurgence of the GameStop saga.

Hao Yang, head of financial products at Bybit exchange, told Cointelegraph that the meteoric rise of memecoins reflects the disillusionment of young investors with the current fiscal system:

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