Despite the current bearish market trend, crypto traders are always finding ways to make life-changing gains. This is the case for some Solana coin traders meme who recently turned $6,400 into $8 million in 24 hours.
How These Solana Meme Coin Traders Turned $6,400 Into $8 Million
Lookonchain On-Chain Analytics Platform revealed in an X (formerly Twitter) that these traders turned $6,400 into $8 million by investing in $TIM, a coin on Solana. 2 newly created wallets reportedly used 44.78 to purchase $526.6 million TIM (52.665 of the token’s total supply) within three minutes of launch.
TIM chart | Source: Tradingview.com
These wallets then transferred their $TIM holdings (currently worth around $8.28 million) to multiple addresses to avoid attracting attention. On-chain data shows that they are already looking to secure their profits, as they have sold their $TIM tokens, albeit in small quantities, to avoid a stock market crash.
Source: Etherscan
Meme coins (especially those on Solana) continued to provide traders with significant gains, especially with Bitcoin and other large-cap cryptocurrencies maintaining a downtrend. Bitcoinist Previously reported from a trader who turned $1,800 into $11 million with Dogwifhat (WIF) by getting in early on the meme coin while it was still a micro-cap token.
Meanwhile, more recently, pseudonymous crypto trader Larp von Trier has been reported turned $353 into $8.3 million by investing in $KEYCAT, a coin on base. The layer 2 network (like Solana) has seen an influx of meme coin traders thanks to the barrage of meme coins that continue to be launched on the network daily.
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Lookonchain also recently revealed that a trader had transformed into $9,770 in $10 million in just one day. The trader spent 64.5 SOL for buy 97.36 million $GUMMY (another Meme piece based on Solana) in the “same block where the $GUMMY deployer added liquidity”. Another trader turned $110,000 to 48.72 million in just 3 hours by buying $MANEKI.
Related reading: US investment bank Morgan Stanley wants to add Spot Bitcoin ETFs to 12 new funds
Even though this trader was not the first to buy the piece of money, he used $716 SOL to acquire $1.02 billion MANEKI (11.51% of the token’s supply) less than a minute after the token was launched. Like $TIM traders, he distributed these $MANEKI tokens across different wallets to avoid attracting attention.
In the meantime, it’s worth noting that there is an ugly side to piece of money trading, as some traders also recorded significant losses. One is a trader who recently I spent 1,600 SOL to buy $COOL and ended up sale the same coin for 532.58 SOL, losing 1,067.42 ($152,000) in the process.
SOL price trending at $123 | Source: SOLUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com
