Trader Makes Astonishing 119x Return on Solana Memecoin

One trader has earned a staggering seven-figure profit from a Solana (SOL)-based memecoin, which has skyrocketed 51x its value year-to-date, as reported by on-chain data.

According to blockchain tracking firm Lookonchain, this trader bought dogwifhat (WIF) in December 2023 and has seen a 118,967% gain through a series of strategic sales as the memecoin’s value surged.

Lookonchain observed:

Every time WIF goes up, this 1,000x winner sells part of WIF for profit. He spent only $5,879 to buy 6.1 million WIF ($23.7 million currently) on December 8th, 2023 and then sold 4.7 million ($1.57 million) successively. He still has 1.4 million WIF left, worth $5.47 million. His profit on WIF is ~$7 million, a gain of 1,197x!

On January 10th, WIF traded at $0.069. At the time of writing, it is priced at $3.53, marking a gain of over 51 times its initial value.

Lookonchain also highlighted another trader who is holding six-figure unrealized profits after purchasing nearly 119,000 MAGA (TRUMP) memecoins in the past two weeks. This coin is inspired by former president Donald Trump, who is running for office again.

The price of TRUMP has reached an all-time high again [May 29th]! Someone withdrew 1.16 million USDT from Binance and spent 1.15 million USDT to buy 118,671 TRUMP at an average price of $9.69 in the past two weeks. He has an unrealized profit of $540,000 on TRUMP Currently

TRUMP is currently trading at $13.91, up over 1% in the last 24 hours. Finally, Lookonchain revealed that one astute trader has earned a combined $41.38 million in profits from trading WIF and two other memecoins: Jeo Boden (BODEN), inspired by US President Joe Biden, and Bonk (BONK).

The smart money sold all 539,558 WIF for 11,708 SOL ($2 million) at a price of $3.70 [on May 28th]. He has realized profits of $24.1 million on WIF, $11 million on BODEN, and $6.28 million on BONK.

As of now, BONK is trading at $0.00003445, down 6.6% in the last 24 hours, while BODEN is at $0.30, down 3.5% on the day.

These remarkable gains illustrate the volatile and lucrative potential of the memecoin market for strategic traders.

Featured image courtesy of pixabay