Solana-based Memecoiner Turns $300 to $170K in Single Trade

On-chain analytics uncovers how a Solana-based trader turned $300 into over $170,000 in a single trade involving a new memecoin.

The memecoin culture popularized by cryptocurrencies such as Dogecoin and Shiba Inu has left an indelible mark on the crypto market. Many traders view these assets as easy routes to making millions, with a few investors cashing out big from such endeavors.

In a recent success story, on-chain data reveals how a trader turned 3 SOL (appr. $300) to over ($170,000) in a single trade. The anonymous entity purchased 61.8M MYRA tokens for 3 SOL, notably within five seconds after the token opened for trading.

In just 1 day, this trader turned 3 $SOL into 1,703 $SOL ($170K), a gain of 567x!😱

He spent 3 $SOL to buy 61.8M $MYRA within 5 seconds of opening trading, then sold 33M $MYRA for 603 $SOL.

He currently holds 28.74M $MYRA(worth 1,100 $SOL).

The profit is ~1,700 $SOL ($170K)! pic.twitter.com/guTUXtnd97

— Lookonchain (@lookonchain) January 14, 2024

Before the day was over, the 3 SOL investment had skyrocketed, allowing the trader to sell 33M MYRA for 603 SOL (approximately $60,300). The trader’s wallet still holds over 28.74M MYRA tokens valued at 1,100 SOL (approximately $110,000).

Genius or Insider Trading?

The latest developments have sparked debates within the crypto community, with some pointing out that it is almost impossible for the average investor to access such an opportunity.

Admittedly, the wallet’s ability to purchase the token within five seconds of its launch hints they may have worked off information from the core development team, a practice defined as insider trading.

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Another possibility is that the development team may have been behind the early investment, hence the opportunity to get in early on the cryptocurrency. Lastly, sophisticated traders using on-chain bots to snipe newly launched memecoins may also be behind the highly profitable trade.

Either way, it is not completely unheard of for everyday investors to make significant profits off memecoins. In one of the most famous of such stories, a wallet turned $8,000 worth of Shiba Inu into $5.7 billion during the 2021 bull market.

Also, in a more recent development, a Solana-based memecoin trader turned $42 into $1.55 million within two weeks by investing in a single token. Last month, another investor made $3.47 million by investing $900 in ANALOS, a Solana-based memecoin.