Despite the current market downtrend, crypto traders are still finding ways to make life-changing gains. This is the case of some Solana meme coin traders who recently turned $6,400 into $8 million in 24 hours.
How These Solana Meme Coin Traders Turned $6,400 Into $8 Million
On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) that these traders turned $6,400 into $8 million by investing in $TIM, a meme coin on Solana. 2 newly created wallets were said to have used 44.78 to buy 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 (now worth around $8.28 million) to multiple addresses to avoid drawing attention. On-chain data shows that they are already looking to secure their profits, as they have been selling their $TIM tokens, although in small bits, to avoid a market crash.
Source: Etherscan
Meme coins (especially ones on Solana) have continued to provide traders with significant gains, especially with Bitcoin and other major cap cryptocurrencies maintaining a downward trend. Bitcoinist previously reported of 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 was reported to have turned $353 into $8.3 million by investing in $KEYCAT, a meme coin on Base. The layer-2 network (like Solana) has witnessed an influx of meme coin traders thanks to the barrage of meme coins that continue to launch on the network daily.
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Lookonchain also recently revealed a trader who turned $9,770 into $10 million in just a day. The trader spent 64.5 SOL to buy 97.36 million $GUMMY (another Solana-based meme coin) in the “same block where the $GUMMY deployer added liquidity.” Another trader turned $110,000 into 48.72 million in just 3 hours by buying $MANEKI.
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Although this trader wasn’t the first to buy the meme coin, he used $716 SOL to acquire 1.02 billion $MANEKI (11.51% of the token’s supply) less than one minute after the token launched. Like the $TIM traders, he distributed these $MANEKI tokens across different wallets to avoid drawing attention.
Meanwhile, it is worth noting that there is an ugly side to meme coin trading, as some traders have also recorded significant losses. One is a trader who recently spent 1,600 SOL to buy $COOL and ended up selling the meme 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
