The trader earned nearly $1.5 million in profits trading the micro-cap Solana meme coin – Dogwifhat (WIF).
Since last week, the Solana memecoins have literally been going “bonkers” due to a surge in crypto such as BONK. On Monday, the on-chain analytics platform – Lookonchain shared information about traders who made millions trading the Solana ecosystem coins.
Solana Meme Coin Millionaire Continues to Hold Their Asset
Lookonchain posted on X (Twitter), driving attention toward a trader who purchased WIF tokens worth $226,000. The on-chain analytical platform wrote:
“This trader bought 19.86M $WIF between Dec 13 and 15 at an average price of $0.01137.”
Furthermore, they informed the readers that the value of those meme coins was over $1.69 million, giving the trader an approximate unrealized profit of $1.47 million. However, as of writing, the value of the traders’ portfolio has dropped to around $1.1 million.
The trader still holds their meme coins despite dropping over half a million dollars. The Solana blockchain explorer Solscan data shows that the wallet holds 11 assets, most of which are highly volatile, unknown meme coins.
Read more: 11 Hot Meme Coins and Altcoins that Trend in 2023
Since last week, there has been a meme coin season in the Solana ecosystem, with the price of Bonk skyrocketing. BeInCrypto reported that major centralized exchanges such as Binance and Coinbase listed Bonk, which catalyzed its rally.
Meme coins with micro-market capitalization are unreliable and subject to extreme volatility. Some of them may also have been deployed to conduct rug pulls.
While there are some success stories of trading meme coins, there are many more failure stories. Hence, traders should focus on proper risk management and only trade meme coins with the money they can afford to lose.
Read more: How to Buy Solana (SOL) and Everything You Need To Know
Meanwhile, another trader realized a profit of over $1 million, trading Helium Mobile (MOBILE). The screenshot below shows that MOBILE’s price has increased by 81.23% in the past 24 hours.
Do you have anything to say about the Solana meme coin trader or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
Source: https://beincrypto.com/solana-meme-coin-trader-million-profit/