Trader Turns 2 SOL into $260,000 Trading Solana Memecoin: Here’s How

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A dealer not too long ago flipped 2 Solana (SOL) tokens value $368 to 1,408 SOL valued at $260,000 whereas buying and selling Solana memecoin SHAD.

As highlighted by the crypto analytics service supplier Lookonchain, the dealer (with pockets “5aLaR….GJXA”) positioned a daring wager on Solana memecoin SHAD raking in a cumulative achieve of 704x. With the memecoin season totally underway, many merchants are cashing out big sums in only a few days, reiterating related developments over the previous yr.

SHAD as a memecoin emerged about 24 hours in the past and it rose to an All-Time Excessive (ATH) of $0.088. Its Totally Diluted Quantity (FDV) and market cap now are available in at $1.12 million per information from CoinGecko’s GeckoTerminal.

The Fortunate Wager

Per the Lookonchain perception, the dealer spent 2 SOL to purchase 90 million SHAD. He then bought 85.3 million value of the memecoin for 1,410 SOL value roughly $260,000. Regardless of this fortunate commerce, the dealer nonetheless has 4.7 million value of SHAD left with a market worth $5212 primarily based on the present worth of SHAD at $0.001109.

With solely 2 $SOL, this dealer made 1,408 $SOL ($260K), a achieve of 704x!

He spent 2 $SOL to purchase #memecoin 90M $SHAD and bought 85.3M $SHAD for 1,410 $SOL.

He nonetheless has 4.7M $SHAD left, value $12K.

— Lookonchain (@lookonchain) March 19, 2024

Solana has confirmed to be a really promising avenue for traders seeking to ape into the memecoin frenzy. As reported earlier, one other dealer transformed $1,749 into $10.9 million buying and selling Dogwifhat (WIF).

Dogwifhat comes off as one of the crucial fashionable memecoins within the Solana ecosystem with present market capitalization pegged at $2,152,263,758.

Battling Highs and Lows

From data, only some memecoins survive in the long run. After the preliminary hyped bullish part, many memecoins don’t get better, a stress check that dogwifhat handed when it traded reverse to the market rout again in January.

Traditionally, many memecoins which might be competing with distinguished Layer-1 and a couple of protocols have emerged even from overhyped memecoin seasons. Shiba Inu (SHIB), PEPE, and BONK are among the many outliers the market has seen over time.

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