A trader specializing in meme coins reportedly made more than $22 million in profits by trading meme-themed tokens on the Solana blockchain.
Identified as “paulo.sol” on the Solana Name Service account, their trading activities were highlighted on April 26 by blockchain analysis firm Lookonchain.
Success with Meme Coins Yielding Over $22 Million
This trader saw successful results with assets such as Dogwifhat (WIF), Jeo Boden (BODEN), and Bonk (BONK).
They began investing in BONK as early as November 11, 2023, when they noticed its upward trend. By buying during dips and selling during highs, they conducted swing trades that resulted in earning around $6.28 million from trading BONK.
What a legend!😱
paulo.sol has made profits of $9.51M on $WIF, $7.04M on $boden, and $6.28M on $BONK.
1/ Let’s examine his trades to see what he’s acquiring.👇 pic.com/2axUwHb3el
— Lookonchain (@lookonchain) April 26, 2024
Recognizing the potential in WIF and BODEN, they did not start trading these tokens at launch but began accumulating them as their value rose. They purchased WIF on December 4, 2023, and started trading BODEN on March 6, resulting in profits of $9.51 million from WIF trades and $7.04 million from BODEN transactions.
The trader earned about $22.83 million from flipping meme tokens on Solana. While they have already secured substantial profits, they currently hold $7.6 million in BODEN tokens and $5.7 million in WIF tokens.
Additionally, they diversified their meme coin investments by putting $1.77 million into POPCAT and nearly $6 million into PUPS, making them the largest PUPS holder on the Solana blockchain.
Traders Benefit from Solana Meme Coin Craze
The trading community has praised the trader for their impressive maneuvers in the cryptocurrency market. One user pointed out that the trader’s success was not just luck but a reflection of their strong conviction compared to others.
Another user lauded the trader for showing “diamond” hands, a term used for traders who can hold their positions even in tough market conditions.
This trader is just one of many who have profited from the hype around Solana meme coins. On April 3, another trader turned $13,000 into $2 million in one hour. They purchased 499.9 million MOEW with 4 Ether just 10 minutes after it was listed on decentralized exchanges (DEXs). Less than an hour later, they sold 111.65 million MOEW for 99 ETH ($328,000) and were left with 388.24 million MOEW.
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